Deckers is a global footwear company that designs and distributes premium shoes under the HOKA, UGG, and Teva brands. HOKA is the company's performance brand, specializing in high-cushion, lightweight running and trail shoes for athletes and lifestyle users. UGG is the largest brand, known for sheepskin boots and slippers, but it is expanding into year-round categories like sneakers and sandals to reduce seasonal dependence. Teva provides outdoor sandals and footwear. Deckers outsources all production to independent manufacturers, primarily in Vietnam and Indonesia. The company operates through a wholesale channel and a direct-to-consumer (DTC) channel consisting of e-commerce sites and retail stores. Deckers utilizes a pull model of demand, where it limits supply to prioritize full-price sales and protect margins. DTC sales offer higher gross margins than wholesale because Deckers captures the full retail price. The company's growth strategy centers on increasing HOKA's international brand awareness, particularly in EMEA and China, and expanding UGG's men's and non-boot offerings. Deckers maintains an asset-light model that generates free cash flow, which the company primarily uses for share repurchases. Management focuses on managing product franchises and long-term geographic expansion while leveraging a shared services platform to control enterprise costs.