NEW YORK CITY, New York: As trade policy uncertainty rattles markets and slashes valuations, a growing number of U.S. retailers are reconsidering public life—and turning to private ownership as a way to regain stability.

Following Skechers’ US$9.4 billion take-private deal with investment firm 3G Capital earlier this month, advisers say more consumer brands could follow suit if U.S. President Donald Trump’s trade policy remains erratic. Ten investment bankers and M&A lawyers told Reuters that boards and founders are increasingly open to offers as tariffs continue to weigh on earnings visibility.

Retailers, who often rely on overseas manufacturing, have been particularly hit by Trump’s rapidly shifting tariffs. Several have pulled earnings guidance due to the unpredictability. Skechers, for example, was in talks with 3G before its valuation began falling, dropping from a January peak of $11.85 billion to about $7.4 billion by April, according to sources close to the deal.

The California-based sneaker brand, which produces most of its goods in China and Vietnam, withdrew its 2025 forecast, citing “macroeconomic uncertainty stemming from global trade policies.” Skechers is majority-owned by the Greenberg family, which ultimately chose to sell to 3G Capital, shielding the company from quarterly reporting and volatile public markets.

“The breakneck pace of the instability, the volatility, and the macro changes have made board members start thinking, ‘Would it be better to manage this business in private?'” said Kurt Anthony, head of consumer and retail investment banking for the Americas at UBS.

Other retailers are already in discussions, according to sources, especially those with concentrated ownership structures. Names floated by bankers include Under Armour, where founder Kevin Plank holds majority voting control; Columbia Sportswear, primarily owned by the Boyle family; and Birkenstock, backed by private equity firm L Catterton.

“There are a lot of CEOs that reached out to me and said, ‘I’m tired, I love what I do, but maybe it’s time I go private,'” said Jamie Salter, CEO of Authentic Brands Group, which recently acquired the Dockers IP from Levi’s.

The trend reflects broader market fatigue. Late last week, the S&P Retail Select Industry index was down six percent year-to-date, compared to a 1.1 percent dip in the broader S&P 500. Trump’s latest tariff threats against Apple and the EU added to the turmoil.

Two sources close to the Greenberg family said that in Skechers’ case, navigating those storms away from the spotlight—alongside a long-term partner like 3G—made sense.