The Ledger
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Powers: High employee turnover was necessary for UGG's 2016 turnaround
“We had a lot of turnover at that time, which I think, you know, was probably the right thing to do. Definitely the right thing to do.”
Powers: Hoka customers buy two to three pairs per year
“When we used to sell UGG Once every two or three years, a 160 dollar price point. Now we're selling Hoka two to three times a year at a 160 dollars set price point.”
Powers: UGG increased customer purchase frequency to 2-3 times annually
“Traditionally, it would buy one boot every two and a half years, right? The classic boot. And now we have people buying two or three times a year because they're buying different products.”
Powers: Uncontrolled retail distribution damaged the UGG brand long-term
“We got in a lot of trouble back in the days with UGG because we just sold our basic product to everybody and just let them do what they wanted with it. And that worked for a while, but then it really hurt the brand.”
Deckers told Wall Street in 2016 it would prioritize profitability over revenue
“We told the street we're going to pull back on revenue growth, but we're going to improve our profit profile.”
Dave Powers: UGG has grown into a $2 billion-plus brand
“And so we've been able to tap into those two insights to build what we are now, a two billion dollar plus brand.”
Powers: Rebuilding UGG's market positioning in Europe took five years
“And we lost the specialness of the brand, and it took us five years in the UK and Europe to get that back.”
Powers: Hoka delivers Deckers' highest initial margin, followed by UGG
“Initial margin is Hoka. But UGG is a close second. I mean, they're both very, very healthy in the industry.”
Dave Powers: Oprah's endorsement triggered 5 years of intense UGG demand
“At that time, yes. Oh yeah. I mean, they were chasing business. It was a freight strain, and they were just trying to keep up for a good five years.”
Dave Powers: Deckers' best decision was reallocating capital to Hoka and Ugg in 2016
“You know, what myself and the finance leaders at the time did in 16 and 17 would say, actually, no, you don't all need that money. These two things need that money. And we're going to reset. That was the biggest reallocation success that we had.”