<SEC-DOCUMENT>0000930413-17-003762.txt : 20171113
<SEC-HEADER>0000930413-17-003762.hdr.sgml : 20171110
<ACCEPTANCE-DATETIME>20171113165226
ACCESSION NUMBER:		0000930413-17-003762
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20171113
DATE AS OF CHANGE:		20171113
EFFECTIVENESS DATE:		20171113

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DECKERS OUTDOOR CORP
		CENTRAL INDEX KEY:			0000910521
		STANDARD INDUSTRIAL CLASSIFICATION:	RUBBER & PLASTICS FOOTWEAR [3021]
		IRS NUMBER:				953015862
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36436
		FILM NUMBER:		171196702

	BUSINESS ADDRESS:	
		STREET 1:		250 COROMAR DRIVE
		CITY:			GOLETA
		STATE:			CA
		ZIP:			93117
		BUSINESS PHONE:		8059677611

	MAIL ADDRESS:	
		STREET 1:		250 COROMAR DRIVE
		CITY:			GOLETA
		STATE:			CA
		ZIP:			93117

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DECKERS FOOTWEAR CORP
		DATE OF NAME CHANGE:	19930811
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>c89700_defa14a.htm
<TEXT>
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<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:sans-serif; font-size:4.5mm; "><B>UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION<br>Washington, D.C. 20549</B></FONT></P>
<P align="center" style="margin:6.3mm 0 0; "><FONT style="font-family:sans-serif; font-size:6.6mm; "><B>SCHEDULE 14A</B></FONT></P>
<P align="center" style="margin:6.3mm 0 0; "><FONT style="font-family:sans-serif; font-size:4.5mm; "><B>Proxy Statement Pursuant to Section 14(a) of<br>the Securities Exchange Act of 1934 (Amendment No. )</B></FONT></P>
<P align="center" style="text-indent:7mm; margin:8.4mm 0 0; "><FONT style="font-family:sans-serif; font-size:3.8mm; ">Filed by the Registrant <font face="Wingdings">x</font></FONT></P>
<P align="center" style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:sans-serif; font-size:3.8mm; ">Filed by a Party other than the Registrant <font face="Wingdings">o</font></FONT></P>
<P style="margin:2.1mm 0 0; "><FONT style="font-family:sans-serif; font-size:3.8mm; ">Check the appropriate box:</FONT></P>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:0.00%; margin-right:0.00%; width:100.00%;" >
  <TR valign="bottom">
    <TD style="width:2.63%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:95.19%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD><P><FONT style="font-family:sans-serif; font-size:3.8mm; ">
      <font face="Wingdings">o</font></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:sans-serif; font-size:3.8mm; ">Preliminary Proxy Statement</FONT></P></TD>
  </TR>
  <TR valign="bottom">
    <TD><P><FONT style="font-family:sans-serif; font-size:3.8mm; ">
      <font face="Wingdings">o</font></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:sans-serif; font-size:3.8mm; "><B>Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</B></FONT></P></TD>
  </TR>
  <TR valign="bottom">
    <TD><P><FONT style="font-family:sans-serif; font-size:3.8mm; ">
      <font face="Wingdings">o</font></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:sans-serif; font-size:3.8mm; ">Definitive Proxy Statement</FONT></P></TD>
  </TR>
  <TR valign="bottom">
    <TD><P><FONT style="font-family:sans-serif; font-size:3.8mm; ">
      <font face="Wingdings">x</font></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:sans-serif; font-size:3.8mm; ">Definitive Additional Materials</FONT></P></TD>
  </TR>
  <TR valign="bottom">
    <TD><P><FONT style="font-family:sans-serif; font-size:3.8mm; ">
      <font face="Wingdings">o</font></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:sans-serif; font-size:3.8mm; ">Soliciting Material under &sect;240.14a-12</FONT></P></TD>
  </TR>
</TABLE>
<P align="center" style="margin:6.3mm 0 0; "><FONT style="font-family:sans-serif; font-size:6.6mm; "><B>DECKERS OUTDOOR CORPORATION</B></FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:sans-serif; font-size:3.8mm; ">(Name of Registrant as Specified In Its Charter)</FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:sans-serif; font-size:3.8mm; ">(Name of Person(s) Filing Proxy Statement, if other than the Registrant)</FONT></P>
<P style="margin:2.1mm 0 0; "><FONT style="font-family:sans-serif; font-size:3.8mm; ">Payment of Filing Fee (Check the appropriate box):</FONT></P>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:0.00%; margin-right:0.00%; width:100.00%;" >
  <TR valign="top">
    <TD style="width:2.63%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:91.11%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><FONT style="font-family:sans-serif; font-size:3.8mm; ">
      <font face="Wingdings">x</font></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="3"><P><FONT style="font-family:sans-serif; font-size:3.8mm; ">
      No fee required.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><FONT style="font-family:sans-serif; font-size:3.8mm; ">
      <font face="Wingdings">o</font></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="3"><P><FONT style="font-family:sans-serif; font-size:3.8mm; ">
      Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:sans-serif; font-size:3.8mm; ">
      (1)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:sans-serif; font-size:3.8mm; ">
      Title of each class of securities to which transaction applies:</FONT></P></TD>
  </TR>
  <TR valign="top" style="font-size:0.2mm">
    <TD colspan="3">&nbsp;</TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD align="center" style="border-top:solid .27mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:sans-serif; font-size:3.8mm; ">
      (2)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:sans-serif; font-size:3.8mm; ">
      Aggregate number of securities to which transaction applies:</FONT></P></TD>
  </TR>
  <TR valign="top" style="font-size:0.2mm">
    <TD colspan="3">&nbsp;</TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD align="center" style="border-top:solid .27mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:sans-serif; font-size:3.8mm; ">
      (3)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:sans-serif; font-size:3.8mm; ">
      Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):</FONT></P></TD>
  </TR>
  <TR valign="top" style="font-size:0.2mm">
    <TD colspan="3">&nbsp;</TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD align="center" style="border-top:solid .27mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:sans-serif; font-size:3.8mm; ">
      (4)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:sans-serif; font-size:3.8mm; ">
      Proposed maximum aggregate value of transaction:</FONT></P></TD>
  </TR>
  <TR valign="top" style="font-size:0.2mm">
    <TD colspan="3">&nbsp;</TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD align="center" style="border-top:solid .27mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:sans-serif; font-size:3.8mm; ">
      (5)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:sans-serif; font-size:3.8mm; ">
      Total fee paid:</FONT></P></TD>
  </TR>
  <TR valign="top" style="font-size:0.2mm">
    <TD colspan="3">&nbsp;</TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD align="center" style="border-top:solid .27mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><FONT style="font-family:sans-serif; font-size:3.8mm; ">
      <font face="Wingdings">o</font></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="3"><P><FONT style="font-family:sans-serif; font-size:3.8mm; ">
      Fee paid previously with preliminary materials.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><FONT style="font-family:sans-serif; font-size:3.8mm; ">
      <font face="Wingdings">o</font></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="3"><P><FONT style="font-family:sans-serif; font-size:3.8mm; ">
      Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:sans-serif; font-size:3.8mm; ">
      (1)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:sans-serif; font-size:3.8mm; ">
      Amount Previously Paid:</FONT></P></TD>
  </TR>
  <TR valign="top" style="font-size:0.2mm">
    <TD colspan="3">&nbsp;</TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD align="center" style="border-top:solid .27mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:sans-serif; font-size:3.8mm; ">
      (2)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:sans-serif; font-size:3.8mm; ">
      Form, Schedule or Registration Statement No.:</FONT></P></TD>
  </TR>
  <TR valign="top" style="font-size:0.2mm">
    <TD colspan="3">&nbsp;</TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD align="center" style="border-top:solid .27mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:sans-serif; font-size:3.8mm; ">
      (3)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:sans-serif; font-size:3.8mm; ">
      Filing Party:</FONT></P></TD>
  </TR>
  <TR valign="top" style="font-size:0.2mm">
    <TD colspan="3">&nbsp;</TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD align="center" style="border-top:solid .27mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:sans-serif; font-size:3.8mm; ">
      (4)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:sans-serif; font-size:3.8mm; ">
      Date Filed:</FONT></P></TD>
  </TR>
  <TR valign="top" style="font-size:0.2mm">
    <TD colspan="3">&nbsp;</TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD align="center" style="border-top:solid .27mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>



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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Deckers Brands Mails Letter to Stockholders
Reinforcing Board&rsquo;s Confidence in Its Transformation Strategy that is Delivering Strong Performance</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>Second Quarter of Fiscal 2018 Earnings Results
Demonstrate that Strategy is Working</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>Urges Stockholders to Vote &ldquo;<B>FOR</B>&rdquo;
All of Deckers&rsquo; Highly Qualified Director Nominees on the <B>WHITE</B> Proxy Card <B>TODAY</B></I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">GOLETA, Calif. &ndash; November 10, 2017 &ndash; Deckers Brands
(NYSE: DECK), a global leader in designing, marketing and distributing innovative footwear, apparel and accessories, announced
today that its Board of Directors is sending a letter to stockholders highlighting the Board&rsquo;s confidence in its transformation
strategy, which is further emphasized by the recently announced $400 million stock repurchase authority. The proxy statement and
other important information related to the Company&rsquo;s 2017 Annual Meeting of Stockholders to be held on December 14, 2017,
can be found on Deckers&rsquo; website at www.votedeckers.com.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Deckers&rsquo; Board of Directors <B>unanimously</B> recommends
that stockholders vote &ldquo;<B>FOR</B>&rdquo; <B>ALL</B> nine of Deckers&rsquo; highly qualified, experienced nominees using
the <B>WHITE</B> proxy card today.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt; text-align: center; border: Black 1px solid"><B>VOTE THE ENCLOSED <U>WHITE</U> PROXY CARD TODAY FOR DECKERS&rsquo; HIGHLY QUALIFIED DIRECTORS</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The full text of the letter follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">November 10, 2017</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Dear Fellow Stockholder:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">At our upcoming Annual Meeting of Stockholders on December 14,
2017, you will be asked to make an important decision regarding the future direction of our company and the value of your investment.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Your Board of Directors and management team are transforming Deckers
in order to win in this environment and meet the challenges posed by the sweeping changes in the retail and branded products industries.
This transformation is already delivering increased stockholder value and positioning Deckers to create even more stockholder value
in the future. We are confident in our future prospects, and our latest quarterly results and recently announced plan to repurchase
$400 million of our stock are strong signals that Deckers is on the right path.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Despite the progress that we have made, Marcato Capital Management
continues to persist in a distracting and expensive proxy contest to replace every current director and install its own slate of
nominees on our Board, none of whom we have been allowed to meet. We believe that the election of Marcato&rsquo;s unvetted nominees
will derail the progress and momentum that we have made, lead to executive departures and put the value of your investment in Deckers
at risk.</P>



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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Your vote &ldquo;FOR&rdquo; ALL nine of Deckers&rsquo; directors
is a vote to continue a transformation strategy that is producing solid results.</B> We urge you to vote today on the <B>WHITE</B>
proxy card. Please simply disregard the Gold proxy card sent to you by Marcato.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><U>OUR RECENT EARNINGS RESULTS DEMONSTRATE
THAT OUR TRANSFORMATION STRATEGY IS WORKING</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">During our most recent quarter, we delivered:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#252;</FONT></TD><TD><B>Higher gross margins</B>: Gross margin increased to 46.7% from 44.5% for the same period last year.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#252;</FONT></TD><TD><B>Greater profitability</B>: Operating income was $67.4 million, an increase of approximately 24.8% compared to $54.0 million
for the same period last year.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#252;</FONT></TD><TD><B>Improved earnings</B>: Diluted earnings per share were $1.54, an increase of approximately 27.3% compared to $1.21 for the
same period last year.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#252;</FONT></TD><TD><B>Sustainable
                                         revenue growth</B>: Stronger HOKA ONE ONE brand and direct-to-consumer (DTC) channel
                                         performance led to an increase in our outlook for the remainder of fiscal 2018.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><U>OUR TRANSFORMATION STRATEGY IS PROACTIVELY
ADDRESSING RAPIDLY EVOLVING CONSUMER SHOPPING PRACTICES</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Using our Board&rsquo;s broad knowledge of brands, retail and technology,
along with management&rsquo;s expertise, we constantly rethink and reposition every aspect of our business and organization to
ensure that we have the right omni-channel strategies to capitalize on the new ways that consumers want to interact with our brands&mdash;whether
through a Deckers-owned store or outlet, a third-party retailer, a partner retail store or online.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Optimizing Our Retail Store Strategy</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Our retail store presence remains an integral component of growing
the business, consistently exceeding consumer expectations and meeting their demands and increasing the intrinsic value of the
UGG brand by showcasing its breadth. <B>To ensure that our retail strategy meets our rigorous investment requirements and delivers
the most value for stockholders, we continue to close inefficient and underperforming stores and transfer some international stores
to partners.</B> In addition, we are moving certain stores in key markets to higher traffic locations and evolving our design
for our concept stores. We are also building a more sustainable, predictable year-round business by featuring spring/summer footwear,
slippers, apparel, accessories, and Men&rsquo;s UGG brand products in our retail stores, which better utilizes our existing infrastructure.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">Marcato is calling for the rapid closure
of most of our retail stores. After an extensive review, the Board and management team have concluded that this reckless approach
would destroy a profitable revenue stream, damage the brand and saddle Deckers with substantial lease termination costs. <B>Marcato&rsquo;s
ill-</B></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><B>advised plan would destroy stockholder
value by significantly reducing near-term profitability and endangering longer-term growth potential.</B> The Board thinks it
is better to use our available cash for stock repurchases instead of drastically slashing stores, even profitable ones, and burning
cash to do so.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">Although we have demonstrated the power
of our retail stores to increase the value of the UGG brand, <B>we recognize that our work must continue, particularly around
ensuring that our retail footprint delivers appropriate stockholder value as the industry continues to evolve. To that end, we
are targeting a total of approximately 125 company-owned stores, down from 160 stores at the start of fiscal 2018.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Progress to Date in Reducing Costs</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">A key component of our transformation of Deckers is an intense
focus on reducing costs. As our recent financial results demonstrate, we have made great progress over the past two years by:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Closing 25 underperforming stores;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Lowering retail infrastructure spend;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Divesting or shuttering underperforming brands in order to focus on our core brands; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Consolidating brand management and several offices.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">Our progress has been substantial. Deckers
is a stronger, healthier and more focused company as a result of these efforts&mdash;and will be even more so in the future as
we continue to execute on our robust transformation strategy.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Integrating the Retail and Ecommerce Experiences to Build Our
Brands and Drive Sales</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Under the transformation strategy, Deckers has launched <B>key
omni-channel initiatives </B>such as Click &amp; Collect, Infinite UGG and the UGG Rewards consumer loyalty program. These better
integrate the retail store and ecommerce experiences and drive additional volume and user traffic. In particular, UGG Rewards engages
our consumers and provides Deckers with a way to further build our ecosystem of consumer information. We believe that UGG Rewards
will help drive greater DTC results by encouraging consumers to make additional purchases and enhancing our relationship with,
and the lifetime value of, our consumers.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Improving Wholesale Distribution to Align with Our Consumers&rsquo;
Shopping Behavior</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">In addition, as part of our omni-channel strategy, we have <B>streamlined
our wholesale distribution</B>. Our aim is to transform our account base to effectively align with the changes in consumer shopping
behavior. In fiscal 2017, we closed accounts that did not represent the best of the brand and opened new accounts with wholesale
partners who are committed to <B>showcasing more of our offerings and</B> </P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>have a strong online presence</B>. In North America
alone, we closed approximately 325 UGG accounts while incubating new opportunities with Macy&rsquo;s premium stores and Amazon.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">A more streamlined wholesale channel strengthens our omni-channel
presence because it allows our consumers to interact with a more consistent representation of the brand. We believe that our transformed
omni-channel approach will help us further showcase our brands in a positive way and will facilitate improved marketplace interactions,
allowing consumers to engage with the brand on their terms in a more focused and consistent manner.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><U>$400 MILLION STOCK REPURCHASE PLAN REINFORCES
THE BOARD&rsquo;S CONFIDENCE IN OUR TRANSFORMATION STRATEGY</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: red">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">We recently announced a significant increase to our stock repurchase
program, bringing our total repurchase authorization to $400 million. <B>We expect to repurchase $400 million of stock by year-end
fiscal 2020, and are targeting completion of approximately $100 million of stock repurchases prior to the end of March 2018.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>The strength of our balance sheet, our ability to generate cash
and our conviction in future prospects make this an ideal time to repurchase stock and return capital to stockholders. Repurchasing
stock while continuing to improve our operating profit achieves two key objectives: it returns capital to all stockholders and
it positions Deckers for sustainable, long-term growth.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><U>DECKERS IS WELL-POSITIONED FOR THE FUTURE</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">We are confident in our future and have a well-developed, multi-faceted
strategic plan with clear milestones ahead:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Improve operating margin to be over 10.5% in fiscal 2018.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Achieve an operating margin of at least 13% by the end of fiscal 2020, which would move Deckers to be in the top quartile of
the footwear industry.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Implement a capital allocation framework that will drive an increased return on invested capital.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Our transformation is working. In the midst of one of the most
challenging retail environments in history, Deckers has never been better positioned to grow stockholder value. <B>We are streamlining
our cost structure, optimizing our retail strategy, focusing on profitability as well as growth and executing the most significant
stock repurchase program in our history.</B> The Board is holding management fully accountable for delivering on our plan.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">You play a key role in keeping our momentum going. Now is not the
time to replace our Board of experienced and well-qualified directors with a slate of nominees hand-picked by an activist stockholder
who does not understand our business or our strategy and who has short-term, nearsighted objectives.</P>



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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Protect the value of your investment. Please vote &ldquo;FOR&rdquo;
ALL nine of Deckers&rsquo; highly qualified directors using the enclosed WHITE proxy card TODAY.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Thank you for your continued support.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Sincerely,</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">John M. Gibbons</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><B>Chairman of the Board</B></P>


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<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 80%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding: 10pt 3pt; border: Black 1px solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>PROTECT YOUR INVESTMENT!</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>PLEASE VOTE TODAY ON THE WHITE PROXY CARD!</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">If you have questions, need assistance in voting
        your shares, or wish to change a prior vote, please contact:</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>INNISFREE M&amp;A INCORPORATED</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Stockholders Call Toll-Free:</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>(877) 750.0625 (from the U.S. and Canada)</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">or</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>(412) 232.3651 (from other locations)</B></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Remember, please simply discard any Gold
        proxy card you may receive from Marcato.</B> Your Board does not endorse any of Marcato&rsquo;s nominees and we urge you to NOT
        submit any proxy using Marcato&rsquo;s Gold proxy card, even as a protest vote. A withhold vote on Marcato&rsquo;s Gold proxy card
        will revoke any earlier proxy that you have submitted to Deckers.</P></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>About Deckers Brands</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Deckers Brands is a global leader in designing, marketing and distributing
innovative footwear, apparel and accessories developed for both everyday casual lifestyle use and high performance activities.
The Company&rsquo;s portfolio of brands includes UGG<SUP>&reg;</SUP>, Koolaburra<SUP>&reg;</SUP>, HOKA ONE ONE<SUP>&reg;</SUP>,
Teva<SUP>&reg; </SUP>and Sanuk<SUP>&reg;</SUP>. Deckers Brands products are sold in more than 50 countries and territories through
select department and specialty stores, Company-owned and operated retail stores, and select online stores, including Company-owned
websites. Deckers Brands has a 40-year history of building niche footwear brands into lifestyle market leaders attracting millions
of loyal consumers globally. For more information, please visit <U>www.deckers.com</U>.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Forward-Looking Statements</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">This press release contains &ldquo;forward-looking statements&rdquo;
within the meaning of the federal securities laws, which statements are subject to considerable risks and uncertainties. These
forward-looking statements are intended to qualify for the safe harbor from liability established by the Private Securities Litigation
Reform Act of 1995. Forward-looking statements include all statements other than statements of historical fact contained in this
press release, including statements regarding Deckers&rsquo; future strategies and cost-reduction initiatives. Deckers has attempted
to identify forward-looking statements by using words such as &ldquo;anticipate,&rdquo; &ldquo;believe,&rdquo; &ldquo;could,&rdquo;
&ldquo;estimate,&rdquo; &ldquo;expect,&rdquo; &ldquo;intend,&rdquo; &ldquo;may,&rdquo; &ldquo;plan,&rdquo; &ldquo;predict,&rdquo;
&ldquo;project,&rdquo; &ldquo;should,&rdquo; &ldquo;will,&rdquo; or &ldquo;would,&rdquo; and similar expressions or the negative
of these expressions.</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Forward-looking statements represent management&rsquo;s current
expectations and predictions about trends affecting Deckers&rsquo; business and industry and are based on information available
as of the time such statements are made. Although Deckers does not make forward-looking statements unless it believes that it has
a reasonable basis for doing so, Deckers cannot guarantee their accuracy or completeness. Forward-looking statements involve numerous
known and unknown risks, uncertainties and other factors that may cause its actual results, performance or achievements to be materially
different from any future results, performance or achievements predicted, assumed or implied by the forward-looking statements.
Some of the risks and uncertainties that may cause Deckers&rsquo; actual results to materially differ from those expressed or implied
by these forward-looking statements are described in the section entitled &ldquo;Risk Factors&rdquo; in Decker&rsquo;s Annual Report
on Form 10-K for the fiscal year ended March 31, 2017, as well as in its other filings with the Securities and Exchange Commission.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Except as required by applicable law or the listing rules of the
New York Stock Exchange, Deckers expressly disclaims any intent or obligation to update any forward-looking statements, or to update
the reasons that actual results could differ materially from those expressed or implied by these forward-looking statements, whether
to conform such statements to actual results or changes in Deckers&rsquo; expectations, or as a result of the availability of new
information.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Investors:</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Deckers Brands</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Steve Fasching, 805-967-7611</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">VP, Strategy &amp; Investor Relations</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">or</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Innisfree M&amp;A Incorporated</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Arthur B. Crozier, 212-750-5833</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">or</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Media:</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Joele Frank, Wilkinson Brimmer Katcher</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Eric Brielmann / Amy Feng, 415-869-3950</P>
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