<SEC-DOCUMENT>0000930413-17-003839.txt : 20171121
<SEC-HEADER>0000930413-17-003839.hdr.sgml : 20171121
<ACCEPTANCE-DATETIME>20171121145309
ACCESSION NUMBER:		0000930413-17-003839
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20171121
DATE AS OF CHANGE:		20171121
EFFECTIVENESS DATE:		20171121

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:		171216470

	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>c89773_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: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Deckers Brands Files Investor Presentation
Highlighting Marcato&rsquo;s False and Misleading Statements</B></P>

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

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>Underscores Marcato&rsquo;s Nominees&rsquo;
Lack of Relevant Experience, Skill Sets and Knowledge of Deckers</I></P>

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

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

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">GOLETA, Calif. &ndash; November 21, 2017 &ndash; Deckers
Brands (NYSE: DECK), a global leader in designing, marketing and distributing innovative footwear, apparel and accessories, today
filed an investor presentation highlighting Marcato&rsquo;s continued false and misleading statements about Deckers and Marcato&rsquo;s
nominees&rsquo; lack of critical and relevant skills, as well as industry and board experience. The presentation and other important
information related to Deckers&rsquo; Annual Meeting on December 14, 2017, can be found on Deckers&rsquo; website at <u>www.votedeckers.com</u>.</P>

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

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">A few of the misleading tactics used by Marcato highlighted
in the presentation include:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal 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><B>Cherry-picking dates to show stock price returns.</B> Marcato is selectively picking its benchmarking date, <U>using a reference
that is over nine months old</U> and does not reflect Deckers&rsquo; current market price. Using the current market price, Deckers
is <U>outperforming</U> its proxy peers by over 70% over the last five years, demonstrating the Company&rsquo;s strong long-term
performance. Deckers is also <U>outperforming</U> the Russell 2000 Index by 24% and the Russell 2000 Textiles Apparel &amp; Shoes
Index by over 65% over the last five years using the current market date.<FONT STYLE="color: black"><SUP>1</SUP></FONT><SUP>,<FONT STYLE="color: black">2</FONT></SUP></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal 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><B>Trying to take credit for Deckers&rsquo; share price improvement.</B> Deckers share price has significantly increased beyond
any market reaction to Marcato. While Marcato opportunistically bought its stake as a significant Deckers stockholder was transitioning
out of the retail sector, also putting significant pressure on the stock price, Deckers&rsquo; stock price surged well above the
low-$50s range highlighted by Marcato to a current price of approximately $71 per share. During the past nine months, Deckers has
demonstrated very strong performance, including consistently beating consensus EPS, executing on its $100 million operating profit
improvement plan and announcing a $400 million stock repurchase program. Notably, at the end of our strategic alternatives process,
Deckers&rsquo; stock price did not waver.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal 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><B>Failing to acknowledge the success of Deckers&rsquo; strategic initiatives.</B> Under its current management team and Board
of Directors, Deckers has made tremendous, measurable progress on its transformation. Well prior to Marcato&rsquo;s Schedule 13D
filing on February 8, 2017, Deckers had already taken proactive steps, including hiring a top tier consultant to examine cost structure,
announcing cost savings, making several key management changes and implementing retail store optimization efforts. Deckers remains
focused on optimizing the business, right-</TD></TR>                                                    <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: black"><SUP></SUP></FONT></P>

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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: black"><SUP>1</SUP></FONT>&ldquo;Current&rdquo;
market date reflects market data as of 11/17/17, with five-year market performance measured against market data as of 11/19/12
(as 11/17/12 was a Saturday).</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: black"><SUP>2</SUP></FONT> Deckers Proxy
Peer Group includes The Buckle, Inc., Carter&rsquo;s, Inc., Chico&rsquo;s FAS, Inc., Columbia Sportswear Company, Crocs, Inc.,
DSW Inc., Express, Inc., The Finish Line, Inc., Fossil Group, Inc., G-III Apparel Group, Ltd., Guess?, Inc., Lululemon Athletica
Inc., Oxford Industries, Inc., RH, Skechers U.S.A., Inc., Steven Madden, Ltd., Under Armour, Inc., and Wolverine World Wide, Inc.;
does not include Kate Spade &amp; Company (acquired by Tapestry, Inc., formerly known as Coach, Inc.) as it is no longer publicly
traded; returns measured using arithmetic mean.</P>

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

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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">sizing the organization to reduce costs, creating
new platforms for sustainable growth and driving improved profitability. As a result of these efforts, Deckers is a stronger, healthier
and more focused company and its recent performance illustrates that these initiatives are already delivering strong stockholder
value.</P>

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

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">In fact, even sell-side analysts have recognized
Deckers&rsquo; ongoing progress. Recent research reports show analysts believe in the plan, as demonstrated by the fact that 14
of 15 analysts have a buy or neutral rating, or equivalent.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal 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><B>Using a variety of Marcato-favoring business assumptions, without outlining any rationale around those assumptions. </B>Marcato
continues to utilize flawed retail assumptions, such as claiming unachievable retail sales recapture via alternative channels and
unfeasible incremental cost savings from closing additional stores, and also ignores the significant cash outlay required to close
profitable retail stores. Additionally, Marcato&rsquo;s capital structure charts not only ignore significant cash fluctuations
due to seasonality, but they also disregard the significant portion of overseas cash. Marcato&rsquo;s various flawed assumptions
and ignorance of key seasonal and international considerations clearly demonstrate a fundamental lack of understanding of both
Deckers&rsquo; business and industry.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal 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><B>Failing to acknowledge that Deckers&rsquo; high pay-for-performance alignment has resulted in lower <I>realized</I> pay
during years where performance was below target. </B>Deckers has effectively and consistently tied its compensation program to
strategic and business objectives and directly aligned pay and performance to ensure its executives win only when its stockholders
do. Deckers has evolved its program over time to emphasize profitability, as well as to move from an above median pay philosophy
to a median pay philosophy.</TD></TR></TABLE>

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

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>In addition to propagating false and misleading statements
about Deckers, Marcato has nominated a slate of unvetted, unknown and unqualified director candidates</B>. Most have never served
on the board of a public company and many have no C-level executive experience. Nearly all of Marcato&rsquo;s nominees lack global,
multi-brand or retail experience, and those with this experience did not work in operating or strategic roles<B>. </B>Additionally,<B>
</B>Marcato&rsquo;s proposed slate has an alarming history, including:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal 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>Chronic stock price underperformance during limited public Board tenures;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal 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>Settlement of litigation regarding deceit of consumers while a Marcato nominee was the CEO; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal 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>Significant time elapsed from limited prior relevant experience to today in several cases.</TD></TR></TABLE>

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

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>In short, Marcato&rsquo;s nominees lack the skills, background
and relevant expertise to serve on the Deckers Board. None of Marcato&rsquo;s nominees&rsquo; skills are additive to the skills
that the Deckers Board already possesses.</B> Electing any of Marcato&rsquo;s nominees now&mdash;just as the transformation of
Deckers is showing real results&mdash;would be highly damaging and value destructive.</P>




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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>DECKERS HAS THE RIGHT PLAN AND THE
RIGHT BOARD</B></P>

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

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>In contrast, the Deckers Board has the right mix of skills
and experience to oversee the Company&rsquo;s transformation. </B>Deckers directors bring:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><FONT STYLE="font-family: Wingdings"><B>&#252;</B></FONT></TD><TD>Multi-faceted skill sets with public company, luxury / premium retail and complex business management experience;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><FONT STYLE="font-family: Wingdings"><B>&#252;</B></FONT></TD><TD>Deep knowledge of, and involvement in, Deckers&rsquo; current plan and ability to drive the organization forward for the long
term;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><FONT STYLE="font-family: Wingdings"><B>&#252;</B></FONT></TD><TD>Deep C-suite executive and Board experience outside of Deckers, with seven of nine directors being current or former CEOs,
CFOs, COOs or Chief Administrative Officers of major companies; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><FONT STYLE="font-family: Wingdings"><B>&#252;</B></FONT></TD><TD>Global, multi-brand, multi-channel, retail, apparel, footwear and technology experience.</TD></TR></TABLE>

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

<P STYLE="font: 10pt/normal 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> of Deckers&rsquo; nominees listed on the <B>WHITE</B> proxy card.</P>

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

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    <TD STYLE="width: 100%; border: Black 1px solid">
        <P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>PROTECT YOUR INVESTMENT!</B></P>
        <P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>PLEASE VOTE TODAY ON THE WHITE PROXY
        CARD!</B></P>
        <P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt/115% 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/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>INNISFREE M&amp;A INCORPORATED</B></P>
        <P STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Stockholders Call Toll-Free:</P>
        <P STYLE="font: 10pt/120% 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/120% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">or</P>
        <P STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>(412) 232.3651 (from other locations)</B></P>
        <P STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Remember, please simply discard any Gold
        proxy card you may receive from Marcato. 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>
        <P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>
        </TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>



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

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

<P STYLE="font: 10pt/normal 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>


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

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

<P STYLE="font: 10pt/normal 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>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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