<SEC-DOCUMENT>0000930413-17-003910.txt : 20180119
<SEC-HEADER>0000930413-17-003910.hdr.sgml : 20180119
<ACCEPTANCE-DATETIME>20171130170112
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000930413-17-003910
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20171130

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:		CORRESP

	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>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 9pt Garamond, Times, Serif; width: 100%">
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    <TD STYLE="width: 70%"><P STYLE="font: 9pt Garamond, Times, Serif; margin: 0 12.95pt 12pt 0; letter-spacing: -0.25pt; text-align: left"><IMG SRC="image_002.jpg" ALT="" STYLE="height: 34px; width: 335px"></P></TD>
    <TD STYLE="width: 30%"><P STYLE="font: 9pt/115% Garamond, Times, Serif; margin: 0; text-align: right">650 Page Mill Road</P>

<P STYLE="font: 9pt/115% Garamond, Times, Serif; margin: 0; text-align: right">Palo Alto, CA 94304-1050</P>

<P STYLE="font: 11pt/115% Garamond, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-size: 6pt; font-variant: small-caps">PHONE</FONT>
<FONT STYLE="font-size: 9pt">650.493.9300</FONT></P>

<P STYLE="font: 11pt/115% Garamond, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-size: 6pt">FAX</FONT> <FONT STYLE="font-size: 9pt">650.493.6811</FONT></P>

<P STYLE="font: 9pt/115% Garamond, Times, Serif; margin: 0; text-align: right">www.wsgr.com</P>
</TD></TR>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase">DOUGLAS K. SCHNELL</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">Internet: dschnell@wsgr.com</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">Direct Dial: (650) 849-3275</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">November 30, 2017</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>BY EDGAR AND EMAIL</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Daniel Duchovny, Esq.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Frank Pigott, Esq.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Office of Mergers and Acquisitions</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Division of Corporation Finance</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Securities and Exchange Commission</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">100 F Street NE</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Washington, DC 20549</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Re:</TD><TD>Deckers Outdoor Corporation</TD></TR></TABLE>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in">Definitive Additional Materials on Schedule 14A</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in">Filed on November 21, 2017</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in">File No. 001-36436</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0">Dear Messrs. Duchovny and Pigott:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">On behalf of our client, Deckers Outdoor
Corporation (the &ldquo;Company&rdquo;), we submit this letter in response to comments from the staff (the &ldquo;Staff&rdquo;)
of the Securities and Exchange Commission (the &ldquo;Commission&rdquo;) received by letter dated November 22, 2017, relating to
the Company&rsquo;s definitive additional materials on Schedule 14A filed with the Commission on November 21, 2017.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">In this letter, we have recited the comments
from the Staff in italicized, bold type and have followed each comment with the Company&rsquo;s response.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"><B><U>Materials Distributed to Certain
Investors on November 21, 2017</U></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"><U>Review of Marcato Nominees, page 12</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"><U>Marcato&rsquo;s proposed slate has an
alarming history, page 12</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD><B><I>Please provide support for your statement that Marcato&rsquo;s proposed slate &ldquo;has an alarming history [of] [c]hronic
stock price underperformance during limited public Board tenures.&rdquo;</I></B></TD></TR></TABLE>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><IMG SRC="image_004.jpg" ALT="" STYLE="height: 27px; width: 216px"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Daniel Duchovny, Esq.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Frank Pigott, Esq.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">November 30, 2017</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Page 2</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">&nbsp;</P>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">The Company respectfully advises the
Staff of the following:</P>

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<TD STYLE="width: 57pt"></TD><TD STYLE="width: 15pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Mr. Lipman serves on the board of directors of Exela Technologies, Inc. (&ldquo;ETI&rdquo;) and Walker Innovation Inc. (&ldquo;WII&rdquo;).
During the term of Mr. Lipman&rsquo;s service on ETI&rsquo;s board of directors following ETI&rsquo;s initial public offering (the
period from March 9, 2015, to November 17, 2017), ETI&rsquo;s stock price declined by approximately 47%. During the term of Mr.
Lipman&rsquo;s service on WII&rsquo;s board of directors (the period from October 31, 2013, to November 17, 2017), WII&rsquo;s
stock price declined by approximately 83%.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 57pt"></TD><TD STYLE="width: 15pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Mr. Fuller serves on the board of directors of Quad/Graphics, Inc. (&ldquo;QGI&rdquo;). During the term of Mr. Fuller&rsquo;s
service on QGI&rsquo;s board of directors (the period from July 16, 2016, to November 17, 2017), QGI&rsquo;s stock price declined
by approximately 13%.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 57pt"></TD><TD STYLE="width: 15pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Ms. Derby serves on the board of directors of Vitamin Shoppe, Inc. (&ldquo;VSI&rdquo;). During the term of Ms. Derby&rsquo;s
service on VSI&rsquo;s board of directors (the period from December 31, 2012, to November 17, 2017), VSI&rsquo;s stock price declined
by approximately 93%.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">The Company submits that Marcato&rsquo;s
director nominees have limited experience as directors of public companies. Of the nine nominees, four (Ms. Feldman, Ms. Waterman
and Messrs. Kniffen and Kosh) have never served on the board of a public company, three (Ms. Derby and Messrs. Hepler and Fuller)
serve on the board of just one public company, and one (Mr. Huth) has not served on the board of a public company in over 20 years.
The Company further submits that it is self-evident that stock price declines of 47%, 83%, 13% and 93% are convincing evidence
that Marcato&rsquo;s director nominees have overseen chronic stock price underperformance during their respective tenures as directors
of public companies.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"><U>Review of Marcato Nominees, page 13</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD><B><I>Please provide support and background relating to your disclosure that the settlement of Affinion Group litigation relating
to the deception of Affinion&rsquo;s customers was overseen or related to Mr. Lipman&rsquo;s service as Affinion&rsquo;s CEO.</I></B></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">Mr. Lipman served as the chief executive
officer of Affinion Group, Inc. (&ldquo;AGI&rdquo;) from October 2005 to September 2012. As AGI&rsquo;s principal executive officer,
he oversaw, and was</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><IMG SRC="image_004.jpg" ALT="" STYLE="height: 27px; width: 216px"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Daniel Duchovny, Esq.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Frank Pigott, Esq.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">November 30, 2017</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Page 3</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in">ultimately responsible for, all aspects of AGI&rsquo;s business and operations, including compliance with applicable
laws throughout the company.</P>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">In October 2013, the Attorneys General
of 47 states and the District of Columbia announced a settlement with AGI to resolve allegations of the use of deceptive practices
by AGI.<SUP>1</SUP> This settlement included the resolution of allegations of deceptive practices stretching as far back as January
15, 2008.<SUP>2</SUP> According to AGI, it stopped using these purportedly deceptive practices in 2010 while Mr. Lipman was serving
as chief executive officer.<SUP>3</SUP></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">The Company stands by its statement that
AGI settled litigation accusing it of deceiving consumers while a Marcato nominee (Mr. Lipman) was AGI&rsquo;s chief executive
officer.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD><B><I>With a view towards revised disclosure, please tell us whether the other companies on whose boards Mr. Lipman and Mr.
Fuller serve have also experienced declines in their stock prices. If the stock prices of such other companies have not declined,
please revise your disclosure to provide balanced disclosure that is not misleading. Refer to Rule 14a-9.</I></B></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">The Company respectfully advises the
Staff that, based on disclosures made by Mr. Fuller, QGI is the only public company on whose board Mr. Fuller serves. As noted
above, the stock price of QGI has declined approximately 13% during Mr. Fuller&rsquo;s tenure.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">The Company respectfully advises the
Staff that, based on disclosures made by Mr. Lipman, ETI and WII are the only public companies on whose boards Mr. Lipman serves.
As noted above, the stock price of ETI has declined approximately 47% during Mr. Lipman&rsquo;s tenure, and the stock price of
WII has declined approximately 83% during Mr. Lipman&rsquo;s tenure.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center; text-indent: 0in">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; font-size: 65%; vertical-align: 35%">1&nbsp;<I>E.g.</I>, http://www.ct.gov/ag/cwp/view.asp?A=2341&amp;Q=533176.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; font-size: 65%; vertical-align: 35%">2&nbsp;<I>E.g.</I>, paragraph 100 of the Stipulated Judgement, available at http://www.ct.gov/ag/lib/ag/press_releases/2013/20131010_state_v_affinion_stipulated_judgment.pdf.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; font-size: 65%; vertical-align: 35%">3&nbsp;https://www.sec.gov/Archives/edgar/data/1361394/000119312513396716/d610036d8k.htm.</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><IMG SRC="image_004.jpg" ALT="" STYLE="height: 27px; width: 216px"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Daniel Duchovny, Esq.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Frank Pigott, Esq.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">November 30, 2017</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Page 4</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">&nbsp;</P>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">If the Staff has any questions or comments
concerning the foregoing, or requires any further information, please contact me at (650) 849-3275 or Bradley L. Finkelstein at
(650) 565-3514.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0 3.25in">Very truly yours,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3.25in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3.25in">WILSON SONSINI GOODRICH &amp; ROSATI</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3.25in">Professional Corporation</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3.25in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3.25in">/s/ Douglas K. Schnell</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3.25in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3.25in">Douglas K. Schnell</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3.25in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">cc:&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deckers Outdoor Corporation</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">Tom Garcia</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">Lisa Bereda</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Wilson Sonsini Goodrich &amp; Rosati, Professional
Corporation</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">Larry W. Sonsini</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">Bradley L. Finkelstein</P>

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