<SEC-DOCUMENT>0000930413-17-003967.txt : 20171206
<SEC-HEADER>0000930413-17-003967.hdr.sgml : 20171206
<ACCEPTANCE-DATETIME>20171206150113
ACCESSION NUMBER:		0000930413-17-003967
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20171206
DATE AS OF CHANGE:		20171206
EFFECTIVENESS DATE:		20171206

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:		171242109

	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>c89872_defa14a.htm
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Deckers Brands Mails Letter to Stockholders
Highlighting Significant Support<BR>
 from Independent Experts</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><I>Leading Proxy Advisory Firm Glass Lewis
Recommends Voting &ldquo;FOR&rdquo; All of Deckers&rsquo; Highly Qualified<BR>
 Director Nominees on the WHITE Proxy Card</I></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><I>Underscores Marcato&rsquo;s Self-Serving
Agenda and History of Empty Promises</I></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><I>Urges Stockholders to Protect Their Investment
and Vote on the <B>WHITE</B> Proxy Card <B>TODAY</B></I></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">GOLETA, Calif. &ndash; December 6, 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 support from leading proxy advisory firm Glass
Lewis, as well as Deckers&rsquo; sell-side analysts. The proxy statement, investor presentation and other important information
related to Deckers&rsquo; 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Deckers&rsquo; Board of Directors <B>unanimously</B> recommends
that stockholders vote &ldquo;<B>FOR</B>&rdquo; <B>ALL</B> 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: 0pt 0">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border: black 1px solid; font: 10pt Calibri, Helvetica, Sans-Serif; text-align: center; padding-top: 5pt; padding-bottom: 5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>VOTE THE ENCLOSED <U>WHITE</U> PROXY CARD TODAY FOR DECKERS&rsquo; HIGHLY QUALIFIED DIRECTORS</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">December 6, 2017</P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Annual Meeting of Deckers Stockholders is just days away
&mdash; we ask that you take a moment to vote to protect the value of your investment in Deckers. Please use the <B><U>WHITE proxy
card </U>to vote <U>&ldquo;FOR&rdquo; ALL of Deckers&rsquo; highly qualified, experienced nominees</U></B>. Since time is short,
we encourage you to vote by telephone or by Internet by following the instructions on the enclosed WHITE proxy card.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">As you may know, in a last-minute and desperate attempt to gain
board representation, Marcato Capital Management has abandoned its previously announced strategy for a change in the composition
of a majority of the Deckers Board and is now seeking any representation on the Deckers Board that it can get. Don&rsquo;t be fooled:
Marcato is continuing to put the value of your investment in Deckers at risk by advocating for a series of value-destructive proposals
and the election of three nominees who lack the relevant skills and experience to continue our successful transformation.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Don&rsquo;t let Marcato interrupt Deckers&rsquo; transformation.
<B>We have the right Board and the right plan already underway to position Deckers for the future and drive enhanced stockholder
value</B>.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><I>LEADING
INDEPENDENT PROXY ADVISORY FIRM glass lewis RECOMMENDS VOTING THE <U>WHITE</U> PROXY CARD for all of Deckers&rsquo; Highly Qualified
Director nominees</I></B></FONT></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Leading proxy advisory firm Glass Lewis recommends that Deckers
stockholders vote on the WHITE proxy card for all of Deckers&rsquo; highly qualified director nominees. This reflects Glass Lewis&rsquo;
belief that the right stewards for Deckers are the existing highly qualified and experienced nominees put forth by Deckers, who
have already demonstrated that they have the right strategy to grow stockholder value.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Glass Lewis stated<SUP>1</SUP>:</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt">&ldquo;We find the board&rsquo;s strategy to be prudent
and well-reasoned and we are encouraged by the recent positive results as the management team has begun to execute on the Company&rsquo;s
plan. We also consider the current board to have the requisite and relevant assortment of skills and experience among its members
to continue to oversee a proper direction for the Company, recognizing that the board intends to appoint at least two new directors
with additive skills within the next year.&rdquo;</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt">&ldquo;Further, while we see no case for shareholders
to support a board overhaul, we also see limited &ndash; if truly any &ndash; cause for shareholders to seriously consider using
this opportunity afforded by Marcato&rsquo;s nomination to support incremental board changes.&rdquo;</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt">&ldquo;In our view, the Company appears to have the
right board and plan in place for Deckers at this pivotal juncture for both the Company and the retail and branded products industry.
The Company&rsquo;s strategic and cost savings initiatives implemented both before and since Marcato arrived on the scene have
begun to show positive results in terms of margin improvement and growth.&rdquo;</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B><I>RECENT SELL-SIDE ANALYST REPORTS STRONGLY
SUPPORT OUR CURRENT BOARD AND STRATEGY</I></B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Marcato has misleadingly used outdated sell-side analyst reports
in its efforts to gain your support. </B>You should know what these same analysts are saying now.</P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Sell-Side
Analysts Recognize Deckers&rsquo; Growth Potential&hellip;</B><SUP>1</SUP></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&ldquo;DECK is a compelling story given UGG brand strength, high
potential of HOKA, and operating margin upside with strategic initiatives.&rdquo;&mdash; <I>Jefferies, 10/27/2017</I></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&ldquo;We remain optimistic in the longer-term fundamental growth
outlook for DECK and we believe the company can be successful in its ongoing shift in merchandise mix for UGG and its development
of some of its smaller brands (primarily HOKA). Over time, we believe these efforts combined with healthy growth opportunities
for the company&rsquo;s smaller brands can support substantial growth opportunities.&rdquo; &mdash; <I>Baird, 10/26/2017</I></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&hellip;Are Supportive of Deckers&rsquo; Ability to Enhance
Profitability&hellip;</B></P>

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

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT"><DIV STYLE="font-size: 1pt; border-top: Black 1px solid; width: 20%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><SUP>1</SUP> Permission to use quotations neither sought nor
obtained</P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&ldquo;More nimble [organization] with rightsized distribution.
350 fewer [North American] distribution points [year-over-year] demonstrates [management&rsquo;s] continued progress in rationalizing
low-volume retail partners, which we expect to continue and be a driver of efficiencies.&rdquo; &mdash; <I>Jefferies, 10/27/2017</I></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&ldquo;We were impressed by DECK&rsquo;s strong sales and gross
margin performance in 2Q (even adjusting for $29mm of pulled-forward sales), and think that UGG is in a much healthier position
from a brand, product, and inventory perspective entering the holiday season this year.&rdquo; &mdash; <I>Evercore, 10/26/2017</I></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&ldquo;The UGG brand is starting to reap the rewards from the
significant actions taken over the last two years, especially around distribution rationalization and product investment.&rdquo;
&mdash; <I>Evercore, 10/26/2017</I></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&hellip;and Have Applauded Deckers&rsquo; Leadership </B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&ldquo;&hellip;we are encouraged by the solid progress the company
has made with respect to the operations of the business to clean up its distribution and begin its cost reduction efforts. Management
appears to be in control of all aspects of its business, something we have not seen consistently in quite some time.&rdquo;&mdash;
<I>Canaccord Genuity, 10/26/2017</I></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&ldquo;Management struck a chord of confidence &hellip; [in]
reiterating their plan to at least achieve 13% EBIT by FY20 as they are continuing to find cost-savings opportunities.&rdquo; &mdash;
<I>Piper Jaffray, 10/27/2017</I></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; "><B><I>MARCATO&rsquo;S PROPOSALS ARE SELF-SERVING
AND DETRIMENTAL TO THE VALUE OF YOUR INVESTMENT</I></B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Through its costly and disruptive proxy contest, Marcato is seeking
your support to:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt">&nbsp;</TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&ucirc;</FONT></TD>
    <TD><B>Burden Deckers with unqualified directors </B>&ndash; Marcato&rsquo;s nominees lack critical, relevant
    experience. Only one has ever served on the board of a public company, and that same director is the only one with any C-level
    executive experience. </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Wingdings">&ucirc;</FONT></TD>
    <TD><B>Stifle growth and profitability </B>&ndash; Marcato&rsquo;s ill-advised proposals to close profitable stores, sell
    non-UGG brands that provide diversification and growth opportunities, and implement draconian cuts would significantly reduce
    profitability and endanger longer-term growth potential.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Wingdings">&ucirc;</FONT></TD>
    <TD><B>Expose stockholders to excessive risk</B> &ndash; Increasing debt to Marcato&rsquo;s proposed level would make it more
    difficult to manage the near-term headwinds that all retailers face. This would put our business &ndash; and your investment
    &ndash; at risk.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><I>Marcato&rsquo;s
HISTORY OF Empty Promises</I></B></FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In June 2017, three Marcato nominees, including Managing Partner
Mick McGuire, were elected to the Board of Buffalo Wild Wings through a proxy contest. Marcato&rsquo;s central thesis was a refranchising
plan that Marcato claimed could drive Buffalo Wild Wings&rsquo; stock to as high as $458 per share by 2021. After the election,
however, the Buffalo Wild Wings Board &ndash; including Marcato&rsquo;s nominees &ndash; instead unanimously approved the sale
of Buffalo Wild Wings for $157 per share, or <B>approximately <U>one-third</U> of the share price that Marcato touted during its
proxy contest. </B></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 80%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border: black 1px solid; padding: 5pt 10pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&ldquo;<I>The deal price of $157 will produce a gain for Marcato,
        as best can be determined from Marcato filings, <B>but nothing like the three times on your money promises McGuire made when he
        was out stumping for shareholder votes</B></I>.<I>&rdquo; </I></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&ndash; Lee Schafer, columnist for the Minneapolis Star Tribune,
        November 28, 2017</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">As you consider how to vote at this year&rsquo;s Annual Meeting,
let Marcato&rsquo;s empty promises at Buffalo Wild Wings be a warning. Do not hand over the value of your investment to an outside
investor with little knowledge of Deckers and the retail industry, and who is focused on financial engineering to drive a short-term
strategy.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B><I>DECKERS&rsquo; HIGHLY QUALIFIED BOARD
IS BEST SUITED TO CONTINUE EXECUTING ON OUR CURRENT SUCCESSFUL TRANSFORMATION STRATEGY</I></B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We are energized by the transformation underway and are confident
in the future of Deckers. We strongly believe that <B>our Board is best qualified</B> to ensure we fully capitalize on our many
strengths and deliver value for <B><U>all</U></B> stockholders.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">By voting &ldquo;FOR&rdquo; all of Deckers&rsquo; nominees, you
are voting for:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt">&nbsp;</TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD>
    <TD><B>Sustainable growth </B>&ndash; Deckers is focused on delivering a diversified collection of products
    by elevating the UGG brand as well as exploiting the Hoka One One growth opportunity. <FONT STYLE="text-transform: uppercase">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD>
    <TD><B>Greater profitability through a transformed cost structure</B> &ndash; By reducing our retail footprint, consolidating
    offices, closing facilities and relocating employees, Deckers continues to execute on its transformation plan and make significant
    progress to greater profitability.&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD>
    <TD><B>A superior Board with a track record of success and a plan for continued refreshment</B> &ndash; Deckers has retained
    a leading director search firm and is actively engaged in a search process to identify at least two new qualified independent
    directors well in advance of the 2018 Annual Meeting of Stockholders (expected to be held in September 2018), in keeping with
    its commitment to meet the needs of its consumers, win in the marketplace and deliver value to stockholders. The appointment
    of these new directors will coincide with an equal number of retirements from the existing Board. Our Board will consider
    Marcato&rsquo;s nominees, or any other candidates suggested by Marcato, in the same fashion it will consider candidates from
    any of our stockholders. Of course, any such candidates would need to participate in the same vetting and interview process
    as all other candidates. <B>To date, Marcato has refused to allow any of its nominees to participate in our customary process.</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>PLEASE VOTE THE <U>WHITE</U> PROXY CARD
<U>TODAY</U> BY TELEPHONE OR BY INTERNET TO ENSURE YOUR SHARES ARE REPRESENTED AT THE DECEMBER 14TH ANNUAL MEETING </B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Your vote is critical, no matter how many shares you own. <B>We
urge you to support your current Board and discard any Gold proxy card that you may receive from Marcato</B>.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">To protect your investment, <B>vote &ldquo;FOR&rdquo; ALL of
Deckers&rsquo; highly qualified directors using only the enclosed WHITE proxy card</B>. If you have already returned a Gold proxy
card, you can change your vote by signing, dating and returning a WHITE proxy card TODAY.<B> Only your latest-dated proxy card
counts.</B></P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">On behalf of your Board of Directors, thank you for your continued
support.</P>

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 80%; font: 10pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding-right: 10pt; padding-left: 10pt; border: Black 1px solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>TIME IS SHORT, AND YOUR VOTE IMPORTANT!
        PLEASE USE THE WHITE PROXY CARD <BR>
TO VOTE TODAY BY TELEPHONE OR BY INTERNET!</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">If you have questions, need assistance in
        voting your shares, or wish to change a<BR>
 prior vote, please contact:</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>INNISFREE M&amp;A INCORPORATED</B></P>
        <P STYLE="font: 3pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Stockholders Call Toll-Free:</P>
        <P STYLE="font: 3pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>(877) 750.0625 (from the U.S. and Canada)</B></P>
        <P STYLE="font: 3pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">or</P>
        <P STYLE="font: 3pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>(412) 232.3651 (from other locations)</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Remember, please simply discard any Gold
        proxy card that 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>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

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

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

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

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0">strategies, cost-reduction initiatives and
expectations for future annual meetings. 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 Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>

    <!-- Field: /Page -->









</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
