Skechers went after the customers Nike didn’t. It paid off.

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Subscribe to enjoy similar stories. The NBA’s 2023 most valuable player and last season’s top European goal scorer aren’t Nike or Adidas athletes. When playing, they wear what Martha Stewart wears: Skechers.

The shoe company—known for its hands-free slip-in styles—has grabbed the attention of enough people to become the third-largest footwear company in the world by sales. It is on track to net $10 billion in revenue by 2026, without achieving the coolness status that can juice demand for a brand. Skechers did it by capturing parts of the market that are largely neglected by its competitors.

Nike has superstars. Hoka has tapped into hardcore runners. Tech bros are willing to pay up for On shoes.

Skechers thrives on retirees looking for comfortable kicks and families looking for something more affordable for their children. “It’s almost the complete opposite of what the bigger brands do," John Vandemore, Skechers finance chief, said in an interview. “We’re just a different player." Skechers isn’t flashy.

Executives say they are in the “foot covering" business, and they work to make those coverings comfy and cheap. Its children’s styles cost around $50, and the brand doesn’t sell the limited releases that can fetch hundreds of dollars. It does, however, make $115 pickleball shoes with Goodyear rubber.

The company gets about two-thirds of its sales outside the U.S. Instead of opening its own stores, Skechers sometimes works with a franchise system and will wait years before investing on its own operations overseas. Skechers executives say they are bigger than Nike in India.