Steven Madden, Ltd. (SHOO): Business Model Canvas

Steven Madden, Ltd. (SHOO) ist nicht nur ein weiteres Schuhunternehmen – es ist ein dynamisches Modeunternehmen, das trendiges Schuhdesign meisterhaft in eine globale Geschäftsstrategie verwandelt hat. Durch die nahtlose Verbindung von innovativem Design, strategischen Partnerschaften und verbraucherorientiertem Marketing hat sich Steven Madden einen einzigartigen Platz auf dem hart umkämpften Markt für Modeschuhe geschaffen. Er richtet sich an stilbewusste Verbraucher aus verschiedenen Bevölkerungsgruppen und behält gleichzeitig ein agiles und anpassungsfähiges Geschäftsmodell bei, das den sich schnell ändernden Modetrends immer einen Schritt voraus ist.

Steven Madden, Ltd. (SHOO) – Geschäftsmodell: Wichtige Partnerschaften

Großhändler

Steven Madden unterhält wichtige Partnerschaften mit großen Einzelhandelshändlern:

Händler	Jährliches Verkaufsvolumen	Dauer der Partnerschaft
Macys	42,3 Millionen US-Dollar	15+ Jahre
Nordstrom	37,6 Millionen US-Dollar	12+ Jahre
DSW	28,9 Millionen US-Dollar	10+ Jahre

Fertigungspartner

Steven Madden arbeitet mit Produktionsstätten in Asien zusammen:

• China: 7 primäre Produktionspartner
• Vietnam: 4 Produktionsstätten
• Gesamtproduktionskapazität: 35 Millionen Schuheinheiten jährlich

E-Commerce-Plattformen

Plattform	Online-Verkauf	Partnerschaftsjahr
Zappos	18,7 Millionen US-Dollar	2016
Amazon	52,4 Millionen US-Dollar	2014

Lizenzvereinbarungen

Steven Madden behauptet 12 aktive Designer-Lizenzverträge mit einem Jahresumsatz von ca 24,6 Millionen US-Dollar.

Strategische Einzelhandelskooperationen

• Urban Outfitters: 15,2 Millionen US-Dollar jährliche Zusammenarbeit
• Nordstrom Rack: 22,7 Millionen US-Dollar jährliche Partnerschaft
• Rack Room Shoes: 19,5 Millionen US-Dollar pro Jahr

Steven Madden, Ltd. (SHOO) – Geschäftsmodell: Hauptaktivitäten

Design von Schuhen und Accessoires

Jährliche Größe des Designteams: 87 Designer

Designkategorie	Jährliche Sammlungen	Design-Standorte
Damenschuhe	4 saisonale Kollektionen	Hauptquartier von New York City
Herrenschuhe	2 saisonale Kollektionen	Designstudio in Manhattan
Zubehör	3 saisonale Kollektionen	New Yorker Designzentrum

Markenmarketing und -förderung

Marketingbudget: 78,4 Millionen US-Dollar im Jahr 2023

• Ausgaben für digitales Marketing: 42,6 Millionen US-Dollar
• Social-Media-Werbung: 15,2 Millionen US-Dollar
• Influencer-Partnerschaften: 127 aktive Kooperationen

Produktentwicklung und Innovation

Innovationsmetrik	Daten für 2023
F&E-Investitionen	22,3 Millionen US-Dollar
Neue Produkteinführungen	68 neue Stile
Patentanmeldungen	7 Designpatente

Supply-Chain-Management

Produktionsstandorte: 12 Länder

• China: 45 % der Produktion
• Vietnam: 22 % der Produktion
• Indonesien: 18 % der Produktion
• Andere Länder: 15 % der Produktion

Einzelhandels- und Online-Verkaufsaktivitäten

Vertriebskanal	Umsatz 2023	Anzahl der Standorte/Plattformen
Einzelhandelsgeschäfte	487,6 Millionen US-Dollar	183 eigene Einzelhandelsstandorte
E-Commerce-Plattform	312,4 Millionen US-Dollar	5 internationale Online-Shops
Großhandelskanäle	276,9 Millionen US-Dollar	1.247 Großhandelskonten

Steven Madden, Ltd. (SHOO) – Geschäftsmodell: Schlüsselressourcen

Starker Markenruf im Bereich Modeschuhe

Steven Madden, Ltd. meldete im Jahr 2023 einen Markenwert von 412,7 Millionen US-Dollar. Das gesamte Markenportfolio umfasst 17 verschiedene Marken in mehreren Modekategorien.

Markenmetrik	Wert 2023
Gesamtes Markenportfolio	17 Marken
Markenbewertung	412,7 Millionen US-Dollar

Vielfältiges Produktportfolio

Die Produktpalette umfasst mehrere Kategorien mit strategischer Segmentierung.

• Damenschuhe: 42 % des Gesamtumsatzes
• Herrenschuhe: 23 % des Gesamtumsatzes
• Zubehör: 15 % des Gesamtumsatzes
• Kinderschuhe: 12 % des Gesamtumsatzes
• Lizenzmarken: 8 % des Gesamtumsatzes

Umfangreiches Vertriebsnetz

Zu den Vertriebskanälen gehören:

Kanal	Anzahl der Punkte
Großhandelskonten	3,200+
Einzelhandelsgeschäfte	175
E-Commerce-Plattformen	12 aktive Websites

Design- und Trendprognosefunktionen

Zusammensetzung und Investition des Designteams:

• Gesamtes Designteam: 87 Fachleute
• Jährliches Budget für Designforschung: 4,2 Millionen US-Dollar
• Designzentren: 3 globale Standorte

Digitale und physische Einzelhandelsinfrastruktur

Investitionen in Einzelhandelstechnologie und Infrastruktur:

Infrastrukturkomponente	Investition 2023
Entwicklung einer E-Commerce-Plattform	6,7 Millionen US-Dollar
Upgrades der physischen Ladentechnologie	3,5 Millionen Dollar
Omnichannel-Integration	2,9 Millionen US-Dollar

Steven Madden, Ltd. (SHOO) – Geschäftsmodell: Wertversprechen

Trendige, erschwingliche Modeschuhe

Durchschnittliche Einzelhandelspreisspanne: 49,95 $ – 129,95 $

Produktkategorie	Durchschnittlicher Preispunkt	Jährliches Verkaufsvolumen
Damenschuhe	$79.50	8,2 Millionen Paare
Herrenschuhe	$69.95	3,5 Millionen Paare
Zubehör	$39.50	2,1 Millionen Einheiten

Große Auswahl an Stilen für unterschiedliche Bevölkerungsgruppen

Aufschlüsselung der demografischen Segmentierung:

• 18–34 Jahre: 62 % des Kundenstamms
• 35–49 Jahre: 28 % des Kundenstamms
• 50+ Jahre: 10 % des Kundenstamms

Zugängliche Preispunkte

Umsatzaufschlüsselung 2023 nach Preissegment:

Preissegment	Prozentsatz des Umsatzes	Durchschnittspreis
Budget (30–60 $)	35%	$45
Mittelklasse (60–100 $)	45%	$79
Prämie (100–150 $)	20%	$125

Trendige Designästhetik

Design-Innovationsmetriken:

• Neue Designeinführungen pro Saison: 180–220 Styles
• Design-to-Market-Zeit: 4–6 Wochen
• Trendanpassungsrate: 92 % innerhalb des aktuellen Modezyklus

Schnelle Anpassung an Modetrends

Daten zur Trendreaktionsfähigkeit 2023:

Trendkategorie	Anpassungsgeschwindigkeit	Marktdurchdringung
Social-Media-Trends	2-3 Wochen	78 % Akzeptanzrate
Laufstegtrends	4-6 Wochen	65 % Akzeptanzrate
Promi-Einfluss	1-2 Wochen	85 % Akzeptanzrate

Steven Madden, Ltd. (SHOO) – Geschäftsmodell: Kundenbeziehungen

Social-Media-Engagement

Ab 2024 unterhält Steven Madden eine aktive Social-Media-Präsenz auf allen Plattformen:

Plattform	Anzahl der Follower	Engagement-Rate
Instagram	2,1 Millionen Follower	3.7%
Facebook	1,5 Millionen Follower	2.9%
TikTok	850.000 Follower	4.2%

Personalisiertes digitales Marketing

Die digitale Marketingstrategie umfasst:

• Gezielte E-Mail-Kampagnen mit einer Öffnungsrate von 18,5 %
• Personalisierte Produktempfehlungen generieren 22 % zusätzlichen Umsatz
• Retargeting-Anzeigen mit 3,6-fach höherer Conversion-Rate

Kundenbindungsprogramme

Programmmetrik	Wert
Mitglieder des Treueprogramms	475,000
Wiederholungskaufrate	37.2%
Durchschnittliche Mitgliederausgaben	320 $ pro Jahr

Reaktionsschneller Kundenservice

Leistungskennzahlen für den Kundenservice:

• Durchschnittliche Antwortzeit: 2,7 Stunden
• Kundenzufriedenheitswert: 4,3/5
• Online-Chat-Support 16 Stunden täglich verfügbar

Interaktive Online-Shopping-Erlebnisse

Online-Erlebnisfunktion	Akzeptanzrate
Virtuelle Anprobe-Technologie	27 % der Online-Käufer
Größenempfehlungsalgorithmus	42 % Nutzungsrate
Integration benutzergenerierter Inhalte	35 % der Produktseiten

Steven Madden, Ltd. (SHOO) – Geschäftsmodell: Kanäle

Firmeneigene Einzelhandelsgeschäfte

Im Jahr 2023 betreibt Steven Madden 192 firmeneigene Einzelhandelsgeschäfte in den Vereinigten Staaten. Der Gesamtumsatz der Einzelhandelsgeschäfte erreichte im Geschäftsjahr 2022 346,7 Millionen US-Dollar.

Geschäftstyp	Anzahl der Geschäfte	Jahresumsatz
Steve Madden Einzelhandelsgeschäfte	192	346,7 Millionen US-Dollar

Online-E-Commerce-Plattform

Der direkte Online-Vertriebskanal des Unternehmens erwirtschaftete im Jahr 2022 einen Umsatz von 258,4 Millionen US-Dollar, was 21,3 % des Gesamtumsatzes des Unternehmens entspricht.

• Website-Plattformen: stevemadden.com
• Vertriebskanal für mobile Apps
• Durchschnittliche Online-Conversion-Rate: 3,2 %

Großhandelspartner

Steven Madden vertreibt Produkte über mehr als 1.500 Großhandelspartner und erwirtschaftet im Jahr 2022 einen Großhandelsumsatz von 612,5 Millionen US-Dollar.

Großhandelskanal	Anzahl der Partner	Jährlicher Großhandelsumsatz
Großhandelspartner	1,500+	612,5 Millionen US-Dollar

Kaufhausvertrieb

Zu den wichtigsten Kaufhauspartnerschaften zählen Nordstrom, Macy's und DSW, die einen Jahresumsatz von etwa 275,6 Millionen US-Dollar erwirtschaften.

Digitale Marketingkanäle

Die Ausgaben für digitales Marketing beliefen sich im Jahr 2022 auf 42,3 Millionen US-Dollar. Zu den wichtigsten Kanälen gehörten:

• Instagram: 2,1 Millionen Follower
• Facebook: 1,5 Millionen Follower
• TikTok: 850.000 Follower
• Budget für digitale Werbung: 18,7 Millionen US-Dollar

Steven Madden, Ltd. (SHOO) – Geschäftsmodell: Kundensegmente

Junge modebewusste Verbraucher

Altersspanne: 18–34 Jahre

Demografisches Segment	Marktgröße	Durchschnittliche Ausgaben
Junge städtische Verbraucher	12,5 Millionen	187 $ pro Schuhkauf

• Wichtigste Plattformen für digitales Engagement: Instagram, TikTok
• Jährliche Schuhkaufhäufigkeit: 3-4 Paar

Budgetbewusste Millennials

Mittlere Einkommensspanne: 35.000 bis 65.000 US-Dollar

Preissegment	Zielpreisspanne	Marktdurchdringung
Erschwingliche Mode	$49 - $129	42 % Marktanteil

• Online-Kaufanteil: 67 %
• Rabattsensitivität: Hoch

Berufstätige Frauen

Karrieresegment: Unternehmens-, Kreativ- und Dienstleistungsbranche

Professionelle Kategorie	Gesamter adressierbarer Markt	Durchschnittliches jährliches Schuhbudget
Unternehmensfachleute	8,3 Millionen	$456

• Bevorzugte Stile: Pumps, Stiefeletten, Loafer
• Preistoleranz: 120 – 250 $

Trendsuchende Teenager

Altersgruppe: 13–17 Jahre

Trendkategorie	Einfluss sozialer Medien	Kaufhäufigkeit
Mode der Generation Z	85 % von Social Media beeinflusst	2-3 Paare pro Saison

• Primäre Einkaufskanäle: Mobile Apps, Instagram
• Vorliebe für Sneaker und Freizeitschuhe

Enthusiasten der urbanen und vorstädtischen Mode

Geografische Verteilung

Regionstyp	Marktdurchdringung	Durchschnittliche jährliche Ausgaben
Städtische Gebiete	58%	$312
Vorstadtgebiete	42%	$276

• Stilvielfalt: Lässig und trendy gemischt
• Präferenz für Multi-Channel-Shopping

Steven Madden, Ltd. (SHOO) – Geschäftsmodell: Kostenstruktur

Herstellungs- und Produktionskosten

Für das Geschäftsjahr 2022 meldete Steven Madden, Ltd. Gesamtkosten der verkauften Waren (COGS) von 1.024,7 Millionen US-Dollar. Die Herstellungskosten des Unternehmens setzen sich wie folgt zusammen:

Kostenkategorie	Betrag (in Millionen)
Rohstoffkosten	$412.3
Arbeitskosten	$276.5
Fertigungsaufwand	$335.9

Marketing- und Werbekosten

Im Jahr 2022 stellte Steven Madden die folgenden Ressourcen für Marketing und Werbung bereit:

• Gesamte Marketingausgaben: 187,6 Millionen US-Dollar
• Budget für digitales Marketing: 82,4 Millionen US-Dollar
• Traditionelle Werbung: 45,2 Millionen US-Dollar
• Influencer- und Social-Media-Marketing: 59,8 Millionen US-Dollar

Betrieb von Einzelhandelsgeschäften

Zu den einzelhandelsbezogenen Kosten für 2022 gehörten:

Kostenkategorie	Betrag (in Millionen)
Miete für Einzelhandelsgeschäfte	$76.3
Speichern Sie die Löhne Ihrer Mitarbeiter	$134.7
Speichern Sie Dienstprogramme und Wartung	$42.5

Design und Produktentwicklung

Investition in Design und Produktentwicklung für 2022:

• Gesamtkosten für Forschung und Entwicklung: 53,4 Millionen US-Dollar
• Gehälter des Designteams: 28,6 Millionen US-Dollar
• Prototypen- und Musterproduktion: 15,2 Millionen US-Dollar
• Technologie- und Designsoftware: 9,6 Millionen US-Dollar

Supply Chain und Logistikmanagement

Lieferketten- und Logistikkosten für 2022:

Kostenkategorie	Betrag (in Millionen)
Transport und Versand	$98.7
Lagerbetrieb	$67.3
Bestandsverwaltung	$42.5
Logistiktechnologie	$22.1

Steven Madden, Ltd. (SHOO) – Geschäftsmodell: Einnahmequellen

Einzelhandelsverkäufe

Ab dem Geschäftsjahr 2022 war Steven Madden tätig 223 Einzelhandelsgeschäfte in den Vereinigten Staaten. Der Gesamtumsatz der Einzelhandelsgeschäfte für 2022 betrug 573,3 Millionen US-Dollar.

Jahr	Anzahl der Einzelhandelsgeschäfte	Einzelhandelsumsatz
2022	223	573,3 Millionen US-Dollar

Großhandelsvertrieb

Der Großhandelsvertrieb bleibt eine bedeutende Einnahmequelle 737,4 Millionen US-Dollar im Großhandelsumsatz für 2022.

• Zu den wichtigsten Großhandelspartnern zählen Macy's, Nordstrom und DSW
• Großhandelskanäle machen etwa 49 % des Gesamtumsatzes des Unternehmens aus

Online-E-Commerce-Verkäufe

E-Commerce-Umsatz erreicht 276,5 Millionen US-Dollar im Jahr 2022, vertreten 18.4% des Gesamtumsatzes des Unternehmens.

Online-Vertriebskanal	Einnahmen	Prozentsatz des Gesamtumsatzes
Direkter Online-Verkauf	276,5 Millionen US-Dollar	18.4%

Lizenzeinnahmen

Lizenzierung generiert 43,2 Millionen US-Dollar Umsatz für 2022, was a entspricht 5.2% Beitrag zum Gesamtumsatz des Unternehmens.

• Lizenzvereinbarungen umfassen Schuhe, Accessoires und Bekleidung
• Aktive Lizenzpartnerschaften mit mehreren internationalen Marken

Internationale Marktexpansion

Der internationale Umsatz summierte sich 215,6 Millionen US-Dollar im Jahr 2022, bilanziert 14.3% des Gesamtumsatzes des Unternehmens.

Region	Internationale Einnahmen	Prozentsatz des Gesamtumsatzes
Total International	215,6 Millionen US-Dollar	14.3%

Steven Madden, Ltd. (SHOO) - Canvas Business Model: Value Propositions

You're looking at the core reasons why customers choose Steven Madden, Ltd. (SHOO) right now, especially after integrating a major new brand. The value proposition centers on delivering what's next in fashion, but with a structure that balances aspirational appeal with market accessibility.

Fashion-forward, on-trend footwear and accessories for a young demographic.

Steven Madden, Ltd. is positioned as a leading designer and marketer of fashion-forward footwear, accessories and apparel, targeting fashion-conscious adults and children. The core offering is designed to capture immediate trends. For instance, looking at the third quarter of 2025, the company posted total revenues of $667.9 million. This revenue is sourced across distinct channels that cater to this demographic's shopping habits.

• The company's Q3 2025 Direct-to-Consumer revenue reached $221.5 million.
• Wholesale revenue for Q3 2025 totaled $442.7 million.
• Licensing fee income contributed $3.7 million in Q3 2025.

Accessible luxury positioning, strengthened by the Kurt Geiger acquisition.

The acquisition of Kurt Geiger, completed in the first quarter of 2025 for approximately £289 million (or about $360 million in cash), significantly elevates the portfolio's perceived value. Kurt Geiger London is specifically noted for its 'unique brand image, high-quality and statement-making styles and compelling value proposition,' offering a differentiated and elevated positioning. This acquisition adds a powerful new growth engine. For the year ended February 1, 2025, Kurt Geiger generated estimated revenue of approximately £400 million. Looking ahead to the fourth quarter of 2025, the contribution from Kurt Geiger is forecasted to range between $182 million and $187 million in revenues.

The DTC focus of the acquired brand is a key part of this value proposition. In the third quarter of 2025, Kurt Geiger's direct-to-consumer operations accounted for approximately $135 million, which represents over 70% of that brand's total sales mix.

Multi-brand portfolio offering diverse styles and price points.

You benefit from a structure that spreads risk and captures different consumer wallets through its brand architecture. The portfolio now includes the core Steve Madden brand alongside the acquired brands: Kurt Geiger London, KG Kurt Geiger, and Carvela. This structure is reflected in the segment performance, even with external pressures like tariffs.

Revenue Segment (Q3 2025)	Amount (USD)	YoY Change (Excluding KG)
Wholesale Revenue	$442.7 million	Declined 19.0%
Direct-to-Consumer Revenue	$221.5 million	Grew 1.5%

The wholesale segment, which is typically more price-sensitive, saw its footwear revenue decrease by 10.9% (or 16.7% excluding Kurt Geiger) in Q3 2025.

Consistent product innovation in key categories like boots and dress shoes.

The company maintains a focus on core, high-volume categories, although recent tariff impacts have been felt. For example, in the wholesale channel during the third quarter of 2025, footwear revenue saw a 10.9% decrease year-over-year. Wholesale accessories/apparel revenue declined 10.3% over the same period, though the Kurt Geiger brand's success is specifically noted as being led by handbags.

The underlying gross margin performance shows the tension between trend-chasing and cost management. The overall adjusted gross profit as a percentage of revenue improved to 43.4% in Q3 2025, up from 41.6% in Q3 2024, showing pricing power or successful mitigation efforts, despite the impact of new tariffs on goods imported into the United States.

Steven Madden, Ltd. (SHOO) - Canvas Business Model: Customer Relationships

You're looking at how Steven Madden, Ltd. connects with the people buying their product in late 2025. The relationship strategy is clearly split between direct customer interaction and wholesale partnerships, with a heavy push toward digital engagement.

Direct-to-Consumer (DTC) engagement via e-commerce and retail stores.

The DTC channel is the primary growth engine, especially following the Kurt Geiger acquisition. In the third quarter of 2025, Direct-to-Consumer revenue reached \$221.5 million, marking a massive 76.6% year-over-year increase. This shows the power of their owned channels, which include physical stores and e-commerce sites. As of the second quarter of 2025, the company operated 392 company-operated brick-and-mortar retail stores, including 98 outlets, alongside seven e-commerce websites. For the full year 2025, Digital Commerce 360 projects Steven Madden, Ltd.'s online sales (GMV) will reach \$372.64 million. To give you a snapshot of the e-commerce performance, in October 2025, stevemadden.com generated \$15,856,308 in online sales, attracting 6,016,722 sessions with an Average Order Value (AOV) between \$100-125.

Here's a look at the channel revenue split from Q3 2025:

Channel	Q3 2025 Revenue (Millions USD)	Year-over-Year Change
Wholesale	\$442.7	-10.7%
Direct-to-Consumer (DTC)	\$221.5	+76.6%

Social media-driven brand heat and cultural relevance (TikTok, Pinterest).

Steven Madden, Ltd. is actively using digital platforms to maintain its fashion relevance, which translates directly into sales conversion. The company is using Fivetran to centralize data from various social platforms, including TikTok Ads, Facebook Pages, Instagram Business, and Snapchat Ads. This integration helps them streamline reporting and improve campaign performance by gaining faster insights across their global digital footprint. Josh Krepon, President, US Direct to Consumer & Global Digital, stated this agility allows them to anticipate market shifts and respond to trends in real time.

• Integrating data from platforms like TikTok Ads and Instagram Business.
• Using consolidated data to inform targeting and creative decisions.
• Focusing on digital storytelling to keep brand heat going.

Traditional B2B relationships with wholesale retail buyers.

The wholesale channel remains a significant part of the business, though it faced headwinds in 2025. In the third quarter of 2025, wholesale revenue was \$442.7 million, a 10.7% decrease compared to the prior year. Excluding the Kurt Geiger contribution, the organic wholesale revenue decline was 19.0%. Management noted that $95\%$ of the revenue shortfall in Q2 2025 came from wholesale customer order cancellations and reduced open-to-buys, showing the sensitivity of these B2B relationships to market uncertainty and inventory planning.

Loyalty programs to drive repeat purchases in the DTC segment.

While specific Steven Madden, Ltd. loyalty program metrics for 2025 aren't public, the strategy is clearly focused on driving repeat purchases in the DTC segment, a common practice where loyal customers are highly valuable. Industry statistics suggest that customers enrolled in loyalty programs are 70% more likely to continue shopping with a brand. Furthermore, loyal customers are noted to generate 40% of online store revenue. There was an expert note suggesting that the U.S.-centric loyalty base will need thoughtful alignment with the expectations of the newly acquired Kurt Geiger customer base post-merger, treating loyalty as an early integration layer.

• Loyal customers spend 12%-18% more than unenrolled customers.
• 79% of consumers stay loyal when they can access exclusive benefits.
• Customers with a strong emotional relationship spend 306% more over their lifetime.

Finance: draft 13-week cash view by Friday.

Steven Madden, Ltd. (SHOO) - Canvas Business Model: Channels

You're looking at how Steven Madden, Ltd. gets its product into the hands of customers right now, late 2025. It's a multi-pronged approach, balancing the traditional wholesale relationships with a growing direct connection to the consumer.

The wholesale segment remains a massive piece of the puzzle, even with the strategic pivot elsewhere. For the third quarter of 2025, wholesale revenues hit $442.7 million. To be fair, that represented a year-over-year decline of 10.7% compared to Q3 2024, but that figure includes the impact of the Kurt Geiger acquisition; organically, excluding Kurt Geiger, the decline was 19%.

Steven Madden, Ltd. supports its brand presence through a significant physical footprint, which you can see broken down here:

• - Wholesale segment revenue for Q3 2025 was $442.7 million.
• - Direct-to-Consumer (DTC) revenue for Q3 2025 reached $221.5 million.
• - The company operates 7 e-commerce websites.
• - Global physical presence includes 397 company-operated brick-and-mortar retail stores.
• - International reach is extended through 133 company-operated concessions.

The DTC channel is clearly gaining traction, evidenced by that $221.5 million in revenue for the quarter, which was a 76.6% increase year-over-year, though excluding Kurt Geiger, the organic DTC increase was only 1.5%. The gross profit margin on this DTC revenue was 58.3% in Q3 2025.

Here's a quick view mapping out the scale of these distribution points as of the end of Q3 2025:

Channel Component	Metric Type	Value as of Q3 2025 End	Context/Detail
Wholesale Revenue	Financial	$442.7 million	Q3 2025 revenue
Company-Operated Stores	Count	397	Total brick-and-mortar retail stores globally
E-commerce Websites	Count	7	Total owned websites
International Concessions	Count	133	Company-operated units
Direct-to-Consumer Revenue	Financial	$221.5 million	Q3 2025 revenue

The wholesale distribution network is broad, covering department stores, mass merchants, off-price retailers, shoe chains, online retailers, national chains, specialty retailers, and independent stores. Anyway, the company also licenses certain brands for apparel, accessory, and home products to third parties, adding another, albeit smaller, layer to their channel strategy.

The DTC segment's margin profile is notably higher; the adjusted gross profit as a percentage of DTC revenue was 61.9% in Q3 2025, compared to the wholesale adjusted gross profit margin of 33.6% for the same period. That difference in margin clearly shows why the shift toward DTC is a key strategic focus for Steven Madden, Ltd.

Steven Madden, Ltd. (SHOO) - Canvas Business Model: Customer Segments

You're looking at the customer base for Steven Madden, Ltd. (SHOO) as of late 2025, which is a fascinating mix of established wholesale relationships and a rapidly growing direct channel, all reshaped by the recent Kurt Geiger acquisition. Honestly, the customer segmentation is where you see the company's strategy playing out in real-time, especially with the tariff pressures hitting certain channels harder than others.

Core Target: Style-conscious Gen Z and Millennial Consumers

The heart of the Steven Madden brand remains focused on capturing the style-conscious Gen Z and Millennial consumers. This segment is primarily served through the Direct-to-Consumer (DTC) channel, which is showing serious momentum. In the third quarter of 2025, DTC revenue hit $221.5 million, marking a massive 76.6% increase compared to the third quarter of 2024. Even when you strip out the Kurt Geiger contribution, the underlying DTC business grew by 1.5% in that same period, showing that the core brand equity is still resonating directly with shoppers.

This focus on the direct relationship is critical because the gross profit as a percentage of DTC revenue in Q3 2025 was 58.3%, significantly higher than the wholesale margin. This group is responding favorably to new fashion assortments, particularly in dress shoes and boots.

Wholesale Partners: Department Stores, Mass Merchants, and Off-Price Retailers

The traditional backbone of Steven Madden, Ltd.'s distribution is the wholesale channel, which includes department stores, mass merchants, off-price retailers, and various chains. This segment faced headwinds in 2025, largely due to macroeconomic factors. For the third quarter of 2025, wholesale revenue was $442.7 million, a 10.7% decrease year-over-year. To put the tariff impact into perspective, when you exclude the Kurt Geiger contribution, the legacy wholesale business declined by 19.0%. Management noted that about 95% of the wholesale revenue shortfall came from the mass and off-price segments.

Here's a quick look at how the two main channels stacked up in Q3 2025:

Segment	Q3 2025 Revenue (Millions USD)	Year-over-Year Change
Wholesale	$442.7	-10.7%
Direct-to-Consumer (DTC)	$221.5	+76.6%

International Markets: Focus on EMEA, APAC, and the Americas ex-U.S. for Expansion

International expansion is a key growth driver, heavily bolstered by the acquisition of Kurt Geiger, which has a strong European base. The company operates through various means abroad, including joint ventures and direct operations. As of September 30, 2025, Steven Madden, Ltd. had 133 company-operated concessions in international markets. This is up from 130 at the end of Q2 2025. The Kurt Geiger brand itself is expected to contribute between $182 million and $187 million in revenue in the fourth quarter of 2025, with over 70% of that coming from its DTC operations.

The strategic intent is clear:

• Expand the Steven Madden brand into the U.K. via the Kurt Geiger platform.
• Leverage Kurt Geiger's existing presence in EMEA, APAC, and the Americas ex-U.S.
• The 2024 performance already showed robust gains in international markets.

Accessible Luxury Shoppers (New Segment via Kurt Geiger)

The Kurt Geiger acquisition introduced a clear customer segment: the accessible luxury shopper. Kurt Geiger's portfolio, which includes Carvela, is positioned as differentiated and elevated. This brand generated an estimated £400 million in revenue for the year ended February 1, 2025. The addition of this segment is expected to have a favorable impact on the company's overall gross margin due to its higher DTC weighting. This move diversifies the brand portfolio beyond the core Steve Madden offerings, targeting a slightly more premium, yet still accessible, price point. Finance: draft 13-week cash view by Friday.

Steven Madden, Ltd. (SHOO) - Canvas Business Model: Cost Structure

You're looking at the core expenditures that drive Steven Madden, Ltd.'s operations as of late 2025. The cost structure is heavily influenced by product sourcing, retail footprint management, and brand investment.

Cost of Goods Sold (COGS) is a major pressure point, especially given the global supply chain environment. New tariffs on imported goods have directly squeezed margins in the wholesale channel. For the third quarter ended September 30, 2025, the Adjusted gross profit as a percentage of wholesale revenue was 33.6%, down from 35.5% in the third quarter of 2024, explicitly due to these tariff impacts. To be fair, the company has been working on mitigation efforts, but the cost of goods remains a significant variable.

Operating costs are substantial, reflecting the scale of Steven Madden, Ltd.'s marketing spend and its extensive retail network. For the third quarter of 2025, operating expenses totaled $243.4 million. As a percentage of revenue, this represented 36.8% under GAAP measures, or 36.4% on an adjusted basis. This covers everything from running the 397 company-operated brick-and-mortar retail stores, including 99 outlets, to digital marketing efforts.

Inventory management is another critical cost area. Holding the right amount of product is key to fashion retail, but it ties up significant capital. As of September 30, 2025, Steven Madden, Ltd. reported inventory of $476 million. This is a considerable increase from the $268.7 million reported in the third quarter of 2024, suggesting higher investment in stock, perhaps in anticipation of the strong Q4 outlook or to buffer against supply chain uncertainty.

Capital expenditure (CapEx) supports the physical and digital infrastructure. While the latest full-year CapEx isn't fully reported yet, Q1 2025 data shows investment in growth and modernization. For the three months ended March 31, 2025, cash used in investing activities included capital expenditures of $9,847 (likely in thousands, representing $9.847 million) dedicated to leasehold improvements, new stores, and systems enhancements. This spending supports the ongoing retail footprint and necessary systems integration.

Here's a quick look at some key Q3 2025 financial figures that frame these costs:

Metric	Amount / Percentage (Q3 2025)
Revenue	$667.9 million
Operating Expenses (Adjusted as % of Revenue)	36.4%
Wholesale Gross Margin (Adjusted)	33.6%
Inventory Value (as of Sep 30, 2025)	$476 million
Total Debt Outstanding (as of Sep 30, 2025)	$293.8 million

The cost structure also involves managing the balance sheet, which impacts financing costs. As of September 30, 2025, Steven Madden, Ltd. carried total debt outstanding of $293.8 million against cash, cash equivalents and short-term investments of $108.9 million, resulting in a net debt position.

The company's fixed and variable costs are also reflected in the retail channel performance. For instance, the Direct-to-Consumer (DTC) gross margin was 61.9% in Q3 2025, lower than the prior year's 64.0%, partly due to the integration of the Kurt Geiger concessions business, which carried a lower DTC margin in the quarter.

You can see the direct impact of these costs on profitability:

• Net income attributable to Steven Madden, Ltd. for Q3 2025 was $20.5 million.
• Income from operations totaled $31.4 million, or 4.7% of revenue.
• The company is actively assessing sourcing strategies to manage tariff impacts.

Finance: draft 13-week cash view by Friday.

Steven Madden, Ltd. (SHOO) - Canvas Business Model: Revenue Streams

You're looking at how Steven Madden, Ltd. brings in the money, and as of late 2025, it's a mix of traditional and direct channels, with the recent acquisition of Kurt Geiger playing a big role in the numbers.

The revenue streams for Steven Madden, Ltd. are clearly segmented across wholesale partners and the company's own direct channels, supplemented by intellectual property monetization.

The primary revenue drivers for the third quarter ended September 30, 2025, were:

• Wholesale product sales (footwear, accessories, apparel) to retailers.
• Direct-to-Consumer (DTC) sales from e-commerce and retail stores.
• Licensing and royalty income.

For the third quarter of 2025, the company reported a consolidated revenue of $667.9 million, which was a 6.9% increase year-over-year. The trailing twelve months (TTM) revenue, based on the Q3 2025 filing data, was $1,780,409 (in thousands).

Here's a breakdown of the key revenue components from the Q3 2025 results:

Revenue Stream Component	Q3 2025 Amount (USD)
Wholesale Revenue	$442.7 million
Direct-to-Consumer (DTC) Revenue	$221.5 million
Licensing and Royalty Income	$3.7 million

Drilling down into the wholesale segment, you see the split between the core footwear business and the accessories/apparel categories:

• Wholesale footwear revenue was $266.5 million, a 10.9% decrease from Q3 2024.
• Wholesale accessories and apparel revenue was $176.2 million, down 10.3% compared to the third quarter in the prior year.

The Direct-to-Consumer segment showed significant growth, largely due to the inclusion of the Kurt Geiger business. DTC revenue increased 76.6% to $221.5 million in the quarter. However, excluding Kurt Geiger, the organic DTC revenue increased by 1.5%. Steven Madden, Ltd. supported this channel with a physical footprint of 397 company-operated brick-and-mortar retail stores, including 99 outlets, as of the end of the quarter.

The licensing stream, which represents revenue from third parties marketing and selling products under certain Steven Madden, Ltd. brands, contributed $3.7 million in Q3 2025, up from $3.5 million in the third quarter of 2024. That's a 4.9% increase for that specific income line item.