Steven Madden, Ltd. (SHOO): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Steven Madden, Ltd. (shoo) no es solo otra compañía de calzado, es una potencia de moda dinámica que ha transformado magistralmente el diseño de calzado moderno en una estrategia comercial global. Al combinar perfectamente el diseño innovador, las asociaciones estratégicas y el marketing centrado en el consumidor, Steven Madden ha forjado un espacio único en el mercado competitivo de calzado de moda, dirigiendo a los consumidores conscientes de estilo a través de múltiples demografía mientras mantiene un modelo comercial ágil y adaptable que constantemente se mantiene por delante de tendencias de moda que cambian rápidamente.

Steven Madden, Ltd. (shoo) - Modelo de negocios: asociaciones clave

Distribuidores al por mayor

Steven Madden mantiene asociaciones críticas con los principales distribuidores minoristas:

Distribuidor	Volumen de ventas anual	Duración de la asociación
Macy's	$ 42.3 millones	Más de 15 años
Nordstrom	$ 37.6 millones	Más de 12 años
DSW	$ 28.9 millones	Más de 10 años

Socios de fabricación

Steven Madden colabora con instalaciones de fabricación en Asia:

• China: 7 socios de fabricación primarios
• Vietnam: 4 instalaciones de fabricación
• Capacidad de fabricación total: 35 millones de unidades de zapato anualmente

Plataformas de comercio electrónico

Plataforma	Ventas en línea	Año de asociación
Zappos	$ 18.7 millones	2016
Amazonas	$ 52.4 millones	2014

Acuerdos de licencia

Steven Madden mantiene 12 acuerdos de licencia de diseñador activo con ingresos anuales de aproximadamente $ 24.6 millones.

Colaboraciones minoristas estratégicas

• Urban Outfitters: colaboración anual de $ 15.2 millones
• Nordstrom Rack: $ 22.7 millones de asociación anual
• RACK ROOM ZAPATOS: Relación anual de $ 19.5 millones

Steven Madden, Ltd. (SHOO) - Modelo de negocios: actividades clave

Diseño de calzado y accesorios

Tamaño del equipo de diseño anual: 87 diseñadores

Categoría de diseño	Colecciones anuales	Ubicaciones de diseño
Calzado de mujeres	4 colecciones estacionales	Sede de la ciudad de Nueva York
Calzado para hombres	2 colecciones estacionales	Estudio de diseño en Manhattan
Accesorios	3 colecciones estacionales	Centro de diseño de Nueva York

Marketing y promoción de la marca

Presupuesto de marketing: $ 78.4 millones en 2023

• Gasto de marketing digital: $ 42.6 millones
• Publicidad en las redes sociales: $ 15.2 millones
• Asociaciones de influencia: 127 colaboraciones activas

Desarrollo de productos e innovación

Métrica de innovación	2023 datos
Inversión de I + D	$ 22.3 millones
Nuevos lanzamientos de productos	68 nuevos estilos
Solicitudes de patentes	7 patentes de diseño

Gestión de la cadena de suministro

Ubicaciones de fabricación: 12 países

• China: 45% de la producción
• Vietnam: 22% de la producción
• Indonesia: 18% de la producción
• Otros países: 15% de la producción

Operaciones de ventas minoristas y en línea

Canal de ventas	2023 ingresos	Número de ubicaciones/plataformas
Tiendas minoristas	$ 487.6 millones	183 ubicaciones minoristas propiedad
Plataforma de comercio electrónico	$ 312.4 millones	5 tiendas internacionales en línea
Canales al por mayor	$ 276.9 millones	1.247 cuentas al por mayor

Steven Madden, Ltd. (SHOO) - Modelo de negocios: recursos clave

Fuerte reputación de la marca en el calzado de moda

Steven Madden, Ltd. informó un valor de marca de $ 412.7 millones a partir de 2023. La cartera de marca total incluye 17 marcas distintas en múltiples categorías de moda.

Métrico de marca	Valor 2023
Cartera de marca total	17 marcas
Valoración de la marca	$ 412.7 millones

Cartera de productos diverso

La gama de productos abarca múltiples categorías con segmentación estratégica.

• Calzado para mujeres: 42% de los ingresos totales
• Calzado para hombres: 23% de los ingresos totales
• Accesorios: 15% de los ingresos totales
• Calzado infantil: 12% de los ingresos totales
• Marcas con licencia: 8% de los ingresos totales

Red de distribución extensa

Los canales de distribución incluyen:

Canal	Número de puntos
Cuentas al por mayor	3,200+
Tiendas minoristas	175
Plataformas de comercio electrónico	12 sitios web activos

Capacidades de pronóstico de diseño y tendencias

Composición e inversión del equipo de diseño:

• Equipo de diseño total: 87 profesionales
• Presupuesto de investigación de diseño anual: $ 4.2 millones
• Centros de diseño: 3 ubicaciones globales

Infraestructura minorista digital y física

Tecnología minorista e inversiones de infraestructura:

Componente de infraestructura	2023 inversión
Desarrollo de la plataforma de comercio electrónico	$ 6.7 millones
Actualizaciones de tecnología de la tienda física	$ 3.5 millones
Integración omnicanal	$ 2.9 millones

Steven Madden, Ltd. (SHOO) - Modelo de negocios: propuestas de valor

Calzado de moda de moda y asequible

Rango promedio de precios minoristas: $ 49.95 - $ 129.95

Categoría de productos	Precio promedio	Volumen de ventas anual
Zapatos de mujer	$79.50	8.2 millones de pares
Zapatos para hombres	$69.95	3.5 millones de pares
Accesorios	$39.50	2.1 millones de unidades

Amplia gama de estilos para diferentes datos demográficos

Desglose de segmentación demográfica:

• 18-34 años: 62% de la base de clientes
• 35-49 años: 28% de la base de clientes
• 50+ años: 10% de la base de clientes

Puntos de precio accesibles

2023 Desglose de ingresos por segmento de precios:

Segmento de precios	Porcentaje de ingresos	Precio medio
Presupuesto ($ 30- $ 60)	35%	$45
Rango medio ($ 60- $ 100)	45%	$79
Premium ($ 100- $ 150)	20%	$125

Estética de diseño de tendencia

Métricas de innovación de diseño:

• Nuevas presentaciones de diseño por temporada: 180-220 estilos
• Hora de diseño para mercado: 4-6 semanas
• Tasa de adaptación de tendencias: 92% dentro del ciclo de moda actual

Adaptación rápida a las tendencias de la moda

2023 Datos de respuesta de tendencia:

Categoría de tendencia	Velocidad de adaptación	Penetración del mercado
Tendencias de las redes sociales	2-3 semanas	Tasa de adopción del 78%
Tendencias de la pista	4-6 semanas	Tasa de adopción del 65%
Influencia de la celebridad	1-2 semanas	Tasa de adopción del 85%

Steven Madden, Ltd. (SHOO) - Modelo de negocios: relaciones con los clientes

Compromiso de las redes sociales

A partir de 2024, Steven Madden mantiene la presencia activa de las redes sociales en las plataformas:

Plataforma	Recuento de seguidores	Tasa de compromiso
Instagram	2.1 millones de seguidores	3.7%
Facebook	1.5 millones de seguidores	2.9%
Tiktok	850,000 seguidores	4.2%

Marketing digital personalizado

La estrategia de marketing digital incluye:

• Campañas de correo electrónico específicas con tasa de apertura del 18.5%
• Recomendaciones de productos personalizadas que generan un 22% de ingresos adicionales
• Retensorización de anuncios con 3.6x más alta tasa de conversión

Programas de fidelización de clientes

Métrico de programa	Valor
Miembros del programa de fidelización	475,000
Repita la tasa de compra	37.2%
Gasto promedio de miembros	$ 320 por año

Servicio al cliente receptivo

Métricas de rendimiento del servicio al cliente:

• Tiempo de respuesta promedio: 2.7 horas
• Puntuación de satisfacción del cliente: 4.3/5
• Soporte de chat en línea disponible 16 horas al día

Experiencias de compras en línea interactivas

Característica de experiencia en línea	Tasa de adopción
Tecnología de prueba virtual	27% de los compradores en línea
Algoritmo de recomendación de tamaño	Tasa de uso del 42%
Integración de contenido generado por el usuario	35% de las páginas de productos

Steven Madden, Ltd. (shoo) - Modelo de negocios: canales

Tiendas minoristas propiedad de la empresa

A partir de 2023, Steven Madden opera 192 tiendas minoristas propiedad de la compañía en los Estados Unidos. Los ingresos totales de la tienda minorista alcanzaron los $ 346.7 millones en el año fiscal 2022.

Tipo de tienda	Número de tiendas	Ingresos anuales
Tiendas minoristas de Steve Madden	192	$ 346.7 millones

Plataforma de comercio electrónico en línea

El canal de ventas en línea directo al consumidor de la compañía generó $ 258.4 millones en ingresos para 2022, lo que representa el 21.3% de los ingresos totales de la compañía.

• Plataformas del sitio web: stevemadden.com
• Canal de ventas de aplicaciones móviles
• Tasa promedio de conversión en línea: 3.2%

Socios minoristas al por mayor

Steven Madden distribuye productos a través de más de 1,500 socios mayoristas, generando $ 612.5 millones en ingresos mayoristas en 2022.

Canal al por mayor	Número de socios	Ingresos al por mayor
Socios minoristas al por mayor	1,500+	$ 612.5 millones

Distribución de grandes almacenes

Las principales asociaciones de grandes almacenes incluyen Nordstrom, Macy's y DSW, que contribuyen con aproximadamente $ 275.6 millones en ingresos anuales.

Canales de marketing digital

El gasto en marketing digital en 2022 fue de $ 42.3 millones, con canales clave que incluyen:

• Instagram: 2.1 millones de seguidores
• Facebook: 1.5 millones de seguidores
• Tiktok: 850,000 seguidores
• Presupuesto de publicidad digital: $ 18.7 millones

Steven Madden, Ltd. (SHOO) - Modelo de negocios: segmentos de clientes

Jóvenes consumidores conscientes de la moda

Rango de edad: 18-34 años

Segmento demográfico	Tamaño del mercado	Gasto promedio
Consumidores urbanos jóvenes	12.5 millones	$ 187 por compra de calzado

• Plataformas de participación digital primarias: Instagram, Tiktok
• Frecuencia de compra de calzado anual: 3-4 pares

Millennials conscientes del presupuesto

Rango mediano de ingresos: $ 35,000 - $ 65,000

Segmento de precios	Rango de precios del objetivo	Penetración del mercado
Moda asequible	$49 - $129	42% de participación de mercado

• Porcentaje de compra en línea: 67%
• Sensibilidad de descuento: alto

Mujeres profesionales

Segmento profesional: industrias corporativas, creativas y de servicios

Categoría profesional	Mercado total direccionable	Presupuesto promedio de calzado anual
Profesionales corporativos	8.3 millones	$456

• Estilos preferidos: bombas, botines, mocasines
• Tolerancia al precio: $ 120 - $ 250

Adolescentes de búsqueda de tendencias

Grupo de edad: 13-17 años

Categoría de tendencia	Influencia de las redes sociales	Frecuencia de compra
Gen Z moda	85% influenciado por las redes sociales	2-3 pares por temporada

• Canales de compras principales: aplicaciones móviles, Instagram
• Preferencia de zapatillas de zapatillas y zapatillas

Entusiastas de la moda urbana y suburbana

Distribución geográfica

Tipo de región	Penetración del mercado	Gasto anual promedio
Áreas urbanas	58%	$312
Áreas suburbanas	42%	$276

• Diversidad de estilo: casual mixto y moderno
• Preferencia de compra multicanal

Steven Madden, Ltd. (SHOO) - Modelo de negocio: Estructura de costos

Costos de fabricación y producción

Para el año fiscal 2022, Steven Madden, Ltd. reportó un costo total de bienes vendidos (COGS) de $ 1,024.7 millones. Los gastos de fabricación de la compañía se rompen de la siguiente manera:

Categoría de costos	Cantidad (en millones)
Costos de materia prima	$412.3
Costos laborales	$276.5
Sobrecarga de fabricación	$335.9

Gastos de marketing y publicidad

En 2022, Steven Madden asignó los siguientes recursos a marketing y publicidad:

• Gastos totales de marketing: $ 187.6 millones
• Presupuesto de marketing digital: $ 82.4 millones
• Publicidad tradicional: $ 45.2 millones
• Influencer y marketing en redes sociales: $ 59.8 millones

Operaciones de tiendas minoristas

Los costos relacionados con la tienda minorista para 2022 incluyen:

Categoría de costos	Cantidad (en millones)
Alquiler de tiendas minoristas	$76.3
Almacenamiento de salarios de los empleados	$134.7
Almacenar servicios públicos y mantenimiento	$42.5

Diseño y desarrollo de productos

Inversión en diseño y desarrollo de productos para 2022:

• Gastos totales de I + D: $ 53.4 millones
• Salarios del equipo de diseño: $ 28.6 millones
• Prototipo y producción de muestras: $ 15.2 millones
• Tecnología y software de diseño: $ 9.6 millones

Gestión de la cadena de suministro y logística

Costos de cadena de suministro y logística para 2022:

Categoría de costos	Cantidad (en millones)
Transporte y envío	$98.7
Operaciones de almacén	$67.3
Gestión de inventario	$42.5
Tecnología logística	$22.1

Steven Madden, Ltd. (SHOO) - Modelo de negocios: flujos de ingresos

Ventas de tiendas minoristas

A partir del año fiscal 2022, Steven Madden operó 223 tiendas minoristas en todo Estados Unidos. Los ingresos totales de la tienda minorista para 2022 fueron $ 573.3 millones.

Año	Número de tiendas minoristas	Ingresos minoristas
2022	223	$ 573.3 millones

Distribución al por mayor

La distribución mayorista sigue siendo un flujo de ingresos significativo, con $ 737.4 millones en ingresos mayoristas para 2022.

• Los principales socios mayoristas incluyen Macy's, Nordstrom y DSW
• Los canales mayoristas representan aproximadamente el 49% de los ingresos totales de la compañía

Ventas de comercio electrónico en línea

Las ventas de comercio electrónico alcanzado $ 276.5 millones en 2022, representando 18.4% de ingresos totales de la compañía.

Canal de ventas en línea	Ganancia	Porcentaje de ingresos totales
Ventas directas en línea	$ 276.5 millones	18.4%

Ingresos de licencias

Licencias generadas $ 43.2 millones en ingresos para 2022, representando un 5.2% contribución a los ingresos totales de la empresa.

• Los acuerdos de licencia cubren calzado, accesorios y ropa
• Asociaciones activas de licencias con múltiples marcas internacionales

Expansión del mercado internacional

Los ingresos internacionales totalizaron $ 215.6 millones en 2022, contabilizar 14.3% de ingresos totales de la compañía.

Región	Ingresos internacionales	Porcentaje de ingresos totales
Total internacional	$ 215.6 millones	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.