Weyco Group, Inc. (WEYS): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Descubra el plan estratégico detrás de Weyco Group, Inc., una potencia en el calzado para hombres que transforma la fabricación de zapatos en un ecosistema comercial sofisticado. Con una notable cartera que abarca marcas icónicas como Florsheim y Johnston & Murphy, esta compañía navega por el complejo panorama de la moda, el comercio minorista y las preferencias de los consumidores a través de un lienzo de modelo de negocio meticulosamente elaborado que combina perfectamente la artesanía tradicional con la dinámica del mercado moderna. Sumerja el intrincado mundo del enfoque estratégico de Weyco, donde la herencia de marca cumple con la estrategia comercial innovadora, revelando cómo esta compañía ha mantenido su ventaja competitiva en la industria de calzado en constante evolución.

Weyco Group, Inc. (WEYS) - Modelo de negocios: asociaciones clave

Asociaciones de marca con licencia

Weyco Group mantiene asociaciones estratégicas de licencia con las siguientes marcas:

Florheim	Asociación establecida desde 1975	Propiedad desde 1975
Stacy Adams	Adquirido en 2004	Marca de calzado de moda para hombres
Johnston & Murphy	Acuerdo de licencia activo	Vestido premium y calzado casual

Asociaciones de distribución al por mayor

La red de distribución de Weyco Group incluye:

• Canales de distribución al por mayor de los Estados Unidos a nivel nacional
• Mercados internacionales en Canadá, Europa y Asia
• Más de 50 países sirvieron a través de asociaciones mayoristas

Red de socios minoristas

Grandes almacenes	Macy's, Nordstrom, Dillard's
Minoristas de zapatos especializados	DSW, zapatos de habitación
Minoristas en línea	Amazon, Zappos

Colaboraciones de fabricación

Instalaciones de producción en el extranjero

• Asociaciones de fabricación en China
• Instalaciones de producción en Vietnam
• Acuerdos de abastecimiento en Indonesia

A partir de la información financiera de 2023, Weyco Group mantuvo Aproximadamente 12-15 asociaciones de fabricación clave en múltiples ubicaciones internacionales.

Weyco Group, Inc. (WEYS) - Modelo de negocio: actividades clave

Diseño de zapatos y desarrollo de productos

A partir de 2024, Weyco Group desarrolla calzado para múltiples marcas como Florsheim, Nunn Bush, Stacy Adams y Bogs. Las inversiones en desarrollo de productos en 2023 fueron de $ 2.3 millones.

Marca	Ciclos de diseño anuales	Categorías de productos
Florheim	4	Zapatos de vestir, zapatos casuales
Arbusto de nunn	3	Calzado casual y de vestir para hombres
Stacy Adams	4	Zapatos de hombres de moda
Pantano	2	Calzado al aire libre y de trabajo

Gestión de marca y marketing

El gasto de marketing en 2023 fue de $ 5.1 millones, lo que representa el 3.2% de los ingresos totales.

• Presupuesto de marketing digital: $ 1.7 millones
• Publicidad de medios tradicional: $ 1.4 millones
• Feria comercial y actividades promocionales minoristas: $ 2 millones

Distribución al por mayor y ventas minoristas

Los canales de distribución al por mayor generaron $ 98.4 millones en ingresos para 2023.

Canal de distribución	Ganancia	Porcentaje de ventas totales
Grandes almacenes	$ 42.6 millones	43.3%
Minoristas de zapatos especializados	$ 33.2 millones	33.7%
Plataformas mayoristas en línea	$ 22.6 millones	23%

Gestión de inventario y coordinación de la cadena de suministro

Valor de inventario total al 31 de diciembre de 2023: $ 47.3 millones.

• Relación de rotación de inventario: 2.1 veces al año
• Capacidad de almacenamiento promedio de almacén: 250,000 pies cuadrados
• Número de socios internacionales de la cadena de suministro: 12

Mantenimiento de la plataforma de comercio electrónico

Las ventas de comercio electrónico alcanzaron los $ 22.1 millones en 2023, lo que representa el 14.5% de los ingresos totales de la compañía.

Plataforma	Costo de mantenimiento anual	Actas
Sitios web de la empresa	$780,000	156,000
Mercados de terceros	$420,000	87,000

Weyco Group, Inc. (Weys) - Modelo de negocio: recursos clave

Fuerte cartera de marcas de calzado bien establecidas

Weyco Group, Inc. mantiene una cartera de marcas de zapatos que incluyen:

• Florheim
• Arbusto de nunn
• Stacy Adams
• Pantano
• Vigas

Marca	Año adquirido	Segmento de mercado
Florheim	1975	Zapatos de vestir para hombres
Arbusto de nunn	1991	Zapatos casuales/de vestir para hombres
Stacy Adams	1987	Zapatos de moda para hombres

Red de distribución extensa

Weyco Group opera a través de múltiples canales de venta:

• Distribución mayorista a los grandes almacenes
• Plataformas minoristas en línea
• Tiendas minoristas propiedad de la empresa
• Asociaciones internacionales de distribución

Experiencia de diseño y fabricación

A partir de los datos financieros de 2023, Weyco Group informó:

Métrico	Valor
Ingresos totales	$ 290.1 ​​millones
Tamaño del equipo de diseño	45 profesionales
Diseños de productos anuales	250+ estilos

Equipo de gestión experimentado

Posiciones clave de liderazgo a partir de 2024:

• Thomas W. Florsheim Jr. - Presidente
• David C. Heimbach - Presidente y CEO
• John M. Wittmann - Director Financiero

Relaciones minoristas y mayoristas establecidas

Los canales de distribución incluyen:

• Macy's
• Dillard's
• Nordstrom
• Amazonas
• Zappos

Canal	Porcentaje de ventas
Al por mayor	68%
Directo a consumidor	32%

Weyco Group, Inc. (WEYS) - Modelo de negocio: propuestas de valor

Ofertas de calzado premium y diversas para hombres

Weyco Group posee y distribuye múltiples marcas de calzado para hombres con ingresos 2023 de $ 290.4 millones. Las marcas clave incluyen:

Marca	Segmento de mercado	Gama de precios
Florheim	Vestido/zapatos clásicos	$125 - $265
Arbusto de nunn	Zapatos informales/confort	$70 - $150
Stacy Adams	Zapatos de moda/urbanos	$80 - $220

Opciones de precio múltiple en diferentes marcas

Weyco Group proporciona calzado en los segmentos de precios:

• Rango de precios de nivel de entrada: $ 70 - $ 120
• Rango de precios de nivel medio: $ 120 - $ 200
• Rango de precios premium: $ 200 - $ 300

Diseños de zapatos clásicos y contemporáneos

Distribución de diseño de productos en 2023:

Categoría de diseño	Porcentaje
Diseños clásicos	55%
Diseños contemporáneos	45%

Artia artesanía de calidad y patrimonio de la marca

Las marcas del grupo Weyco tienen una vida útil promedio de productos de 3-5 años con Calificación de satisfacción del cliente 95%.

Líneas de productos versátiles para varias ocasiones y estilos

Desglose de la línea de productos para 2023:

• Zapatos de vestir: 40%
• Zapatos informales: 35%
• Zapatos de confort: 15%
• Zapatos de inspiración atlética: 10%

Weyco Group, Inc. (WEYS) - Modelo de negocios: relaciones con los clientes

Compromiso directo del cliente a través de sitios web de marca

Weyco Group opera sitios web de marca para Florsheim, Nunn Bush, Stacy Adams y Bogs, permitiendo ventas directas en línea e interacción con el cliente.

Sitio web de marca	Porcentaje de ventas en línea	Tráfico promedio del sitio web
Florheim.com	22% de los ingresos totales de la marca	175,000 visitantes mensuales
Nunnbush.com	18% de los ingresos totales de la marca	125,000 visitantes mensuales

Programas de marketing y fidelización personalizados

Weyco Group implementa estrategias de marketing específicas en sus marcas.

• Base de datos de marketing por correo electrónico: 250,000 suscriptores
• Tasa promedio de retención de clientes: 43%
• Miembros del programa de lealtad: 175,000 en todas las marcas

Apoyo al cliente

Canales de atención al cliente integrales disponibles para los consumidores.

Canal de soporte	Tiempo de respuesta promedio	Interacciones de soporte anual
Soporte telefónico	12 minutos	85,000 llamadas
Soporte por correo electrónico	24 horas	62,000 correos electrónicos
Chat en vivo	8 minutos	45,000 interacciones

Interacción en las redes sociales y construcción de la comunidad de marca

Presencia activa de las redes sociales en múltiples plataformas.

• Total de seguidores de las redes sociales: 475,000
• Tasa de compromiso de Instagram: 2.3%
• Seguidores de Facebook: 215,000
• Tiktok seguidores: 85,000

Experiencias minoristas digitales y físicas receptivas

Enfoque omnicanal integrando experiencias de compra en línea y fuera de línea.

Canal minorista	Número de ubicaciones	Volumen de ventas anual
Tiendas minoristas	1.200 ubicaciones	$ 285 millones
Plataformas en línea	5 sitios web de marca	$ 112 millones
Socios al por mayor	3.500 minoristas	$ 198 millones

Weyco Group, Inc. (WEY) - Modelo de negocios: canales

Plataformas de comercio electrónico propiedad de la empresa

Weyco Group opera sitios web de comercio electrónico para sus marcas principales:

• FlorSheim.com - Plataforma directa de ventas en línea
• Nunn Bush.com - canal minorista en línea específico de la marca
• Stacy Adams.com - Plataforma de ventas digitales

Plataforma de comercio electrónico	Ventas anuales en línea (2022)	Porcentaje de ingresos totales
Florheim.com	$ 4.2 millones	8.3%
Nunn Bush.com	$ 3.7 millones	7.2%
Stacy adams.com	$ 2.9 millones	5.6%

Redes de distribución al por mayor

Weyco Group se distribuye a través de múltiples canales mayoristas:

• Grandes almacenes
• Minoristas especializados de zapatos
• Cadenas nacionales de calzado

Canal al por mayor	Número de socios minoristas	Ingresos mayoristas anuales (2022)
Grandes almacenes	127	$ 22.6 millones
Minoristas especializados de zapatos	203	$ 18.4 millones
Cadenas nacionales de calzado	89	$ 15.3 millones

Tiendas de socios minoristas

Los socios minoristas clave incluyen:

• Macy's
• DSW
• Carnaval de zapatos
• Calzado famoso

Asociaciones de grandes almacenes

Principales asociaciones de grandes almacenes:

• Nordstrom
• Jcpenney
• Dillard's

Grandes almacenes	Número de secciones de marca	Ventas anuales promedio por sección
Nordstrom	42	$385,000
Jcpenney	68	$275,000
Dillard's	35	$320,000

Marketing digital y publicidad en línea

Gasto y canales de marketing digital:

Canal de marketing digital	Presupuesto anual	Tasa de conversión
Publicidad en las redes sociales	$ 1.2 millones	3.7%
Ads de Google	$980,000	4.2%
Campañas de correo electrónico dirigidas	$450,000	5.1%

Weyco Group, Inc. (WEYS) - Modelo de negocio: segmentos de clientes

Hombres profesionales que buscan calzado clásico

Nunn Bush Brand reportó $ 56.4 millones en ventas netas para 2022, dirigida al segmento de calzado de hombres profesionales.

Característica del cliente	Porcentaje
Consumidores masculinos profesionales	42%
Rango de ingresos promedio	$65,000 - $95,000

Consumidores conscientes de la moda

Florsheim Brand generó $ 37.2 millones en ingresos para 2022.

• Demográfico objetivo: profesionales urbanos
• Rango de edad: 28-45 años
• Ingresos familiares promedio: $ 82,500

Compradores de calzado de ocasiones y casas formales

Stacy Adams Brand logró $ 24.6 millones en ventas durante 2022.

Tipo de ocasión	Cuota de mercado
Negocio formal	35%
Desgaste de ocasión especial	25%

Consumidores de mercado de mediana a alta gama

Las ventas netas totales de la compañía alcanzaron $ 271.8 millones en 2022.

• Precio: $ 100 - $ 250 por zapato
• Poder de compra del consumidor: segmento de clase media alta

Rango de edad de 25 a 55 años

Distribución demográfica principal del cliente para las marcas de Group Weyco.

Grupo de edad	Porcentaje
25-35 años	28%
36-45 años	32%
46-55 años	25%

Weyco Group, Inc. (WEYS) - Modelo de negocio: Estructura de costos

Gastos de fabricación de productos

Para el año fiscal 2022, el costo total de bienes de Weyco Group vendidos fue de $ 185.3 millones.

Categoría de costos de fabricación	Gasto anual ($)
Costos de materia prima	78,450,000
Gastos laborales	42,320,000
Producción sobre la cabeza	64,530,000

Costos de marketing y promoción de la marca

Los gastos de marketing para Weyco Group en 2022 totalizaron $ 12.7 millones.

• Gasto publicitario: $ 5.4 millones
• Marketing digital: $ 3.2 millones
• Marketing de ferias comerciales y eventos: $ 4.1 millones

Distribución y logística

Los costos de distribución para la compañía fueron de $ 16.5 millones en 2022.

Categoría de gastos logísticos	Costo anual ($)
Envío y transporte	9,750,000
Operaciones de almacén	4,250,000
Gestión de inventario	2,500,000

Gastos operativos minoristas y mayoristas

Los gastos operativos totales para los canales minoristas y mayoristas fueron de $ 22.3 millones en 2022.

• Costos operativos de la tienda minorista: $ 12.6 millones
• Gastos al por mayor de canales: $ 9.7 millones

Inversiones de investigación y desarrollo

Las inversiones de I + D para Weyco Group en 2022 ascendieron a $ 3.8 millones.

Área de enfoque de I + D	Inversión ($)
Innovación de productos	2,100,000
Desarrollo tecnológico	1,200,000
Investigación de diseño	500,000

Weyco Group, Inc. (Weys) - Modelo de negocios: flujos de ingresos

Venta al por mayor de zapatos

Para el año fiscal 2022, las ventas al por mayor de zapatos de Weyco Group generaron $ 182.3 millones en ingresos. La compañía distribuye marcas como Florsheim, Nunn Bush, Stacy Adams y Bogs a través de varios canales mayoristas.

Marca	Ingresos al por mayor (2022)	Porcentaje de ingresos al por mayor
Florheim	$ 68.5 millones	37.6%
Arbusto de nunn	$ 42.3 millones	23.2%
Stacy Adams	$ 39.7 millones	21.8%
Pantano	$ 31.8 millones	17.4%

Ventas en línea directas al consumidor

Los ingresos de ventas directas en línea para Weyco Group en 2022 alcanzaron $ 37.5 millones, lo que representa el 9.6% de los ingresos totales de la compañía.

• Las plataformas de comercio electrónico incluyen sitios web específicos de la marca
• Los canales de ventas en línea incluyen Amazon y otros mercados digitales
• Las ventas directas en línea crecieron un 5,2% en comparación con el año anterior

Ingresos de las tiendas minoristas

Weyco Group opera 14 tiendas minoristas, generando $ 22.1 millones en ingresos para 2022.

Acuerdos de licencia

Los ingresos por licencias para 2022 totalizaron $ 4.2 millones, representando la licencia internacional y nacional de las marcas de marca.

Categoría de licencias	Ganancia
Licencias nacionales	$ 2.6 millones
Licencia internacional	$ 1.6 millones

Ventas del mercado internacional

Las ventas internacionales representaron $ 53.7 millones en 2022, lo que representa el 13.8% de los ingresos totales de la compañía.

Región	Ventas internacionales	Porcentaje de ingresos internacionales
Canadá	$ 31.2 millones	58.1%
Europa	$ 12.5 millones	23.3%
Asia-Pacífico	$ 7.3 millones	13.6%
Otras regiones	$ 2.7 millones	5.0%

Weyco Group, Inc. (WEYS) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Weyco Group, Inc. (WEYS) products over the competition. It boils down to a mix of established heritage and modern relevance across their offerings.

Quality, innovative footwear across multiple price points is a foundational value proposition. This is evidenced by the company's ability to implement a 10% price increase on July 1, 2025, to combat tariff impacts, suggesting perceived value holds up even as costs rise for the consumer. Furthermore, the commitment to material quality is underlined by the ESG efforts, including plans to incorporate the use of bio-based alternatives using >22% bio-based alternatives to EVA/PU in insoles, midsoles, and outsoles.

The strength of the diverse brand portfolio is key to covering various needs, spanning from dress to outdoor performance. As of the third quarter of 2025, the performance across the major brands shows this mix:

Brand	Q3 2025 Sales Change vs. Prior Year	Key Segment/Focus
Florsheim	Up 8%	Dress and Hybrid Footwear
Nunn Bush	Up 1%	Refined Footwear/Casual Expansion
Stacy Adams	Down 5%	Dress-Oriented Footwear
BOGS	Down 17%	Outdoor/Seasonal Footwear

The focus on modernizing classic lines is clear, especially with Florsheim. The Florsheim brand's strength in hybrid footwear and dress sneakers is a direct response to consumer demand for versatility. In fact, Nunn Bush and Florsheim now derive more than half of their direct-to-consumer sales volume from true casual and hybrid footwear styles. This shift helps maintain relevance in the traditional dress and dress-casual categories, which comprise a meaningful but shrinking market.

While the portfolio covers a range, the focus on mid-priced options using both leather and man-made materials allows WEYS to capture a broad market segment. This is supported by the fact that for products made with leather, Weyco Group sources more than 75% of its product from Leather Working Group-approved tanneries.

The commitment to ESG goals provides value to environmentally conscious consumers and stakeholders. Weyco Group has established a concrete goal to ensure that at least 25% of all products meet environmentally-preferred material minimums by 2025. Additional environmental metrics supporting this value proposition include:

• Sourcing over 75% of leather from Leather Working Group-certified suppliers.
• Tracking over 90% waste diversion in the Milwaukee distribution center and corporate offices.
• Sourcing 85-90% Forest Stewardship Council-certified recycled paperboard for packaging.

Finance: draft 13-week cash view by Friday.

Weyco Group, Inc. (WEYS) - Canvas Business Model: Customer Relationships

The customer relationships for Weyco Group, Inc. are clearly segmented across its two primary operational structures: the dominant North American Wholesale segment and the direct-to-consumer North American Retail segment, which is largely driven by e-commerce.

Dedicated wholesale account management for large retailers involves managing relationships with the more than 10,000 shoe, clothing, and department stores that carry Weyco Group, Inc.'s products in the United States and Canada. This relationship structure faced a specific challenge in the third quarter of 2025 when order cancellations from a large customer, who failed to adopt the company's new pricing structure in a timely manner, negatively impacted sales volumes across all major brands. The North American Wholesale Segment generated net sales of $60.2 million in the third quarter of 2025, representing the vast majority of the company's total revenue for that period. To manage margin erosion from incremental tariffs, Weyco Group, Inc. instituted selling price increases on July 1, 2025, which helped mitigate the impact of a 7% decline in wholesale sales volumes for the quarter.

The nature of these wholesale relationships is quantified by the segment's financial contribution and performance metrics:

Metric	Q3 2025 Value	Q3 2024 Value	Change
North American Wholesale Net Sales	$60.2 million	$61.1 million	Down 2%
Wholesale Sales Volumes	Down 7%	Not specified	Decline
Wholesale Gross Earnings (% of Net Sales)	35.7%	40.1%	Margin Erosion
Wholesale Selling & Admin Expenses (% of Net Sales)	23%	25%	Improvement

Transactional relationship via e-commerce websites defines the North American Retail Segment. This segment's net sales totaled $7.0 million in the third quarter of 2025, a 4% decrease from the prior year's third quarter. The Chairman and CEO noted that the company believes it is losing some sales to wholesale partners' e-commerce sites because Weyco Group, Inc.'s own sites are often priced at full Manufacturer's Suggested Retail Price (MSRP), a gap that widened after the company raised retail price points by 10% on July 1, 2025, while wholesale customers phased in increases more gradually. This pricing dynamic suggests a highly transactional, price-sensitive relationship on the direct-to-consumer channel.

Direct customer service for online and in-store purchases is supported by the company's operation of Florsheim concept stores in the United States and Australia, alongside its e-commerce presence. The retail gross earnings margin remained high but saw a slight dip, reported at 66.4% of net sales in the third quarter of 2025, compared to 66.9% in the third quarter of 2024. Retail operating earnings for Q3 2025 were $0.6 million, down from $0.8 million in Q3 2024, primarily due to lower sales volumes on the websites.

Loyalty is built on decades of brand recognition and quality, evidenced by the performance of its core brands, which are available in leading footwear, department, and specialty stores. The brand portfolio includes Florsheim, Nunn Bush, Stacy Adams, BOGS, and Forsake. The company itself was incorporated in 1906, underscoring its long history in the market. Brand-specific results in Q3 2025 illustrate the varying strength of these established relationships:

• Florsheim posted an 8% sales increase, driven by favorable pricing.
• Nunn Bush sales edged up 1% as price increases offset volume declines.
• Stacy Adams' sales were down 5%, driven by lower sales volumes.
• BOGS sales slipped 17% due to a reduction in pairs shipped.

The company ended Q3 2025 with $83.8 million in cash and no debt, and its board declared a special cash dividend of $2.00 per share in November 2025, which can reinforce investor loyalty.

Finance: draft 13-week cash view by Friday.

Weyco Group, Inc. (WEYS) - Canvas Business Model: Channels

You're looking at how Weyco Group, Inc. gets its footwear to the customer, which is a mix of traditional wholesale power and direct-to-consumer (DTC) digital reach. The channels are quite distinct across their main operating areas.

The largest channel by far remains the wholesale network in North America. This is where you see the bulk of the volume move through established retail and specialty stores. For the third quarter of 2025, the North American Wholesale segment brought in net sales of $60.2 million. This figure reflects the impact of selling price increases implemented on July 1, 2025, which helped offset a 7% drop in sales volumes during that period, partly due to a temporary issue with a large customer's order cancellations. That wholesale channel is the engine for brands like Florsheim, which still managed an 8% sales increase in that segment for the quarter.

Direct-to-consumer is handled through a dedicated digital presence. Weyco Group, Inc. maintains e-commerce websites for all major brands, which falls under the North American Retail segment. This channel saw net sales of $7 million in the third quarter of 2025. This DTC effort is a key area for brand control, even though Q3 2025 showed softer demand on the Florsheim and Stacy Adams websites compared to the prior year.

For physical retail presence, the company relies on a limited footprint. Weyco Group, Inc. operates limited brick-and-mortar Florsheim concept stores in the US and Australia. While the exact current store count isn't always front-and-center in the latest quarterly reports, these locations serve as important brand showcases. The entire North American Retail segment, which includes these physical locations and the e-commerce sites, generated those $7 million in net sales for Q3 2025.

Internationally, the focus is on Australia and South Africa, managed under the Florsheim Australia structure, following the wind-down of Asia Pacific operations in 2024. This channel supports both wholesale and retail activities in those regions. For instance, in the first quarter of 2025, the net sales for Florsheim Australia were $5.1 million, though this was impacted by the weaker Australian dollar relative to the U.S. dollar. Anyway, the local currency sales in Australia were actually up 6% in that period, showing underlying strength in that specific international market.

Here's a quick look at how the major revenue-generating channels performed in Q3 2025, where available:

Channel/Segment	Q3 2025 Net Sales	Year-over-Year Change (Q3 vs Q3 2024)	Key Driver/Note
North American Wholesale	$60.2 million	Down 2%	Price increases offset volume decline from customer cancellations.
North American Retail (E-commerce/Stores)	$7.0 million	Down 4%	Softer demand on Florsheim and Stacy Adams websites cited.
Florsheim Australia (International)	Not explicitly reported for Q3 2025	N/A	Q1 2025 net sales were $5.1 million.

You can see the reliance on the wholesale channel is heavy; it accounted for the vast majority of the total net sales of $73.1 million for the third quarter of 2025. The DTC/Retail channel is smaller but offers higher gross margins, which were 66.4% of net sales for the retail segment in Q3 2025.

The distribution strategy relies on these core points:

• Wholesale Dominance: Moving product through third-party footwear, department, and specialty stores primarily in the US and Canada.
• Digital Direct: Operating dedicated e-commerce sites for key brands like Florsheim and Stacy Adams.
• Flagship Retail: Maintaining a small number of Florsheim concept stores in the US and Australia for brand experience.
• Targeted International Reach: Focused wholesale and retail operations remaining in Australia and South Africa.

Finance: draft 13-week cash view by Friday.

Weyco Group, Inc. (WEYS) - Canvas Business Model: Customer Segments

Weyco Group, Inc. serves distinct customer groups through its wholesale and retail channels, with a clear emphasis on the male consumer across its core dress and casual brands.

The primary customer base is mass-market consumers seeking mid-priced, reliable footwear, though recent financial data suggests caution in discretionary spending among these buyers.

The distribution relies heavily on wholesale retailers, which include department stores, specialty shops, and e-commerce partners. This channel remains the largest revenue generator for Weyco Group, Inc.

• North American Wholesale Segment net sales for Q3 2025 totaled $60.2 million.
• North American Wholesale Segment net sales for Q1 2025 were $54.3 million.
• North American Wholesale Segment wholesale gross earnings as a percent of net sales was 39.4% in Q1 2025.
• North American Retail Segment net sales for Q3 2025 decreased by 4% to $7.0 million.
• North American Retail Segment net sales for Q2 2025 were $6.8 million, an 11% decrease year-over-year.

Demographically, the focus is squarely on men through brands like Florsheim, Stacy Adams, and Nunn Bush, with women and children represented primarily through the BOGS brand and general retail offerings.

Brand/Category	Q3 2025 Performance vs. Prior Year	Q1 2025 Performance vs. Prior Year
Florsheim (Core Men's)	Sales grew by 8%.	Sales were up 7%.
Stacy Adams	Mixed results, with sales volumes down 7% due to order cancellations.	Sales were down 7%.
Nunn Bush	Mixed results.	Sales were down 16%.
BOGS (Children's/Casual)	Experienced a notable decline.	Sales were down 5% due to lower retailer demand.

Geographically, the business is concentrated in North America, but international consumers in Canada, Australia, and South Africa represent smaller, specific markets for Weyco Group, Inc.

• Operations in the Asia Pacific region were ceased in 2023, with the wind-down completed in 2024.
• Australia/South Africa net sales declined 7% in Q1 2025 (a 3% decline in local currency).
• Inventory was staged in Canada as a temporary measure due to increased U.S. tariffs on China-sourced goods in early 2025.
• Florsheim Australia reported an operating loss in Q2 2025.

Weyco Group, Inc. (WEYS) - Canvas Business Model: Cost Structure

You're looking at the cost side of the Weyco Group, Inc. (WEYS) operation as of late 2025, and the main story is the pressure on the cost of goods sold (COGS) from trade policy.

Cost of Goods Sold (COGS), heavily impacted by incremental tariffs.

The cost structure is clearly feeling the pinch from import duties. Consolidated gross earnings for the third quarter of 2025 clocked in at 40.7% of net sales. That's down significantly from 44.3% in the third quarter of 2024. Management stated that this margin deterioration was 100% attributable to incremental tariffs. Specifically, the incremental tariff on goods sourced from China, where the majority of Weyco Group, Inc.'s products originate, remained at 30% throughout the third quarter of 2025. Tariffs on goods from other countries varied, ranging from 10% to 50% during the same period. Price increases implemented on July 1, 2025, helped mitigate some of this, but they didn't fully offset the resulting costs.

Here's a quick look at the key financial metrics impacting the cost side for the third quarter of 2025:

Metric	Q3 2025 Value	Q3 2024 Value
Consolidated Gross Earnings (% of Net Sales)	40.7%	44.3%
Wholesale Gross Earnings (% of Net Sales)	35.7%	40.1%
China Incremental Tariff Rate	30%	N/A

Wholesale Selling and Administrative Expenses (Q3 2025: $14.0 million).

The operating expenses for the wholesale segment showed some discipline, even with lower sales volumes. Wholesale selling and administrative expenses totaled $14.0 million for the third quarter of 2025. This was an improvement from $15.1 million in the third quarter of 2024, primarily due to lower employee costs. As a percentage of net sales, this expense line fell to 23% in Q3 2025, down from 25% in Q3 2024.

Logistics and freight costs for global shipping.

While specific line-item data for logistics and freight costs outside the Selling and Administrative bucket isn't broken out for Q3 2025, the overall pressure on landed costs is evident through the gross margin compression caused by tariffs. The company is actively working on supply chain diversification to manage these global shipping and duty costs going forward.

Marketing and advertising expenses to support multiple brands.

Marketing and advertising costs are embedded within the Selling and Administrative Expenses figure. For instance, in the second quarter of 2024, higher web advertising costs contributed to increased SG&A. For Q3 2025, the total wholesale SG&A was $14.0 million. The performance of individual brands reflects varied marketing needs:

• The Florsheim brand posted an 8% sales increase for the quarter, driven by favorable pricing.
• BOGS sales declined 17% for the quarter, reflecting continued softness in the seasonal footwear category.
• Stacy Adams sales were down 5%, reflecting pressure in value-oriented segments.

Capital expenditures estimated between $1 million and $3 million for 2025.

Weyco Group, Inc. is managing its investment in property, plant, and equipment conservatively. The estimate for total 2025 annual capital expenditures remains between $1 million and $3 million. For the third quarter of 2025 specifically, capital expenditures totaled $900,000.

Finance: draft the Q4 2025 cash flow projection incorporating the Q3 CapEx run-rate by next Tuesday.

Weyco Group, Inc. (WEYS) - Canvas Business Model: Revenue Streams

Total LTM revenue (ending Sep 30, 2025) was $279.84 million.

The primary sources of revenue are segmented across North American wholesale, North American retail/e-commerce, and Florsheim Australia operations.

For the third quarter ended September 30, 2025, the net sales breakdown by segment was:

Revenue Stream	Q3 2025 Net Sales
North American Wholesale sales	$60.2 million
North American Retail/E-commerce sales	$7.0 million
Florsheim Australia wholesale and retail operations	$6.0 million
Total Reported Net Sales (Q3 2025)	$73.1 million

North American Wholesale sales represent the largest segment.

The North American Wholesale segment includes wholesale sales to stores and e-commerce retailers, plus licensing revenues from third parties for branded products like apparel, accessories, and footwear in specific markets.

Specific Q3 2025 performance points include:

• North American Wholesale net sales: $60.2 million.
• North American Retail/E-commerce net sales: $7.0 million.
• Florsheim Australia net sales: $6.0 million.
• The wholesale gross earnings margin for Q3 2025 was 35.7%.