Steven Madden, Ltd. (Shoo): Business Model Canvas [Jan-2025 Mise à jour]

Steven Madden, Ltd. (Shoo) n'est pas seulement une autre entreprise de chaussures - c'est une centrale de mode dynamique qui a magistralement transformé la conception de chaussures à la mode en une stratégie commerciale mondiale. En mélangeant parfaitement le design innovant, des partenariats stratégiques et un marketing axé sur les consommateurs, Steven Madden a taillé un espace unique sur le marché de la mode compétitive, ciblant les consommateurs soucieux de leur style à travers plusieurs données démographiques tout en maintenant un modèle commercial agile et adaptable qui reste constamment à l'avance à l'avance de changer rapidement les tendances de la mode.

Steven Madden, Ltd. (Shoo) - Modèle commercial: partenariats clés

Distributeurs en gros

Steven Madden maintient des partenariats critiques avec les principaux distributeurs de détail:

Distributeur	Volume des ventes annuelles	Durée du partenariat
Macy	42,3 millions de dollars	15 ans et plus
Nordstrom	37,6 millions de dollars	12 ans et plus
Dsw	28,9 millions de dollars	Plus de 10 ans

Partenaires de fabrication

Steven Madden collabore avec les installations de fabrication en Asie:

• Chine: 7 partenaires de fabrication primaires
• Vietnam: 4 installations de fabrication
• Capacité de fabrication totale: 35 millions d'unités de chaussures par an

Plates-formes de commerce électronique

Plate-forme	Ventes en ligne	Année de partenariat
Zapon	18,7 millions de dollars	2016
Amazone	52,4 millions de dollars	2014

Accords de licence

Steven Madden maintient 12 Accords de licence de concepteurs actifs avec des revenus annuels d'environ 24,6 millions de dollars.

Collaborations de détail stratégiques

• Urban Outfitters: 15,2 millions de dollars collaboration annuelle
• Nordstrom Rack: 22,7 millions de dollars de partenariat annuel
• Chaussures de la salle de rack: une relation annuelle de 19,5 millions de dollars

Steven Madden, Ltd. (Shoo) - Modèle d'entreprise: Activités clés

Conception de chaussures et d'accessoires

Taille de l'équipe de conception annuelle: 87 concepteurs

Catégorie de conception	Collections annuelles	Lieux de conception
Chaussures pour femmes	4 collections saisonnières	Siège de New York
Chaussures pour hommes	2 collections saisonnières	Studio de design à Manhattan
Accessoires	3 collections saisonnières	Centre de design de New York

Marketing et promotion de marque

Budget marketing: 78,4 millions de dollars en 2023

• Dépenses en marketing numérique: 42,6 millions de dollars
• Publicité des médias sociaux: 15,2 millions de dollars
• Partenariats d'influenceurs: 127 collaborations actives

Développement et innovation de produits

Métrique d'innovation	2023 données
Investissement en R&D	22,3 millions de dollars
Lancements de nouveaux produits	68 nouveaux styles
Demandes de brevet	7 brevets de conception

Gestion de la chaîne d'approvisionnement

Lieux de fabrication: 12 pays

• Chine: 45% de la production
• Vietnam: 22% de la production
• Indonésie: 18% de la production
• Autres pays: 15% de la production

Opérations de vente au détail et en ligne

Canal de vente	Revenus de 2023	Nombre d'emplacements / plateformes
Magasins de détail	487,6 millions de dollars	183 emplacements de vente au détail appartenant
Plate-forme de commerce électronique	312,4 millions de dollars	5 magasins internationaux en ligne
Canaux en gros	276,9 millions de dollars	1 247 comptes de gros

Steven Madden, Ltd. (Shoo) - Modèle commercial: Ressources clés

Solide réputation de la marque dans les chaussures de mode

Steven Madden, Ltd. a déclaré une valeur de marque de 412,7 millions de dollars en 2023. Le portefeuille de marque total comprend 17 marques distinctes dans plusieurs catégories de mode.

Métrique de la marque	Valeur 2023
Portfolio total de marque	17 marques
Évaluation de la marque	412,7 millions de dollars

Portfolio de produits diversifié

La gamme de produits s'étend sur plusieurs catégories avec une segmentation stratégique.

• Chaussures pour femmes: 42% des revenus totaux
• Chaussures pour hommes: 23% des revenus totaux
• Accessoires: 15% des revenus totaux
• Chaussures pour enfants: 12% des revenus totaux
• Marques sous licence: 8% des revenus totaux

Réseau de distribution étendu

Les canaux de distribution comprennent:

Canal	Nombre de points
Comptes de gros	3,200+
Magasins de détail	175
Plates-formes de commerce électronique	12 sites Web actifs

Capacités de conception et de prévision des tendances

Composition et investissement de l'équipe de conception:

• Équipe de conception totale: 87 professionnels
• Budget de recherche annuelle de conception: 4,2 millions de dollars
• Centres de conception: 3 emplacements mondiaux

Infrastructure de vente au détail numérique et physique

Technologies de vente au détail et investissements dans les infrastructures:

Composant d'infrastructure	2023 Investissement
Développement de la plate-forme de commerce électronique	6,7 millions de dollars
Mises à niveau de la technologie des magasins physiques	3,5 millions de dollars
Intégration omnicanal	2,9 millions de dollars

Steven Madden, Ltd. (Shoo) - Modèle d'entreprise: Propositions de valeur

Chaussures de mode tendance et abordable

Gamme de prix de détail moyenne: 49,95 $ - 129,95 $

Catégorie de produits	Prix ​​moyen	Volume des ventes annuelles
Chaussures pour femmes	$79.50	8,2 millions de paires
Chaussures pour hommes	$69.95	3,5 millions de paires
Accessoires	$39.50	2,1 millions d'unités

Large gamme de styles pour différentes données démographiques

Répartition de la segmentation démographique:

• 18-34 ans: 62% de la clientèle
• 35 à 49 ans: 28% de la clientèle
• Plus de 50 ans: 10% de la clientèle

Prix ​​accessibles

2023 Répartition des revenus par segment des prix:

Segment des prix	Pourcentage de revenus	Prix ​​moyen
Budget (30 $ - 60 $)	35%	$45
Mid de gamme (60 $ à 100 $)	45%	$79
Premium (100 $ - 150 $)	20%	$125

Esthétique de conception tendance

Concevoir des mesures d'innovation:

• Nouvelles présentations de design par saison: 180-220 styles
• Temps de conception au marché: 4-6 semaines
• Taux d'adaptation des tendances: 92% dans le cycle de mode actuel

Adaptation rapide aux tendances de la mode

2023 Données de réactivité des tendances:

Catégorie de tendance	Vitesse d'adaptation	Pénétration du marché
Tendances des médias sociaux	2-3 semaines	Taux d'adoption de 78%
Tendances de la piste	4-6 semaines	Taux d'adoption de 65%
Influence de la célébrité	1-2 semaines	Taux d'adoption de 85%

Steven Madden, Ltd. (Shoo) - Modèle d'entreprise: relations avec les clients

Engagement des médias sociaux

En 2024, Steven Madden maintient une présence active sur les réseaux sociaux sur toutes les plateformes:

Plate-forme	Nombre de suiveurs	Taux d'engagement
Instagram	2,1 millions d'adeptes	3.7%
Facebook	1,5 million de followers	2.9%
Tiktok	850 000 abonnés	4.2%

Marketing numérique personnalisé

La stratégie de marketing numérique comprend:

• Campagnes par e-mail ciblées avec un taux d'ouverture de 18,5%
• Recommandations de produits personnalisés générant 22% de revenus supplémentaires
• Reciblage des publicités avec un taux de conversion de 3,6 fois plus élevé

Programmes de fidélisation de la clientèle

Métrique du programme	Valeur
Membres du programme de fidélité	475,000
Taux d'achat répété	37.2%
Dépenses moyennes des membres	320 $ par an

Service client réactif

Métriques de performance du service client:

• Temps de réponse moyen: 2,7 heures
• Score de satisfaction du client: 4.3 / 5
• Assistance de chat en ligne disponible 16 heures par jour

Expériences d'achat en ligne interactives

Fonction d'expérience en ligne	Taux d'adoption
Technologie d'essai virtuelle	27% des acheteurs en ligne
Algorithme de recommandation de taille	Taux d'utilisation de 42%
Intégration de contenu généré par l'utilisateur	35% des pages de produits

Steven Madden, Ltd. (Shoo) - Modèle d'entreprise: canaux

Magasins de détail appartenant à l'entreprise

En 2023, Steven Madden exploite 192 magasins de détail appartenant à des entreprises à travers les États-Unis. Les revenus totaux des magasins de détail ont atteint 346,7 millions de dollars au cours de l'exercice 2022.

Type de magasin	Nombre de magasins	Revenus annuels
Magasins de vente au détail de Steve Madden	192	346,7 millions de dollars

Plateforme de commerce électronique en ligne

Le canal de vente en ligne direct à consommateur de la société a généré 258,4 millions de dollars de revenus pour 2022, ce qui représente 21,3% du total des revenus de l'entreprise.

• Plateformes de site Web: Stevemadden.com
• Canal de vente d'application mobile
• Taux de conversion en ligne moyen: 3,2%

Partenaires de vente au détail en gros

Steven Madden distribue des produits par le biais de plus de 1 500 partenaires de gros, générant 612,5 millions de dollars de revenus en gros en 2022.

Canal de gros	Nombre de partenaires	Revenus de gros annuels
Partenaires de vente au détail en gros	1,500+	612,5 millions de dollars

Distribution des grands magasins

Les principaux partenariats des grands magasins incluent Nordstrom, Macy's et DSW, ce qui contribue à environ 275,6 millions de dollars de revenus annuels.

Canaux de marketing numérique

Les dépenses en marketing numérique en 2022 étaient de 42,3 millions de dollars, avec des canaux clés, notamment:

• Instagram: 2,1 millions d'adeptes
• Facebook: 1,5 million d'abonnés
• Tiktok: 850 000 abonnés
• Budget publicitaire numérique: 18,7 millions de dollars

Steven Madden, Ltd. (Shoo) - Modèle d'entreprise: segments de clientèle

Jeunes consommateurs conscients de la mode

Tranche d'âge: 18-34 ans

Segment démographique	Taille du marché	Dépenses moyennes
Jeunes consommateurs urbains	12,5 millions	187 $ par achat de chaussures

• Plateaux de fiançailles numériques primaires: Instagram, Tiktok
• Fréquence d'achat annuelle des chaussures: 3-4 paires

Milléniaux soucieux du budget

Gamme de revenus médiane: 35 000 $ - 65 000 $

Segment des prix	Fourchette de prix cible	Pénétration du marché
Mode abordable	$49 - $129	Part de marché de 42%

• Pourcentage d'achat en ligne: 67%
• Sensibilité à la réduction: élevé

Femmes professionnelles

Segment de carrière: industries des entreprises, créatives, de services

Catégorie professionnelle	Marché total adressable	Budget de chaussures annuel moyen
Professionnels de l'entreprise	8,3 millions	$456

• Styles préférés: pompes, bottines, mocassins
• Tolérance aux prix: 120 $ - 250 $

Adolescents à la recherche de tendance

Groupe d'âge: 13-17 ans

Catégorie de tendance	Influence des médias sociaux	Fréquence d'achat
Mode Gen Z	85% influencé par les médias sociaux	2-3 paires par saison

• Canaux d'achat principaux: applications mobiles, Instagram
• Sneaker et préférence de chaussures décontractées

Antariens de mode urbaine et suburbaine

Distribution géographique

Type de région	Pénétration du marché	Dépenses annuelles moyennes
Zones urbaines	58%	$312
Zones de banlieue	42%	$276

• Diversité de style: décontracté et tendance mixte
• Préférence d'achat multicanal

Steven Madden, Ltd. (Shoo) - Modèle d'entreprise: Structure des coûts

Coûts de fabrication et de production

Pour l'exercice 2022, Steven Madden, Ltd., a déclaré le coût total des marchandises vendues (COG) de 1 024,7 million de dollars. Les dépenses de fabrication de l'entreprise se décomposent comme suit:

Catégorie de coûts	Montant (en millions)
Coût des matières premières	$412.3
Coûts de main-d'œuvre	$276.5
Fabrication des frais généraux	$335.9

Dépenses de marketing et de publicité

En 2022, Steven Madden a alloué les ressources suivantes au marketing et à la publicité:

• Total des dépenses de marketing: 187,6 millions de dollars
• Budget de marketing numérique: 82,4 millions de dollars
• Publicité traditionnelle: 45,2 millions de dollars
• Influenceur et marketing des médias sociaux: 59,8 millions de dollars

Opérations de magasin de détail

Les coûts liés aux magasins de détail pour 2022 comprenaient:

Catégorie de coûts	Montant (en millions)
Loyer de magasin de détail	$76.3
Stockage des salaires des employés	$134.7
Magasin des services publics et de l'entretien	$42.5

Conception et développement de produits

Investissement dans la conception et le développement de produits pour 2022:

• Total des dépenses de R&D: 53,4 millions de dollars
• Salaires de l'équipe de conception: 28,6 millions de dollars
• Prototype et production d'échantillons: 15,2 millions de dollars
• Logiciel de technologie et de conception: 9,6 millions de dollars

Gestion de la chaîne d'approvisionnement et de la logistique

Coûts de chaîne d'approvisionnement et de logistique pour 2022:

Catégorie de coûts	Montant (en millions)
Transport et expédition	$98.7
Opérations de l'entrepôt	$67.3
Gestion des stocks	$42.5
Technologie logistique	$22.1

Steven Madden, Ltd. (Shoo) - Modèle d'entreprise: Strots de revenus

Ventes de magasins de détail

Depuis l'exercice 2022, Steven Madden a opéré 223 magasins de détail aux États-Unis. Les revenus totaux des magasins de détail pour 2022 étaient 573,3 millions de dollars.

Année	Nombre de magasins de détail	Revenus de détail
2022	223	573,3 millions de dollars

Distribution de gros

La distribution de gros reste une source de revenus importante, avec 737,4 millions de dollars en gros revenus pour 2022.

• Les principaux partenaires de gros incluent Macy's, Nordstrom et DSW
• Les canaux en gros représentent environ 49% du total des revenus de l'entreprise

Ventes de commerce électronique en ligne

Les ventes de commerce électronique sont atteintes 276,5 millions de dollars en 2022, représentant 18.4% du total des revenus de l'entreprise.

Canal de vente en ligne	Revenu	Pourcentage du total des revenus
Ventes en ligne directes	276,5 millions de dollars	18.4%

Revenus de licence

Licence générée 43,2 millions de dollars en revenus pour 2022, représentant un 5.2% Contribution au total des revenus de l'entreprise.

• Les accords de licence couvrent les chaussures, les accessoires et les vêtements
• Partenariats de licence actifs avec plusieurs marques internationales

Expansion du marché international

Les revenus internationaux ont totalisé 215,6 millions de dollars en 2022, représentant 14.3% du total des revenus de l'entreprise.

Région	Revenus internationaux	Pourcentage du total des revenus
International total	215,6 millions de dollars	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.