Steven Madden, Ltd. (Shoo): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Steven Madden, Ltd. (Shoo) não é apenas mais uma empresa de calçados - é uma potência de moda dinâmica que transformou magistralmente o design da moda em uma estratégia de negócios global. Ao misturar perfeitamente design inovador, parcerias estratégicas e marketing focado no consumidor, Steven Madden criou um espaço único no mercado competitivo de calçados de moda, direcionando os consumidores conscientes de estilo em vários dados demográficos, mantendo um modelo de negócios ágil e adaptável que permanece constantemente à frente de mudar rapidamente as tendências da moda.

Steven Madden, Ltd. (Shoo) - Modelo de negócios: Parcerias -chave

Distribuidores por atacado

Steven Madden mantém parcerias críticas com os principais distribuidores de varejo:

Distribuidor	Volume anual de vendas	Duração da parceria
Macy's	US $ 42,3 milhões	Mais de 15 anos
Nordstrom	US $ 37,6 milhões	Mais de 12 anos
DSW	US $ 28,9 milhões	Mais de 10 anos

Parceiros de fabricação

Steven Madden colabora com instalações de fabricação na Ásia:

• China: 7 parceiros de fabricação primária
• Vietnã: 4 instalações de fabricação
• Capacidade total de fabricação: 35 milhões de unidades de calçados anualmente

Plataformas de comércio eletrônico

Plataforma	Vendas on -line	Ano de parceria
Zappos	US $ 18,7 milhões	2016
Amazon	US $ 52,4 milhões	2014

Acordos de licenciamento

Steven Madden sustenta 12 Acordos de licenciamento de designers ativos com receita anual de aproximadamente US $ 24,6 milhões.

Colaborações estratégicas de varejo

• Urban Outfitters: colaboração anual de US $ 15,2 milhões
• Nordstrom Rack: US $ 22,7 milhões de parceria anual
• Sapatos da sala de rack: Relacionamento anual de US $ 19,5 milhões

Steven Madden, Ltd. (Shoo) - Modelo de negócios: Atividades -chave

Design de calçados e acessórios

Tamanho anual da equipe de design: 87 designers

Categoria de design	Coleções anuais	Locais de design
Calçados femininos	4 coleções sazonais	Sede da cidade de Nova York
Calçados masculinos	2 coleções sazonais	Design Studio em Manhattan
Acessórios	3 coleções sazonais	New York Design Center

Marketing de marca e promoção

Orçamento de marketing: US $ 78,4 milhões em 2023

• Gastes de marketing digital: US $ 42,6 milhões
• Publicidade de mídia social: US $ 15,2 milhões
• Parcerias de influenciadores: 127 colaborações ativas

Desenvolvimento de produtos e inovação

Métrica de inovação	2023 dados
Investimento em P&D	US $ 22,3 milhões
Novos lançamentos de produtos	68 novos estilos
Aplicações de patentes	7 patentes de design

Gestão da cadeia de abastecimento

Locais de fabricação: 12 países

• China: 45% da produção
• Vietnã: 22% da produção
• Indonésia: 18% da produção
• Outros países: 15% da produção

Operações de vendas on -line e de varejo

Canal de vendas	2023 Receita	Número de locais/plataformas
Lojas de varejo	US $ 487,6 milhões	183 Locais de varejo possuídos
Plataforma de comércio eletrônico	US $ 312,4 milhões	5 lojas online internacionais
Canais atacadistas	US $ 276,9 milhões	1.247 contas por atacado

Steven Madden, Ltd. (Shoo) - Modelo de negócios: Recursos -chave

Forte reputação da marca em calçados de moda

A Steven Madden, Ltd. relatou o valor da marca de US $ 412,7 milhões a partir de 2023. O portfólio total de marcas inclui 17 marcas distintas em várias categorias de moda.

Métrica da marca	2023 valor
Portfólio total de marcas	17 marcas
Avaliação da marca	US $ 412,7 milhões

Portfólio de produtos diversificados

A linha de produtos abrange várias categorias com segmentação estratégica.

• Calçados femininos: 42% da receita total
• Calçados masculinos: 23% da receita total
• Acessórios: 15% da receita total
• Calçados infantis: 12% da receita total
• Marcas licenciadas: 8% da receita total

Extensa rede de distribuição

Os canais de distribuição incluem:

Canal	Número de pontos
Contas de atacado	3,200+
Lojas de varejo	175
Plataformas de comércio eletrônico	12 sites ativos

Capacidades de previsão de design e tendência

Composição e investimento da equipe de design:

• Equipe de design total: 87 profissionais
• Orçamento anual de pesquisa de design: US $ 4,2 milhões
• Centros de design: 3 locais globais

Infraestrutura de varejo digital e físico

Investimentos de tecnologia de varejo e infraestrutura:

Componente de infraestrutura	2023 Investimento
Desenvolvimento da plataforma de comércio eletrônico	US $ 6,7 milhões
Atualizações de tecnologia de loja física	US $ 3,5 milhões
Integração omnichannel	US $ 2,9 milhões

Steven Madden, Ltd. (Shoo) - Modelo de negócios: proposições de valor

Calçados de moda modernos e acessíveis

Faixa média de preço de varejo: US $ 49,95 - US $ 129,95

Categoria de produto	Preço médio	Volume anual de vendas
Sapatos femininos	$79.50	8,2 milhões de pares
Sapatos masculinos	$69.95	3,5 milhões de pares
Acessórios	$39.50	2,1 milhões de unidades

Ampla gama de estilos para diferentes dados demográficos

Redução de segmentação demográfica:

• 18-34 anos: 62% da base de clientes
• 35-49 anos: 28% da base de clientes
• Mais de 50 anos: 10% da base de clientes

Preços acessíveis

2023 Receita de receita por segmento de preços:

Segmento de preços	Porcentagem de receita	Preço médio
Orçamento (US $ 30 a US $ 60)	35%	$45
Intervalo intermediário (US $ 60- $ 100)	45%	$79
Premium (US $ 100- $ 150)	20%	$125

Estética de design na tendência

Design Métricas de Inovação:

• Novas introduções de design por estação: 180-220 estilos
• Tempo de design a mercado: 4-6 semanas
• Taxa de adaptação de tendência: 92% no ciclo de moda atual

Adaptação rápida às tendências da moda

2023 Dados de resposta da tendência:

Categoria de tendência	Velocidade de adaptação	Penetração de mercado
Tendências de mídia social	2-3 semanas	78% da taxa de adoção
Tendências da pista	4-6 semanas	Taxa de adoção de 65%
Influência da celebridade	1-2 semanas	85% da taxa de adoção

Steven Madden, Ltd. (Shoo) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento da mídia social

A partir de 2024, Steven Madden mantém a presença ativa das mídias sociais entre as plataformas:

Plataforma	Contagem de seguidores	Taxa de engajamento
Instagram	2,1 milhões de seguidores	3.7%
Facebook	1,5 milhão de seguidores	2.9%
Tiktok	850.000 seguidores	4.2%

Marketing digital personalizado

A estratégia de marketing digital inclui:

• Campanhas de e -mail direcionadas com taxa aberta de 18,5%
• Recomendações personalizadas de produtos gerando 22% de receita adicional
• Redirecionando anúncios com 3,6x maior taxa de conversão

Programas de fidelidade do cliente

Métrica do programa	Valor
Membros do programa de fidelidade	475,000
Repita a taxa de compra	37.2%
Gasto médio de membros	US $ 320 por ano

Atendimento ao cliente responsivo

Métricas de desempenho do atendimento ao cliente:

• Tempo médio de resposta: 2,7 horas
• Pontuação de satisfação do cliente: 4,3/5
• Suporte de bate -papo online disponível 16 horas por dia

Experiências interativas de compras online

Recurso de experiência online	Taxa de adoção
Tecnologia de Try-On Virtual	27% dos compradores on -line
Algoritmo de recomendação de tamanho	Taxa de uso de 42%
Integração de conteúdo gerada pelo usuário	35% das páginas do produto

Steven Madden, Ltd. (Shoo) - Modelo de Negócios: Canais

Lojas de varejo de propriedade da empresa

A partir de 2023, Steven Madden opera 192 lojas de varejo de propriedade da empresa nos Estados Unidos. A receita total das lojas de varejo atingiu US $ 346,7 milhões no ano fiscal de 2022.

Tipo de loja	Número de lojas	Receita anual
Steve Madden Retail Stores	192	US $ 346,7 milhões

Plataforma online de comércio eletrônico

O canal de vendas on-line direto ao consumidor da empresa gerou US $ 258,4 milhões em receita para 2022, representando 21,3% da receita total da empresa.

• Plataformas do site: stevemadden.com
• Canal de vendas de aplicativos móveis
• Taxa média de conversão online: 3,2%

Parceiros de varejo por atacado

Steven Madden distribui produtos através de 1.500 mais de parceiros atacadistas, gerando US $ 612,5 milhões em receita de atacado em 2022.

Canal por atacado	Número de parceiros	Receita anual de atacado
Parceiros de varejo por atacado	1,500+	US $ 612,5 milhões

Distribuição de lojas de departamento

As principais parcerias das lojas de departamento incluem Nordstrom, Macy's e DSW, contribuindo com aproximadamente US $ 275,6 milhões em receita anual.

Canais de marketing digital

Os gastos com marketing digital em 2022 foram de US $ 42,3 milhões, com os principais canais, incluindo:

• Instagram: 2,1 milhões de seguidores
• Facebook: 1,5 milhão de seguidores
• Tiktok: 850.000 seguidores
• Orçamento de publicidade digital: US $ 18,7 milhões

Steven Madden, Ltd. (Shoo) - Modelo de negócios: segmentos de clientes

Jovens consumidores conscientes da moda

Faixa etária: 18-34 anos

Segmento demográfico	Tamanho de mercado	Gastos médios
Jovens consumidores urbanos	12,5 milhões	US $ 187 por compra de calçados

• Plataformas primárias de engajamento digital: Instagram, Tiktok
• Frequência anual de compra de calçados: 3-4 pares

Millennials preocupados com o orçamento

Faixa de renda mediana: US $ 35.000 - US $ 65.000

Segmento de preços	Faixa de preço -alvo	Penetração de mercado
Moda acessível	$49 - $129	42% de participação de mercado

• Porcentagem de compra on -line: 67%
• Sensibilidade com desconto: alta

Mulheres profissionais

Segmento de carreira: indústrias corporativas, criativas e de serviço

Categoria profissional	Mercado endereçável total	Orçamento médio anual de calçados
Profissionais corporativos	8,3 milhões	$456

• Estilos preferidos: bombas, botas de tornozelo, mocassins
• Tolerância a preços: $ 120 - $ 250

Adolescentes em busca de tendências

Faixa etária: 13-17 anos

Categoria de tendência	Influência da mídia social	Frequência de compra
Moda da geração Z.	85% influenciados pelas mídias sociais	2-3 pares por estação

• Canais de compras primárias: aplicativos móveis, Instagram
• Preferência de tênis e sapatos casuais

Entusiastas da moda urbana e suburbana

Distribuição geográfica

Tipo de região	Penetração de mercado	Gasto médio anual
Áreas urbanas	58%	$312
Áreas suburbanas	42%	$276

• Diversidade de estilo: misto casual e moderno
• Preferência de compras multicanal

Steven Madden, Ltd. (Shoo) - Modelo de negócios: estrutura de custos

Custos de fabricação e produção

Para o ano fiscal de 2022, a Steven Madden, Ltd. relatou o custo total dos bens vendidos (COGs) de US $ 1.024,7 milhões. As despesas de fabricação da empresa quebram da seguinte forma:

Categoria de custo	Quantidade (em milhões)
Custos de matéria -prima	$412.3
Custos de mão -de -obra	$276.5
Manufatura de sobrecarga	$335.9

Despesas de marketing e publicidade

Em 2022, Steven Madden alocou os seguintes recursos para marketing e publicidade:

• Despesas totais de marketing: US $ 187,6 milhões
• Orçamento de marketing digital: US $ 82,4 milhões
• Publicidade tradicional: US $ 45,2 milhões
• Influenciador e marketing de mídia social: US $ 59,8 milhões

Operações de lojas de varejo

Custos relacionados à loja de varejo para 2022 incluídos:

Categoria de custo	Quantidade (em milhões)
Aluguel da loja de varejo	$76.3
Salários de funcionários da loja	$134.7
Utilitários e manutenção de lojas	$42.5

Design e desenvolvimento de produtos

Investimento em design e desenvolvimento de produtos para 2022:

• Total de despesas de P&D: US $ 53,4 milhões
• Salários da equipe de design: US $ 28,6 milhões
• Protótipo e produção de amostra: US $ 15,2 milhões
• Software de tecnologia e design: US $ 9,6 milhões

Cadeia de suprimentos e gerenciamento de logística

Custos da cadeia de suprimentos e logística para 2022:

Categoria de custo	Quantidade (em milhões)
Transporte e envio	$98.7
Operações de armazém	$67.3
Gerenciamento de inventário	$42.5
Tecnologia de logística	$22.1

Steven Madden, Ltd. (Shoo) - Modelo de negócios: fluxos de receita

Vendas de lojas de varejo

A partir do ano fiscal de 2022, Steven Madden operou 223 lojas de varejo nos Estados Unidos. A receita total das lojas de varejo para 2022 foi US $ 573,3 milhões.

Ano	Número de lojas de varejo	Receita de varejo
2022	223	US $ 573,3 milhões

Distribuição por atacado

A distribuição por atacado continua sendo um fluxo de receita significativo, com US $ 737,4 milhões na receita de atacado para 2022.

• Os principais parceiros por atacado incluem Macy's, Nordstrom e DSW
• Os canais atacadistas representam aproximadamente 49% da receita total da empresa

Vendas on-line de comércio eletrônico

As vendas de comércio eletrônico alcançaram US $ 276,5 milhões em 2022, representando 18.4% da receita total da empresa.

Canal de vendas on -line	Receita	Porcentagem da receita total
Vendas on -line diretas	US $ 276,5 milhões	18.4%

Receita de licenciamento

Licenciamento gerado US $ 43,2 milhões em receita para 2022, representando um 5.2% Contribuição para a receita total da empresa.

• Acordos de licenciamento cobrem calçados, acessórios e vestuário
• Parcerias de licenciamento ativo com várias marcas internacionais

Expansão do mercado internacional

A receita internacional totalizou US $ 215,6 milhões em 2022, representando 14.3% da receita total da empresa.

Região	Receita internacional	Porcentagem da receita total
Total Internacional	US $ 215,6 milhões	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.