Here are 1-2 brief analogies to describe Designer Brands (DBI):

• Nordstrom Rack for footwear

• TJ Maxx for shoes

• Footwear Retail: Sale of a wide assortment of branded and private label shoes for men, women, and children through their retail stores and e-commerce platforms.
• Accessories Retail: Sale of complementary fashion accessories, including handbags, hosiery, and shoe care products, to consumers.
• Owned Brand Wholesale: Design, sourcing, and distribution of their portfolio of proprietary footwear and accessories brands to third-party retailers.

Designer Brands (DBI)

Designer Brands Inc. (DBI) primarily sells to **individual customers** through its extensive retail network, which includes DSW Designer Shoe Warehouse in the U.S. and The Shoe Company and Shoe Warehouse in Canada. While the company also has a significant wholesale business for its owned and licensed brands (e.g., Vince Camuto, Jessica Simpson, Keds, Hush Puppies), the majority of its revenue is generated through its direct-to-consumer retail channels.

Here are up to three categories of individual customers Designer Brands primarily serves through its retail operations:

• The Value-Seeking & Brand-Conscious Shopper: These customers are highly motivated by finding popular and designer brands at competitive prices. They actively utilize loyalty programs (like DSW VIP), promotions, and sales events to maximize value. They appreciate the vast selection of brands that allows them to compare options before purchasing.
• The Convenience-Oriented Family Shopper: This segment includes individuals and families looking for a convenient one-stop shop for footwear across multiple categories (men's, women's, children's) and occasions (casual, athletic, dress, seasonal). They value the accessibility of large-format retail stores combined with robust online shopping options for ease and variety.
• The Fashion-Aware & Trend-Following Individual: While value remains important, these customers are also attuned to current footwear trends and seek out stylish options from well-known brands. They appreciate the diverse inventory that allows them to find both classic staples and new arrivals to complement their personal style.

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Douglas M. Howe Chief Executive Officer

Doug Howe has served as Chief Executive Officer of Designer Brands since April 2023. He joined the company in May 2022 as President of DSW Designer Shoe Warehouse and Executive Vice President of Designer Brands. Mr. Howe has over 30 years of retail experience, holding previous leadership positions across merchandising, design, product development, and planning. Prior to Designer Brands, he was Chief Merchandising Officer at Kohl's from 2018 to 2022. His career also includes roles at Qurate Retail Group (Global Chief Merchandising Officer for QVC and HSN), Old Navy, Walmart (Senior VP of Product Development, Strategy, Design & Development), and May Department Stores.

Mark A. Haley Interim Principal Financial Officer

Mark Haley was appointed Interim Principal Financial Officer effective November 1, 2025. He joined Designer Brands in 2017. Mr. Haley previously served as the Senior Vice President, Controller and Principal Accounting Officer (since January 2019) and Vice President and Controller (2017-2019) for the company. Before joining Designer Brands, his experience included serving as Chief Accounting Officer at Conn's, Inc. (2014-2017), Vice President, Corporate Controller and Chief Accounting Officer at Coldwater Creek Inc. (2010-2014), and a senior director of financial reporting at SUPERVALU INC. He is a CPA.

Jay L. Schottenstein Executive Chairman

Jay Schottenstein has served as the Executive Chairman of Designer Brands (formerly DSW) since 2005. He also holds positions as Chairman and CEO of American Eagle Outfitters Inc. and SB360 Capital Partners, and Chairman of American Signature Inc. and Schottenstein Stores Corp. Mr. Schottenstein was previously the Chief Executive Officer of Designer Brands from 2005 to 2009 and has held various executive roles at Schottenstein RVI LLC and Retail Ventures Inc. He has been a Director of Albertsons Companies since 2006. His family holds a majority voting ownership in Designer Brands.

Deborah L. Ferree Vice Chairman & Chief Product Officer

Deborah L. Ferree has been the Vice Chairman and Chief Product Officer of Designer Brands since February 2023. Prior to this role, she served as President of Camuto for the company from 2021 to 2023. Ms. Ferree has held numerous leadership positions within Designer Brands, including Senior Vice President of Merchandising, Executive Vice President, Vice President of Merchandising, and President and Chief Merchandising Officer. Her earlier career included leadership roles at Harris Department Store and the May Company.

Andrea O'Donnell Executive Vice President & President of Brands

Andrea O'Donnell serves as Executive Vice President, Designer Brands and President of Brands (also referred to as President of Camuto LLC). She is a key member of the executive team.

1. Financial Distress and High Leverage: Designer Brands faces significant financial challenges, including operating losses, an inability to cover interest expenses with operating income, and a high debt-to-equity ratio. The company's Altman Z-Score indicates it is in the distress zone, implying a potential risk of bankruptcy in the medium term. This high leverage and financial instability raise concerns about the company's long-term viability and ability to fund working capital.
2. Weak Sales Trends and Declining Consumer Demand: DBI has consistently reported worsening top-line trends, with declining comparable store sales across all business units. This performance reflects worsening trends in U.S. consumer sentiment, with a notable decline in traffic and challenges in bringing new shoppers into its brick-and-mortar locations. This ongoing struggle to generate revenue impacts the company's overall profitability.
3. Margin Pressure and Competitive Landscape: The company experiences compressed margins due to factors such as markdowns and a highly competitive promotional environment within the retail sector. Additionally, tariffs represent a significant potential cost increase, with initial estimates suggesting up to $100 million in gross profit exposure, further exacerbating margin pressure.

The clear emerging threat for Designer Brands (DBI) is the accelerating shift of major footwear brands towards a direct-to-consumer (DTC) sales model. Brands like Nike, Adidas, Crocs, and others are increasingly prioritizing their own e-commerce platforms and retail stores, reducing reliance on wholesale partners like DBI. This trend threatens DBI's core business by potentially limiting access to desirable inventory, increasing wholesale costs, and diverting customer traffic directly to brand channels, thereby disintermediating the multi-brand retailer.

Designer Brands Inc. (DBI) operates primarily in the footwear and accessories markets in North America, specifically the U.S. and Canada.

Addressable Market Sizes:

Footwear Market

• U.S. Footwear Market: The U.S. footwear market reached approximately USD 97.72 billion in 2024 and is estimated to grow to around USD 141.89 billion by 2034. Other estimates show the U.S. footwear market at USD 94.7 billion in 2024, projected to reach USD 119.0 billion by 2033.
• Canada Footwear Market: The Canada footwear market was estimated at USD 5.12 billion in 2024 and is anticipated to reach USD 11.46 billion by 2035. Another source indicates the Canadian footwear market generated USD 8,245.4 million in 2023 and is expected to reach USD 10,906.8 million by 2030.

Accessories Market

• U.S. Fashion Accessories Market: The United States fashion accessories market was valued at USD 254.48 billion in 2024 and is projected to reach USD 505.69 billion by 2033.
• Canada Fashion Accessories Market: The Canada fashion accessories market size was valued at USD 64.6 billion in 2024 and is projected to reach USD 130.98 billion by 2033.

Designer Brands (symbol: DBI) is anticipating several key drivers for its future revenue growth over the next two to three years:

1. Expansion of Owned Brands and Private Labels: Designer Brands is strategically focused on significantly growing its portfolio of owned brands, aiming to double their sales to approximately one-third of total revenue by fiscal year 2026 (ending January 2027). This includes brands such as Vince Camuto, Keds, Topo Athletic, Le Tigre, Jessica Simpson, Lucky Brand, and Hush Puppies. This initiative is expected to be a primary driver of growth and is also anticipated to be highly margin-accretive.
2. Growth in Direct-to-Consumer (DTC) Channels: A substantial portion of the planned growth from owned brands is projected to occur through Designer Brands' direct-to-consumer channels, with a goal to increase DTC revenue to 21% of total revenue by fiscal 2026. This strategy is complemented by efforts to enhance the overall omnichannel customer experience.
3. Assortment Modernization and Strategic Brand Partnerships: The company is actively revitalizing and modernizing its product assortment, placing a strong emphasis on athletic and athleisure categories, which have demonstrated robust performance. Additionally, Designer Brands is strengthening and expanding its relationships with top national brand partners, increasing the variety of styles available.
4. Growth in Canadian Retail Segment: Designer Brands anticipates mid to high single-digit net sales growth in its Canada Retail segment for fiscal year 2025.
5. Enhanced Customer Experience and Omni-channel Optimization: Initiatives such as the "Warehouse Reimagined" store format, the introduction of Fit Finder technology, augmented reality try-on kiosks, and customization stations are being implemented to improve the in-store and online customer experience. These enhancements, along with increased marketing investments to boost DSW awareness and optimize the omnichannel model, are expected to drive higher conversion rates and overall sales.