Here are 1-3 brief analogies for Steven Madden (SHOO):

• Zara for shoes
• Michael Kors for trendy, accessible footwear

• Footwear: Designs, sources, and markets a broad range of shoes including dress shoes, casual footwear, sandals, boots, and sneakers for women, men, and children under various owned and licensed brands.
• Handbags: Offers a diverse collection of handbags, totes, clutches, and other small leather goods.
• Accessories (Other): Provides a variety of fashion accessories such as belts, wallets, hats, scarves, jewelry, and eyewear.
• Apparel: Sells clothing lines, expanding their fashion offerings beyond footwear and traditional accessories.

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Edward R. Rosenfeld, Chairman and Chief Executive Officer

Edward R. Rosenfeld has served as Chairman of the Board and Chief Executive Officer of Steven Madden since August 2008, and as a director since February 2008. He joined the executive management team in May 2005. Mr. Rosenfeld has over two decades of experience in the retail, apparel, and footwear industries. Prior to joining Steven Madden, he was a Vice President at Peter J. Solomon Company, an investment banking boutique specializing in mergers and acquisitions in the retail, apparel, and footwear sectors. He also serves as a director and member of the Audit & Risk Management Committee of PVH Corp.

Zine Mazouzi, Chief Financial Officer and Executive Vice President of Operations

Zine Mazouzi has been the Chief Financial Officer since January 1, 2021. Before this role, he served as Chief Accounting Officer and Senior Vice President—Finance and Operations from January 2019. Mr. Mazouzi possesses over 20 years of experience in the footwear industry. His previous roles include various senior positions at Sears Holdings, such as Chief Financial Officer of Sears Footwear Group from 2016 to 2017, Head of the Footwear Group from 2017 to 2018, and Head of the Footwear, Home and Jewelry Groups in 2018. Prior to Sears Holdings, Mr. Mazouzi worked at Nine West Group from 1998 to 2015, where he held several senior positions, including Chief Financial Officer from 2014 to 2015.

Amelia Newton Varela, President and Director

Amelia Newton Varela has served as President of Steven Madden since September 2015 and as a director since 2016. Before becoming President, she was Executive Vice President of Wholesale from April 2008 to September 2015, and Executive Vice President of Wholesale Footwear from November 2004 to April 2008. Ms. Varela began her career with the company in 1998 as an Account Executive for the Steve Madden Women's Wholesale Division.

Steven Madden, Founder, Creative and Design Chief

Steven Madden founded the company in 1990 with $1,100. He has been responsible for the design and marketing of the company’s trendsetting shoes since its inception. While he resigned as CEO and from the board of directors in 2002 following a conviction for financial crimes, he continues to be a key figure, serving as the Creative and Design Chief.

Karla Frieders, Chief Merchandising Officer

Karla Frieders has served as the Chief Merchandising Officer of Steven Madden since September 2015. Her previous roles at the company include President of Retail from 2013 to 2015 and Vice President of Retail from 2009 to 2013. Ms. Frieders joined Steven Madden in 1999 and has held various buying positions within the company.

The key risks to Steven Madden's business include:

1. Tariffs and Sourcing Risks: Steven Madden has historically relied heavily on sourcing products from countries like China and Mexico, making it significantly vulnerable to changes in trade policies and the imposition of tariffs. These tariffs have directly impacted the company's profitability and gross margins, leading to decreased adjusted net income. The company has been actively working to diversify its sourcing base to mitigate these risks, but the unpredictable nature of future tariffs remains a concern for its financial outlook.
2. Changing Consumer Preferences and Competitive Market: Operating in the highly dynamic fashion and footwear industry, Steven Madden faces the constant challenge of rapidly evolving consumer preferences and intense competition. The company must continually innovate and invest in marketing to differentiate its products, maintain brand relevance, and secure consumer loyalty against numerous established and emerging brands.
3. Dependence on Wholesale Channel and Retail Industry Disruption: A substantial portion of Steven Madden's revenue is generated through its wholesale business, which exposes the company to risks associated with the ongoing disruption in the retail industry. This includes potential impacts from department store consolidations, bankruptcies, and store closures, especially as the retail landscape continues to shift towards digital and omnichannel experiences.

Steven Madden (SHOO) primarily operates in the footwear, accessories (including handbags), and apparel markets. Below are the estimated addressable market sizes for their main product categories:

• Footwear:
  • Global: The global footwear market is projected to reach approximately $495.46 billion in 2025.
  • U.S.: The U.S. footwear market is estimated to generate $103.00 billion in revenue in 2025.
• Handbags:
  • Global: The global handbag market is projected to be worth $60.29 billion in 2025.
  • U.S.: The United States handbag market size was estimated at over $14.26 billion in 2024.
• Apparel:
  • Global: The global apparel market is projected to reach approximately $1.80 trillion by 2025.
  • U.S.: The U.S. apparel garment industry is valued at around $395 billion in 2025.
• Other Fashion Accessories (excluding handbags, footwear, and apparel):
  • Global: The global fashion accessories market (which includes watches, jewelry, belts, scarves, but also handbags) is expected to grow from $1,143.52 billion in 2025. Excluding the global handbag market of approximately $60.29 billion in 2025, the estimated market for other fashion accessories is approximately $1,083.23 billion in 2025.
  • U.S.: The U.S. fashion accessories market (which includes jewelry, watches, handbags, and purses) generated a revenue of $222.07 billion in 2024. Excluding the U.S. handbag market of approximately $14.26 billion in 2024, the estimated market for other fashion accessories is approximately $207.81 billion in 2024.

1. Acquisition and Global Expansion of Kurt Geiger: The recent acquisition of Kurt Geiger is a significant driver, with plans to expand the brand globally, particularly in international markets and through direct-to-consumer channels. Management is also focused on expanding Kurt Geiger within the U.S. market, aiming to accelerate revenue growth and diversify the portfolio.
2. Growth in the Direct-to-Consumer (DTC) Segment: Steven Madden has demonstrated substantial growth in its direct-to-consumer segment, with a reported increase of 76.6% in Q3 2025 (or 1.5% excluding Kurt Geiger). The company is actively prioritizing the expansion of its DTC channels, including e-commerce, to capture shifting consumer behavior.
3. Product Innovation and Strong Demand for Core Brands: Sustained strong consumer demand for the flagship Steven Madden brand, driven by successful product assortments in key categories such as boots, dress shoes, loafers, Mary Janes, and Mules, is expected to fuel future revenue. Targeted marketing efforts aimed at Gen Z and Millennials are also contributing to increased brand awareness and conversion.
4. International Market Expansion: Beyond the Kurt Geiger acquisition, Steven Madden continues to focus on broader international expansion. Historically, the company has seen strong growth in its international segment, particularly in regions like EMEA (Europe, Middle East, and Africa), indicating ongoing opportunities for revenue generation in overseas markets.
5. Tariff Mitigation and Supply Chain Diversification: The company is actively implementing strategies to mitigate the impact of tariffs through strategic pricing actions and sourcing initiatives, including shifting a significant portion of its production out of China. These efforts are aimed at stabilizing gross margins and supporting future revenue and earnings growth.

Share Repurchases

• Steven Madden spent approximately $98.4 million on repurchases of its common stock in the full year 2024, including shares acquired through the net settlement of employees' stock awards.
• The company did not repurchase any shares of its common stock in the open market during the third quarter of 2025.

Share Issuance

• The number of outstanding shares for Steven Madden has generally decreased over the last few years, from 78.56 million in 2020 to 70.87 million as of November 2025, indicating net share repurchases rather than significant issuance.

Outbound Investments

• In April 2021, Steven Madden completed the acquisition of the remaining 49.9% share of its European joint venture, gaining full ownership of its business in that market.
• The company acquired Kurt Geiger in February 2025, a designer and retailer of women's and men's shoes and accessories based in London.
• Steven Madden also completed the acquisition of Almost Famous in 2023.

Capital Expenditures

• Capital expenditures for Steven Madden were $11.6 million in the third quarter of 2025.
• In the last 12 months as of November 2025, capital expenditures were approximately -$38.35 million.
• The company reported modest capital expenditures of $19.5 million in 2023.