Weyco Group, Inc. designs and distributes footwear for men, women, and children. It operates through two segments, North American Wholesale Operations and North American Retail Operations. The company offers mid-priced leather dress shoes and casual footwear of man-made materials or leather; and outdoor boots, shoes, and sandals under the Florsheim, Nunn Bush, Stacy Adams, BOGS, and Rafters brand names. It is also involved in the wholesale of its products to approximately 10,000 footwear, department, and specialty stores, as well as e-commerce retailers. As of December 31, 2021, the company had four brick and mortar retail stores in the United States. In addition, it has licensing agreements with third parties, who sell its branded apparel, accessories, and specialty footwear. It serves in the United States, Canada, Europe, Australia, Asia, and South Africa. The company was formerly known as Weyenberg Shoe Manufacturing Company and changed its name to Weyco Group, Inc. in April 1990. Weyco Group, Inc. was incorporated in 1906 and is based in Milwaukee, Wisconsin.
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Here are 1-3 brief analogies for Weyco (WEYS):
- Weyco is like a smaller VF Corporation (Vans, North Face, Timberland) focused solely on footwear.
- Weyco is like a multi-brand footwear company similar to Deckers Brands (UGG, Hoka) or Wolverine World Wide (Merrell, Sperry).
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- Men's Footwear: Offers a wide range of dress, casual, and work shoes under brands such as Florsheim, Nunn Bush, and Stacy Adams.
- Women's Footwear: Provides various styles of women's shoes, particularly cold-weather and waterproof boots primarily under the BOGS brand.
- Children's Footwear: Features a selection of children's shoes, including boots, sandals, and casual styles, notably through the BOGS and Umi brands.
- Outdoor & Performance Footwear: Comprises durable and comfortable footwear specifically engineered for outdoor activities and challenging weather conditions.
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Weyco Group, Inc. (symbol: WEYS) operates in the footwear industry, selling its products through both wholesale and direct-to-consumer channels.
While the company's wholesale segment, where it sells to other companies (retailers), represents its largest source of revenue, Weyco Group explicitly states in its annual SEC filings (Form 10-K) that it does not depend on any one customer, and no single customer accounted for more than 10% of its net sales for the years ended December 31, 2023, 2022, and 2021.
Therefore, based on the company's public disclosures, there are no specific "major customer companies" that can be identified by name and symbol. Weyco's wholesale customer base is diversified and includes:
- Department stores
- National chains
- Independent retailers
- Shoe chains
- Catalog and internet retailers
In addition to its wholesale operations, Weyco Group also sells directly to individuals through its company-operated retail stores and e-commerce websites. These customers purchase footwear from Weyco's various brands, including Florsheim, Nunn Bush, Stacy Adams, and BOGS.
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Thomas W. Florsheim, Jr. Chairman and Chief Executive Officer
Mr. Florsheim has served as Chairman and Chief Executive Officer of Weyco Group since 2002, having initially been appointed CEO in January 1999. His tenure with the company also includes roles as President and CEO from 1999 to 2002, President and Chief Operating Officer from 1996 to 1999, and Vice President from 1988 to 1996. Weyco Group acquired assets from the Florsheim Group after it filed for Chapter 11 bankruptcy in 2002. His family has a long history in the footwear industry, with his great-grandfather, Milton S. Florsheim, founding the Florsheim Shoe Company, and his father, Thomas Florsheim, Sr., investing in Weyco's predecessor company in 1964.
Judy Anderson Chief Financial Officer, Secretary, and Vice President
Ms. Anderson was appointed Chief Financial Officer and Secretary effective May 6, 2022. She joined Weyco in 1996 and previously served as Vice President of Finance and Treasurer for 17 years. Before her time at Weyco, Ms. Anderson worked in the Milwaukee audit practice of KPMG and is a Certified Public Accountant.
John W. Florsheim President, Chief Operating Officer, Assistant Secretary, and Director
Mr. Florsheim has held the positions of Chief Operating Officer, President, Director, and Assistant Secretary since 2002. His previous roles at Weyco Group include Executive Vice President, Chief Operating Officer, and Assistant Secretary from 1999 to 2002, Executive Vice President from 1996 to 1999, and Vice President from 1994 to 1999. Earlier in his career, he worked as a Marketing Manager at M&M / Mars, Inc.
George Sotiros Chief Information Officer; Vice President - Distribution
Mr. Sotiros has served as Vice President of Distribution and Chief Information Officer at Weyco Group since 2025. Prior to this role, he was the Vice President of Information Systems and Distribution from 2017 to 2025.
Dustin Combs President - BOGS; Vice President
Mr. Combs has been President - BOGS and Vice President since 2015. His association with the BOGS brand dates back to Weyco Group's acquisition of The Combs Company, which included the BOGS and Rafters footwear brands, in 2011.
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The key risks to Weyco's business include:
- Tariffs on Chinese Imports: Weyco faces significant uncertainty due to tariffs on Chinese imports, which could increase product costs by as much as 20 percentage points for 75% of its production, thereby substantially impacting gross margins and overall financial performance in 2025.
- Weak Demand, Declining Product Categories, and Market Share Loss: Many of Weyco's brands operate in structurally declining categories, and the company is experiencing weak demand, particularly for formal men's footwear, which is in secular decline. Additionally, its BOGS brand is actively losing market share, and most brands lack clear product direction. The company's success is dependent on its ability to accurately anticipate and respond to rapidly changing fashion trends and consumer preferences, which is challenged by its 9-12 month product development cycle.
- Highly Competitive Environment and Economic Downturn Impacting Consumer Discretionary Spending: Weyco operates in an "extremely competitive" footwear market with numerous manufacturers, distributors, and retailers, some of which possess greater resources. Furthermore, volatile, unstable, or weak economic conditions, coupled with decreased consumer discretionary spending, particularly in the footwear retail sector, could adversely affect the company's sales volume and overall performance.
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The expansion of major technology companies (e.g., Apple, Google/Fitbit, Amazon) into comprehensive corporate health and wellness solutions. These companies are leveraging their vast resources, data analytics, and integrated platforms to offer more holistic and potentially more effective/cost-efficient programs directly to employers and employees, threatening Weyco's traditional model as a wellness program administrator.
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Weyco Group, Inc. (WEYS) primarily designs, markets, and distributes footwear for men, women, and children. They also have licensing agreements for branded apparel and accessories.
Addressable Markets:
Footwear:
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U.S. Footwear Market: The U.S. footwear market size was valued at approximately USD 95.1 billion in 2024. Other sources state the U.S. footwear market reached USD 94.7 billion in 2024 and USD 97.4 billion in 2024. It is projected to grow to approximately USD 119.0 billion by 2033 or USD 125.7 billion by 2032.
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Global Footwear Market: The global footwear market size was valued at USD 700.90 billion in 2024 and is projected to reach USD 1100.38 billion by 2032. Other estimates for the global market size in 2024 include USD 423.35 billion, USD 457.09 billion, USD 404.75 billion, and USD 370.36 billion in 2025.
Accessories:
Weyco Group, Inc. has licensing agreements for branded apparel and accessories.
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U.S. Fashion Accessories Market: The U.S. fashion accessories market generated a revenue of approximately USD 222.07 billion in 2024 and is expected to reach USD 342.99 billion by 2030. Another source reported the accessories segment in the U.S. reached USD 41 billion in 2021.
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Global Fashion Accessories Market: The global fashion accessories market size was valued at approximately USD 1,079.60 billion in 2024 and is expected to grow to USD 1,876.72 billion by 2032. Other sources estimate the global market size at USD 813.0 billion in 2024, projected to reach USD 1,771.6 billion by 2034, or USD 798.81 billion in 2024, projected to reach USD 1,259.43 billion by 2030.
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Here are 3-5 expected drivers of future revenue growth for Weyco (WEYS) over the next 2-3 years:
- Strategic Price Increases: Weyco implemented selling price increases in its North American Wholesale segment on July 1, 2025, to offset volume declines and tariff impacts. Continued strategic pricing adjustments are expected to contribute to future revenue growth.
- New Product Development and Athleisure Styles: The introduction of new hybrid and athleisure styles is driving significant online revenue growth and is anticipated to accelerate future net revenue growth. The company's in-house design capabilities support successful new product introductions.
- Florsheim Brand Expansion and Market Penetration: The Florsheim brand is actively gaining shelf space and expanding its presence in hybrid and refined casual footwear categories. This brand demonstrated an 8% sales increase in the third quarter of 2025, driven by favorable pricing.
- Diversification of Manufacturing Base: Weyco is diversifying its factory base to reduce dependence on China, aiming to alleviate the impact of tariffs and price increases. This strategic move is expected to strengthen its market position by ensuring more stable supply chains and potentially enabling competitive pricing.
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Share Repurchases
- Weyco Group repurchased $4.1 million of company stock during the first nine months of 2025.
- During the first six months of 2025, the company repurchased $3.1 million of company stock. From April 1, 2025 to June 30, 2025, 79,839 shares were repurchased for $2.4 million.
- In the first six months of 2024, Weyco Group repurchased $0.5 million of company stock.
- A stock repurchase program was established in 1998 and has had its authorized shares increased on several occasions, totaling 8.5 million shares authorized for repurchase since inception.
Share Issuance
- Weyco Group had $0.0 million in stock issuance as of September 29, 2025, indicating no significant share issuance.
Capital Expenditures
- Capital expenditures for the full year 2024 totaled $1.4 million, which included costs for equipment to automate the packing and labeling process in the Glendale distribution center.
- For the first nine months of 2025, capital expenditures were $900,000.
- Estimated annual capital expenditures for 2025 are projected to be between $1 million and $3 million.
