Steven Madden, Ltd. reported a total revenue of $2.53 billion for the fiscal year ending December 31, 2025, marking an 11% increase from $2.28 billion in 2024. This growth was primarily driven by the acquisition of Kurt Geiger, which contributed significantly to the company's revenue streams. However, net income attributable to Steven Madden, Ltd. decreased to $44.66 million, down from $169.39 million in the previous year, reflecting a decline in profitability amid rising operational costs and a higher effective tax rate of 36.9%, compared to 23.7% in 2024.
The company experienced notable changes in its operational segments. The Wholesale Footwear segment generated $1.04 billion, accounting for 40.9% of total revenue, a slight decrease from the previous year due to tariff-related impacts. The Wholesale Accessories/Apparel segment also saw a decline, with revenue of $640.66 million, down 3.3% from 2024. In contrast, the Direct-to-Consumer segment reported a significant increase of 53.7%, reaching $845.67 million, largely attributed to the integration of Kurt Geiger's retail operations, which included 31 new full-price stores and 17 outlet stores.
In terms of strategic developments, Steven Madden expanded its international presence through joint ventures in Australia and Malaysia, enhancing its distribution capabilities in these markets. The acquisition of Kurt Geiger in May 2025 for approximately $403.35 million was a pivotal move, adding new brands and retail locations to its portfolio. As of December 31, 2025, the company operated 399 retail stores and 133 concessions in international markets, a significant increase from 291 stores and 42 concessions in 2024.
Operationally, the company reported an inventory turnover of 3.8 times, consistent with the previous year, while accounts receivable collection days improved to 54 days from 72 days in 2024. The total employee headcount reached approximately 6,300, with a majority located internationally. The company continues to focus on enhancing its e-commerce platforms and direct-to-consumer sales, which are critical for adapting to changing consumer preferences in the retail landscape.
Looking ahead, Steven Madden aims to navigate the complexities of the current macroeconomic environment, including inflationary pressures and geopolitical tensions, while executing its strategic initiatives. The company plans to invest in product innovation, expand its international footprint, and strengthen its core U.S. wholesale business. Despite the challenges, management remains committed to enhancing operational efficiency and maintaining a focus on sustainability and corporate social responsibility.
About STEVEN MADDEN, LTD.
Steven Madden, Ltd. designs, sources, and markets fashion-forward footwear, accessories, and apparel through wholesale, retail stores, and e-commerce channels globally. Its brands include Steve Madden, Dolce Vita, Betsey Johnson, and others, serving style-conscious consumers across multiple markets. The company emphasizes trend-driven products, efficient supply chain management, and brand licensing to maintain competitive advantage in the dynamic fashion industry.
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