Steven Madden Ltd
stevemadden.comSteven Madden Ltd (NASDAQ: SHOO) is a footwear and accessories company that designs, sources, and sells shoes, handbags, apparel, and accessories under a portfolio of owned and licensed brands. Revenue comes primarily from wholesale product sales to retailers, supplemented by direct-to-consumer sales through company-operated retail stores, e-commerce platforms, and concessions, plus a small licensing stream. The company was incorporated in New York on July 9, 1990, reincorporated in Delaware in November 1998, and completed its IPO in December 1993. Total revenue was $2,534,109 thousand in FY2025, up 11.0% from $2,282,927 thousand in FY2024, with net sales representing 99.5% of revenue and commission and licensing fee income contributing 0.5% in both years. As of December 31, 2025, the company operated 399 brick-and-mortar retail stores, seven e-commerce platforms, and 133 concessions in international markets.
Products & Services
Footwear, handbags, apparel, and accessories sold under brands including Steve Madden, Kurt Geiger London, Dolce Vita, Carvela, and Betsey Johnson. The Licensing segment covers apparel, accessories, and home categories under the Steve Madden, Betsey Johnson, and Kurt Geiger trademarks.
Revenue Model
Transactional wholesale product sales to retail customers account for the large majority of revenue (99.5% net sales in FY2025). Direct-to-consumer sales run through company-operated full-price stores, outlet stores, e-commerce platforms, and concessions. A licensing segment generates commission and licensing fee income from third-party use of the Steve Madden, Betsey Johnson, and Kurt Geiger trademarks, contributing $12,591 thousand (0.5% of total revenue) in FY2025. The company pays a quarterly cash dividend of $0.21 per share, with aggregate dividends of $60,962 thousand paid in FY2025.
Customers & Markets
Wholesale customers are retail accounts whose receivables are managed through factoring and insurance agreements. Direct-to-consumer end markets include shoppers in regional malls, shopping centers, and high streets. The Betsey Johnson brand targets women aged 25 to 45. International concession customers include luxury and premium department stores primarily in the UK.
Geographic Exposure
United States is the primary market. International operations include the United Kingdom, Europe, Canada, Mexico, Israel, Australia, New Zealand (via a 50.1% joint venture formed January 2025), and Indonesia. The Carvela brand is headquartered in London, UK. Direct-to-consumer locations operate across the US, UK, Europe, Canada, and Mexico as of December 31, 2025.
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