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Steve Madden: What to Watch Into 2026- Inside the Brand Mix Strategy, Tariffs, & Kurt Geiger Growth!

In the third quarter of 2025, Steve Madden Ltd. encountered a challenging operating environment mainly due to significant new tariffs imposed on Chinese imports. Several wholesale customers cut back on orders, and the company faced shipment delays as it adjusted its supply chain to mitigate the effects of these tariffs, which during the period in April and May reached up to 145%. This situation resulted in notable pressure on both revenue and earnings. The company’s revenue increased by 6.9% to $667.9 million, partly due to the acquisition of Kurt Geiger London; excluding Kurt Geiger, consolidated revenue experienced a decline of 14.8%. The wholesale segment faced a downturn, with a 10.7% decline in revenue to $442.7 million compared to the same quarter in the previous year. Excluding Kurt Geiger, the decline was steeper at 19%. The reduced orders were largely tariff-related, and there were notable delays and production disruptions.