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Steven Madden’s Kurt Geiger Boost: Can DTC Strength Offset Wholesale Weakness?

Steven Madden Limited reported first quarter 2026 results characterized by a mixed performance across its brand portfolio and channels. Consolidated revenue increased 18% year-over-year to $653.1 million, although excluding the recently acquired Kurt Geiger brand, revenue declined 4.8%, reflecting softness primarily in private label business and U.S. wholesale Steven Madden handbags. Wholesale revenue rose slightly by 1% overall but decreased 8.2% excluding Kurt Geiger, driven by a 12% drop in wholesale footwear primarily tied to private label declines. Direct-to-consumer (DTC) revenue showed a substantial increase of 83.8%, or 8% excluding Kurt Geiger, with strong comp sales growth in both brick-and-mortar and e-commerce channels, notably a 17% increase for the Steven Madden brand in the U.S. DTC segment.