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Goodwill and Intangible Assets | 6 Months Ended
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Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | The following provides a rollforward of the carrying amount of goodwill by reporting unit for the period ended June 30, 2025:
|  | Wholesale Footwear |  | Wholesale Accessories/ Apparel |  | Direct-to-Consumer |  | Net Carrying Amount
Balance at January 1, 2025 |  | $ | 90,001 |  |  | $ | 75,583 |  |  | $ | 18,153 |  |  | $ | 183,737 |
Acquisitions(1)(2)(3) |  | 15,876 |  |  | 7,974 |  |  | 57,651 |  |  | 81,501 |
Translation |  | 745 |  |  | (4) |  |  | 623 |  |  | 1,364 |
Balance at June 30, 2025 |  | $ | 106,622 |  |  | $ | 83,553 |  |  | $ | 76,427 |  |  | $ | 266,602 |
(1) During the first quarter of 2025, the Company completed the acquisition of the SM Distribution Malaysia Sdn. Bhd., which resulted in the recognition of goodwill of $1,829 allocated to the Direct-to-Consumer segment. Refer to Note 3 – Acquisitions and Joint Ventures for further information. (2) During the first quarter of 2025, the Company completed the acquisition of the SM Fashion Australia Pty Ltd., which resulted in the recognition of goodwill of $1,393 allocated to the Direct-to-Consumer and Wholesale Footwear segments. Refer to Note 3 – Acquisitions and Joint Ventures for further information. (3) During the second quarter of 2025, the Company completed the acquisition of Mercury Acquisitions Topco Limited, which resulted in the recognition of goodwill of $77,988 allocated to the Wholesale Footwear, Wholesale Accessories/Apparel, and Direct-to-Consumer segments. Refer to Note 3 – Acquisitions and Joint Ventures for further information. The following table details identifiable intangible assets as of June 30, 2025:
|  | Estimated Lives |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
Trademarks(1) |  | 10-20 years |  | $ | 16,075 |  |  | $ | (16,075) |  |  | $ | — |
Customer relationships(1) |  | 10-20 years |  | 114,580 |  |  | (32,219) |  |  | 82,361 |
Re-acquired rights |  | 2 years |  | 1,450 |  |  | (1,056) |  |  | 394 |
Total finite-lived other intangible assets |  |  |  | 132,105 |  |  | (49,350) |  |  | 82,755 |
Re-acquired right |  | indefinite |  | 25,572 |  |  | — |  |  | 25,572 |
Trademarks |  | indefinite |  | 174,045 |  |  | — |  |  | 174,045 |
Total indefinite-lived other intangible assets |  |  |  | 199,617 |  |  | — |  |  | 199,617 |
Total other intangible assets |  |  |  | $ | 331,722 |  |  | $ | (49,350) |  |  | $ | 282,372 |
(1) During the second quarter of 2025, the Company acquired trademarks of $117,380 and customer relationships of $53,173 in connection with its acquisition of Mercury Acquisitions Topco Limited. Refer to Note 3 – Acquisitions and Joint Ventures for further information. The following table details identifiable intangible assets as of December 31, 2024:
|  | Estimated Lives |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
Trademarks(1)(2) |  | 10-20 years |  | $ | 16,075 |  |  | $ | (16,075) |  |  | $ | — |
Customer relationships(1)(3) |  | 10-20 years |  | 61,585 |  |  | (30,216) |  |  | 31,369 |
Re-acquired right |  | 2 years |  | 1,450 |  |  | (659) |  |  | 791 |
Total finite-lived other intangible assets |  |  |  | 79,110 |  |  | (46,950) |  |  | 32,160 |
Re-acquired right |  | indefinite |  | 24,292 |  |  | — |  |  | 24,292 |
Trademarks(3) |  | indefinite |  | 56,980 |  |  | — |  |  | 56,980 |
Total indefinite-lived other intangible assets |  |  |  | 81,272 |  |  | — |  |  | 81,272 |
Total other intangible assets |  |  |  | $ | 160,382 |  |  | $ | (46,950) |  |  | $ | 113,432 |
(1) During 2024, the Company recognized an impairment charge of $1,700 and completed the sale of its GREATS business. As part of the divestiture, the remaining carrying amounts of the intangible assets of GREATS, which included a trademark and customer relationships, were written off. (2) During 2024, the Company recognized an impairment charge of $8,635 related to its Almost Famous trademark. (3) During 2024, the Company acquired a trademark of $6,300 and customer relationships of $1,500, in connection with its acquisition of ATM. Evaluation of Impairment The Company evaluates its goodwill and indefinite-lived intangible assets for impairment at least annually in the beginning of the third quarter of each year and whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. The Company also periodically performs a quantitative test to assess its goodwill and indefinite-lived intangibles for impairment in lieu of using the qualitative approach in order to reassess the fair values of its reporting units and indefinite-lived intangible assets. A qualitative assessment of goodwill and other indefinite-lived intangible assets was performed as of July 1, 2024. In conducting the qualitative impairment assessments, the Company concluded that it is more likely than not that the fair values of its reporting units exceeded their carrying values and the fair values of its indefinite-lived intangibles exceeded their respective carrying values. Therefore, in 2024, as a result of the annual test, no impairment charges were recorded for goodwill and intangibles. Impairment of GREATS® Intangible Assets In the first quarter of 2024, circumstances occurred that caused a change in the estimated useful life of the GREATS® trademark from an indefinite life to an estimated useful life of 10 years, and as a result, the Company performed an impairment test. The estimated fair value of this trademark was determined using an excess earnings method, incorporating the use of projected financial information and a discount rate of 14.0% which was developed using market participant-based assumptions. Changes in these significant unobservable inputs might result in a significantly higher or lower fair value measurement. As a result of this assessment, the GREATS® trademark was written down from the carrying value of $6,150 to its fair value of $4,450, resulting in a pre-tax non-cash impairment charge of $1,700. During the first quarter of 2024, these impairment charges were recorded in impairment of intangibles in the Company’s Condensed Consolidated Statements of Operations and recognized in the Direct-to-Consumer segment. Amortization The amortization of intangible assets amounted to $1,490 and $2,500 for the three and six months ended June 30, 2025, respectively, and $1,182 and $2,123 for the three and six months ended June 30, 2024, respectively, and is included in operating expenses in the Company's Condensed Consolidated Statements of Operations. The estimated future amortization expense for intangibles as of June 30, 2025 was as follows:
2025 (remaining six months) | $ | 3,334 |
2026 | 5,894 |
2027 | 5,643 |
2028 | 5,607 |
2029 | 5,512 |
Thereafter | 56,765 |
Total | $ | 82,755 |

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