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Operating Segment Information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Operating Segment Information
The Company has determined its reportable operating segments based on the internal management structure used by the Company’s Chief Operating Decision Maker (or “CODM”), who is its Chief Executive Officer, to evaluate performance and allocate resources. This structure organizes the business into distinct categories based on product types and sales channels. The Company’s reportable operating segments consist of the following:
•Wholesale Footwear. This segment designs, sources, and markets our brands and sells our products to department stores, mass merchants, off-price retailers, shoe chains, online retailers, national chains, specialty retailers, independent stores, and clubs throughout the United States, United Kingdom, Canada, Mexico, and Europe, and through our joint ventures and international distributor network.

•Wholesale Accessories/Apparel. This segment designs, sources, and markets our brands and sells our products, primarily consisting of handbags and apparel, to department stores, mass merchants, off-price retailers, online retailers, specialty retailers, independent stores, and clubs throughout the United States, United Kingdom, Canada, Mexico, and Europe, and through our joint ventures and international distributor network.

•Direct-to-Consumer. This segment engages in the sale of footwear, handbags, apparel, and other accessories through Steve Madden, Kurt Geiger, Dolce Vita and Carvela full-price retail stores, Steve Madden, Kurt Geiger and Carvela outlet stores, directly-operated concessions in international markets, and directly-operated e-commerce websites. We operate retail locations in regional malls and shopping centers, as well as high streets in various cities across the United States, United Kingdom, Canada, Mexico, and Europe, as well as other international markets through our joint ventures.

•Licensing. This segment engages in the licensing of the Steve Madden®, Betsey Johnson® and Kurt Geiger trademarks for use in the sale of select apparel, accessories, and home categories as well as various other non-core products.
In addition, the Company has certain corporate-related costs (“Corporate costs” or “Corporate”) that are not directly attributable to its reportable operating segments. Accordingly, these corporate-related costs do not constitute a reportable segment. These costs are primarily associated with corporate executives, corporate finance, corporate social responsibility, legal, human resources, information technology, cybersecurity, and other shared services.
The Company’s CODM evaluates financial performance based primarily on gross profit and income from operations for each reportable operating segment. Gross profit is defined as revenue less cost of goods sold. Income from operations is defined as profit or loss from operations before interest and other income, net and income taxes. Gross profit is a key measure for assessing the efficiency of the segment in producing its products or services, focusing on the direct costs associated with production. Income from operations is a key measure for understanding the overall financial performance of each segment, taking into account both direct operational costs and indirect expenses. These measures are used together to evaluate segment performance and determine the appropriate allocation of resources to each segment.
The Company’s CODM does not evaluate the financial performance of each segment based on its respective assets or capital expenditures, and therefore, the Company does not report this information.
The following tables set forth information related to the Company's segments:
For the three months ended,Wholesale FootwearWholesale Accessories/ApparelDirect-to-ConsumerLicensingTotal
June 30, 2025  
Total revenue(1)
$220,139 $140,449 $195,502 $2,910 $559,000 
Less: Cost of sales(2)
151,654 100,640 80,679 — 332,973 
Gross profit68,485 39,809 114,823 2,910 226,027 
Less: Change in valuation of contingent consideration liability(2)
— 2,420 — — 2,420 
Less: Salaries and related expense(2)
18,012 14,015 28,800 239 61,066 
Less: Other segment items(3)
25,568 17,465 130,357 314 173,704 
Income / (loss) from operations$24,905 $5,909 $(44,334)$2,357 $(11,163)
(1) There were no inter-segment revenue transactions during any of the periods presented, and therefore, total segment revenue represents consolidated revenue.
(2) The significant expense categories and amounts align with segment-level information that is regularly provided to the CODM.
(3) Other segment items in the Wholesale Footwear, Wholesale Accessories/Apparel, and Direct-to-Consumer segments consist of the following: warehouse and shipping, advertising and promotion, occupancy, depreciation and amortization, certain transaction related costs, and other miscellaneous costs. Other segment items in the Licensing segment consists of advertising and promotion and other miscellaneous costs.
For the three months ended,Wholesale FootwearWholesale Accessories/ApparelDirect-to-ConsumerLicensingTotal
June 30, 2024    
Total revenue(1)
$237,024 $148,276 $136,409 $1,844 $523,553 
Less: Cost of sales(2)
157,914 99,832 48,678 — 306,424 
Gross profit79,110 48,444 87,731 1,844 217,129 
Less: Change in valuation of contingent consideration liability(2)
— 6,550 — — 6,550 
Less: Salaries and related expense(2)
17,627 13,172 18,395 303 49,497 
Less: Other segment items(3)
22,544 13,168 54,254 159 90,125 
Income from operations$38,939 $15,554 $15,082 $1,382 $70,957 
(1) There were no inter-segment revenue transactions during any of the periods presented, and therefore, total segment revenue represents consolidated revenue.
(2) The significant expense categories and amounts align with segment-level information that is regularly provided to the CODM.
(3) Other segment items in the Wholesale Footwear, Wholesale Accessories/Apparel, and Direct-to-Consumer segments consist of the following: warehouse and shipping, advertising and promotion, occupancy, depreciation and amortization, and other miscellaneous costs. Other segment items in the Licensing segment consists of advertising and promotion and other miscellaneous costs.
For the six months ended,Wholesale FootwearWholesale Accessories/ApparelDirect-to-ConsumerLicensingTotal
June 30, 2025    
Total revenue(1)
$516,284 $283,622 $307,566 $5,062 $1,112,534 
Less: Cost of sales(2)
339,108 195,764 125,368 — 660,240 
Gross profit177,176 87,858 182,198 5,062 452,294 
Less: Change in valuation of contingent payment liability(2)
— (2,075)— — (2,075)
Less: Salaries and related expense(2)
34,929 27,133 46,657 511 109,230 
Less: Other segment items(3)
54,254 34,479 186,103 369 275,205 
Income / (loss) from operations$87,993 $28,321 $(50,562)$4,182 $69,934 
(1) There were no inter-segment revenue transactions during any of the periods presented, and therefore, total segment revenue represents consolidated revenue.
(2) The significant expense categories and amounts align with segment-level information that is regularly provided to the CODM.
(3) Other segment items in the Wholesale Footwear, Wholesale Accessories/Apparel, and Direct-to-Consumer segments consist of the following: warehouse and shipping, advertising and promotion, occupancy, depreciation and amortization, certain transaction related costs, and other miscellaneous costs. Other segment items in the Licensing segment consists of advertising and promotion and other miscellaneous costs.

For the six months ended,Wholesale FootwearWholesale Accessories/ApparelDirect-to-ConsumerLicensingTotal
June 30, 2024
Total revenue(1)
$532,685 $290,852 $248,739 $3,658 $1,075,934 
Less: Cost of sales(2)
345,277 197,258 91,455 — 633,990 
Gross profit187,408 93,594 157,284 3,658 441,944 
Less: Change in valuation of contingent payment liability(2)
— 8,200 — — 8,200 
Less: Impairment of intangibles(2)
— — 1,700 — 1,700 
Less: Salaries and related expense(2)
34,695 25,445 36,309 624 97,073 
Less: Other segment items(3)
50,659 26,432 106,210 338 183,639 
Income from operations$102,054 $33,517 $13,065 $2,696 $151,332 
(1) There were no inter-segment revenue transactions during any of the periods presented, and therefore, total segment revenue represents consolidated revenue.
(2) The significant expense categories and amounts align with segment-level information that is regularly provided to the CODM.
(3) Other segment items in the Wholesale Footwear, Wholesale Accessories/Apparel, and Direct-to-Consumer segments consist of the following: warehouse and shipping, advertising and promotion, occupancy, depreciation and amortization, and other miscellaneous costs. Other segment items in the Licensing segment consists of advertising and promotion and other miscellaneous costs.
The following table reconciles total segment income from operations to income before provision for income taxes.

Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Total segment (loss) / income from operations$(11,163)$70,957 $69,934 $151,332 
Corporate costs(29,095)(24,087)(56,693)(47,716)
Gain on derivative9,252 — 9,252 — 
Interest and other (expense) / income – net(3,795)1,354 (2,966)2,909 
Loss / (income) before provision for income taxes$(34,801)$48,224 $19,527 $106,525 
The following table presents capital expenditures by segment:

Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Wholesale Footwear$1,030 $727 $2,401 $1,622 
Wholesale Accessories/Apparel225 94 525 188 
Direct-to-Consumer6,020 4,032 11,677 6,244 
Corporate(1)
395 441 2,913 1,218 
Total$7,670 $5,294 $17,516 $9,272 
(1) Corporate does not constitute a reportable segment and includes costs not directly attributable to the segments. These costs are primarily related to expenses associated with corporate executives, corporate finance, corporate social responsibility, legal, human resources, information technology, cybersecurity, and other shared services.
The following table presents depreciation and amortization by segment:

Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Wholesale Footwear$335 $725 $991 $1,375 
Wholesale Accessories/Apparel9 1,226 940 2,291 
Direct-to-Consumer5,057 1,568 7,412 2,980 
Corporate(1)
3,273 1,418 4,583 2,923 
Total$8,674 $4,937 $13,926 $9,569 
(1) Corporate does not constitute a reportable segment and includes costs not directly attributable to the segments. These costs are primarily related to expenses associated with corporate executives, corporate finance, corporate social responsibility, legal, human resources, information technology, cybersecurity, and other shared services.
The following table summarizes revenue by geographic areas:

Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Domestic (1)
$368,068 $428,534 $818,799 $883,324 
International190,932 95,019 293,735 192,610 
Total$559,000 $523,553 $1,112,534 $1,075,934 
(1) Includes revenues of $74,221 and $159,501, respectively, for the three and six months ended June 30, 2025 and $85,666 and $168,123, respectively, for the comparable period in 2024 related to sales to U.S. customers where the title is transferred outside the U.S. and the sale is recorded by the Company's international entities.