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Operating Segment Information (Tables)

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following tables set forth information related to the Company's segments:

For the three months ended,						Wholesale Footwear						Wholesale Accessories/Apparel						Direct-to-Consumer						Licensing						Total
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 profit						68,485						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 Footwear						Wholesale Accessories/Apparel						Direct-to-Consumer						Licensing						Total
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 profit						79,110						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 Footwear						Wholesale Accessories/Apparel						Direct-to-Consumer						Licensing						Total
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 profit						177,176						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 Footwear						Wholesale Accessories/Apparel						Direct-to-Consumer						Licensing						Total
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 profit						187,408						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.

Reconciliation of Operating Profit (Loss) from Segments to Consolidated

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,
						2025						2024						2025						2024
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 derivative						9,252						—						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,
			2025						2024						2025						2024
Wholesale Footwear			$	1,030					$	727					$	2,401					$	1,622
Wholesale Accessories/Apparel			225						94						525						188
Direct-to-Consumer			6,020						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.

Depreciation and amortization

The following table presents depreciation and amortization by segment:

			Three Months Ended June 30,												Six Months Ended June 30,
			2025						2024						2025						2024
Wholesale Footwear			$	335					$	725					$	991					$	1,375
Wholesale Accessories/Apparel			9						1,226						940						2,291
Direct-to-Consumer			5,057						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.

Revenue from External Customers by Geographic Areas

The following table summarizes revenue by geographic areas:

						Three Months Ended June 30,												Six Months Ended June 30,
						2025						2024						2025						2024
Domestic (1)						$	368,068					$	428,534					$	818,799					$	883,324
International						190,932						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.

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Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment.

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Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

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