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Goodwill and Other Intangible Assets | 9 Months Ended
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Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | Note 11 – Goodwill and Other Intangible Assets The following provides a rollforward of the carrying amount of goodwill by reporting unit for the period ended September 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) |  | 17,300 |  |  | 8,638 |  |  | 62,603 |  |  | 88,541 |
Translation |  | 822 |  |  | (7) |  |  | 743 |  |  | 1,558 |
Balance at September 30, 2025 |  | $ | 108,123 |  |  | $ | 84,214 |  |  | $ | 81,499 |  |  | $ | 273,836 |
(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 $84,167 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 September 30, 2025:
|  | Estimated Lives |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
Trademarks |  | 10-20 years |  | $ | 16,075 |  |  | $ | (16,075) |  |  | $ | — |
Customer relationships(1) |  | 10-20 years |  | 112,605 |  |  | (33,662) |  |  | 78,943 |
Re-acquired rights |  | 2 years |  | 1,450 |  |  | (1,252) |  |  | 198 |
Total finite-lived other intangible assets |  |  |  | 130,130 |  |  | (50,989) |  |  | 79,141 |
Re-acquired right |  | indefinite |  | 25,085 |  |  | — |  |  | 25,085 |
Trademarks(1) |  | indefinite |  | 173,042 |  |  | — |  |  | 173,042 |
Total indefinite-lived other intangible assets |  |  |  | 198,127 |  |  | — |  |  | 198,127 |
Total other intangible assets |  |  |  | $ | 328,257 |  |  | $ | (50,989) |  |  | $ | 277,268 |
(1) During the second quarter of 2025, the Company acquired trademarks of $114,987 and customer relationships of $50,581 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, at the beginning of the third quarter, and whenever events or changes in circumstances indicate that it is more likely than not that the fair value of an asset is less than its carrying amount. From time to time, the Company performs a quantitative impairment test instead of a qualitative assessment to reassess the fair values of its reporting units and indefinite-lived intangible assets. Quantitative impairment assessments of goodwill and other indefinite-lived intangible assets were performed as of July 1, 2025. Based on these assessments, the Company concluded that the fair values of its reporting units and indefinite-lived intangible assets exceeded their respective carrying amounts. Accordingly, no impairment charges were recorded during the three and nine months ended September 30, 2025. Finite-lived intangible assets are amortized over their estimated useful lives and are reviewed for impairment whenever events or circumstances indicate that the carrying amount may not be recoverable. During the three and nine months ended September 30, 2025, no impairment charges were recorded related to the Company’s finite-lived intangible assets. 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. During the third quarter of 2024, the Company completed the sale of its GREATS® business. As part of the divestiture, the remaining carrying amounts of the net intangible assets of GREATS®, which included a trademark of $4,287 and customer relationships of $861, were written off, resulting in a total charge of $5,148, which was recorded within operating expenses in our Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2024. See Note 3 – Acquisitions and Joint Ventures for further information. Amortization The amortization of intangible assets amounted to $1,756 and $4,256 for the three and nine months ended September 30, 2025, respectively, and $1,147 and $3,270 for the three and nine months ended September 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 September 30, 2025 was as follows:
2025 (remaining three months) | $ | 1,640 |
2026 | 5,780 |
2027 | 5,527 |
2028 | 5,491 |
2029 | 5,395 |
Thereafter | 55,308 |
Total | $ | 79,141 |

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