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Operating Segment Information (Tables)

9 Months Ended

Sep. 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
September 30, 2025
Total revenue(1)						$	266,543					$	176,152					$	221,505					$	3,675					$	667,875
Less: Cost of sales(2)						174,859						123,186						92,455						—						390,500
Gross profit						91,684						52,966						129,050						3,675						277,375
Less: Salaries and related expense(2)						18,153						15,499						35,111						242						69,005
Less: Other segment items(3)						33,417						21,864						98,379						(25)						153,635
Income/(loss) from operations						$	40,114					$	15,603					$	(4,440)					$	3,458					$	54,735

(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
September 30, 2024
Total revenue(1)						$	299,315					$	196,400					$	125,455					$	3,505					$	624,675
Less: Cost of sales(2)						188,537						131,437						45,157						—						365,131
Gross profit						110,778						64,963						80,298						3,505						259,544
Less: Change in valuation of contingent consideration liability(2)						—						(2,584)						—						—						(2,584)
Less: Impairment of intangibles(2)						—						8,635						—						—						8,635
Less: Salaries and related expense(2)						17,866						13,625						18,794						299						50,584
Less: Other segment items(3)						28,657						14,626						60,005						(22)						103,266
Income from operations						$	64,255					$	30,661					$	1,499					$	3,228					$	99,643

(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 nine months ended,						Wholesale Footwear						Wholesale Accessories/Apparel						Direct-to-Consumer						Licensing						Total
September 30, 2025
Total revenue(1)						$	782,827					$	459,774					$	529,071					$	8,737					$	1,780,409
Less: Cost of sales(2)						513,967						318,950						217,823						—						1,050,740
Gross profit						268,860						140,824						311,248						8,737						729,669
Less: Change in valuation of contingent payment liability(2)						—						(2,075)						—						—						(2,075)
Less: Salaries and related expense(2)						53,082						42,632						81,768						753						178,235
Less: Other segment items(3)						87,671						56,343						284,482						344						428,840
Income / (loss) from operations						$	128,107					$	43,924					$	(55,002)					$	7,640					$	124,669

(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 nine months ended,						Wholesale Footwear						Wholesale Accessories/Apparel						Direct-to-Consumer						Licensing						Total
September 30, 2024
Total revenue(1)						$	832,000					$	487,252					$	374,194					$	7,163					$	1,700,609
Less: Cost of sales(2)						533,814						328,694						136,613						—						999,121
Gross profit						298,186						158,558						237,581						7,163						701,488
Less: Change in valuation of contingent payment liability(2)						—						5,616						—						—						5,616
Less: Impairment of intangibles(2)						—						8,635						1,700						—						10,335
Less: Salaries and related expense(2)						52,561						39,070						55,103						923						147,657
Less: Other segment items(3)						79,316						41,059						166,214						316						286,905
Income from operations						$	166,309					$	64,178					$	14,564					$	5,924					$	250,975

(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 September 30,												Nine Months Ended September 30,
						2025						2024						2025						2024
Total segment income from operations						$	54,735					$	99,643					$	124,669					$	250,975
Corporate costs						(23,377)						(25,065)						(80,070)						(72,781)
Gain on derivative						—						—						9,252						—
Interest and other (expense) / income – net						(4,947)						1,400						(7,913)						4,309
Income before provision for income taxes						$	26,411					$	75,978					$	45,938					$	182,503

The following table presents capital expenditures by segment:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
Wholesale Footwear			$	988					$	682					$	3,389					$	2,304
Wholesale Accessories/Apparel			1,105						10						1,630						198
Direct-to-Consumer			8,882						6,033						20,559						12,277
Corporate(1)			588						645						3,501						1,863
Total			$	11,563					$	7,370					$	29,079					$	16,642

(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 September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
Wholesale Footwear			$	774					$	855					$	1,766					$	2,230
Wholesale Accessories/Apparel			874						1,154						1,813						3,445
Direct-to-Consumer			6,767						1,816						14,179						4,796
Corporate(1)			2,767						1,342						7,350						4,265
Total			$	11,182					$	5,167					$	25,108					$	14,736

(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 September 30,												Nine Months Ended September 30,
						2025						2024						2025						2024
Domestic (1)						$	411,991					$	503,269					$	1,230,790					$	1,386,593
International						255,884						121,406						549,619						314,016
Total						$	667,875					$	624,675					$	1,780,409					$	1,700,609

(1) Includes revenues of $62,449 and $221,949, respectively, for the three and nine months ended September 30, 2025 and $77,005 and $245,128, 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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