Steve Madden to rethink Asian distribution in 2017
11/01/2017
The group’s wholesale division saw a 5.1% drop in revenue to $251.5 million, but that was offset somewhat by a 7.1% increase in retail sales, which totalled $84.9 million.
For the 2016 fiscal year, total sales were $1.4 billion, a 0.4% decrease year-on-year.
Edward Rosenfeld, chairman and CEO of Steve Madden, said he was pleased with the fourth quarter performance, which came “despite the challenging retail environment”.
“Sales were lower than anticipated, due largely to softness in cold weather accessories as well as our decision to wind down our relationship with our distributor in Asia as we plan to transition to a new business model in the region in 2017,” he explained.
Share this story:
