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Strong year for Steve Madden

17/01/2018
Footwear group Steve Madden achieved sales of $1.5 billion in 2017, an increase of 10.5% compared to the previous year.

Total wholesale sales for the year were $1.3 billion, 12.1% higher than in 2016, while retail sales increased 3.6%. 

“Overall, 2017 was a strong year for Steve Madden,” said Edward Rosenfeld, Steve Madden chairman and CEO. “We delivered robust sales and earnings growth driven by the outstanding performance of our flagship Steve Madden brand in the wholesale channel. We also took a number of steps to position the company for future growth, including the acquisition of Schwartz & Benjamin and the formation of new joint ventures in China and Taiwan.” 

When reporting its third quarter sales in November, Steve Madden said it had been affected by the entry of retail group Payless Shoesource’s into chapter 11 bankruptcy protection. The group has since exited chapter 11 but closed a significant number of its stores. Steve Madden produces private-label footwear for Payless.

Related stories:

Steve Madden faces ‘headwind’ from Payless collapse 06/03/2019
Steve Madden rejects YSL accusations 24/08/2018
Steve Madden “off to a good start” in 2018 25/04/2018
Payless Shoesource closures hit Steve Madden results 08/11/2017
Steve Madden boosted by wholesale sales 26/04/2017
Women’s business props up Steve Madden 01/03/2017
Steve Madden snaps up family-owned footwear business 01/02/2017
Steve Madden to rethink Asian distribution in 2017 11/01/2017

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