Description of Steven Madden Ltd's Business Segments
Wholesale Footwear Segment
Steve Madden Womens. We design, source and market our Steve Madden brand to
department stores, specialty stores, luxury retailers, value priced retailers,
national chains, mass merchants, online retailers and catalog retailers throughout
the United States. The Steve Madden brand has become a leading life-style brand
in the fashion conscious marketplace. Steve Madden Womens offers fashion forward
footwear designed to appeal to customers (primarily women ages 16 to 35) seeking
exciting, new footwear designs at affordable prices. New products for Steve
Madden Womens are test marketed at Company-owned retail stores. Typically,
within a few days, we can determine if the test product appeals to our customers.
This enables us to use our flexible sourcing model to rapidly respond to changing
trends and customer preferences, which we believe is essential for success in
the fashion industry.
Madden Girl. We design, source and market a full collection of directional young
womens shoes under the Madden Girl® brand. Madden Girl is geared for young
women ages 16 to 23, and is an “opening price point” brand currently
sold at major department stores, mid-tier retailers and specialty stores.
Steve Madden Mens. We design, source, and market a life style collection of
mens footwear for the fashion forward man, ages 18 to 45 years old, under the
Steve Madden® brand. Retail channels include major department stores, mid-tier
department stores, better specialty stores, online retailers and independent
shoe stores throughout the United States. Price points for Steve Madden Mens
products range from $70 to $150 at retail.
Madden. The Madden® brand is a streetwear focused collection of footwear
geared to meet the trend directions of the 13 to 21 year old fashion consumer.
Madden products range from $45 to $85 and are sold to national specialty stores,
better department stores, mid-tier department stores, online retailers and independent
specialty stores.
Steven. We design, source and market womens fashion footwear under the Steven®
trademark through major department and better footwear specialty stores throughout
the United States as well as in our retail stores. Priced a tier above the Steve
Madden brand, Steven products are designed to appeal principally to fashion
conscious women, ages 25 to 45, who shop at department stores and footwear boutiques.
Stevies and Steve Madden Kids. Our Stevies and Steve Madden Kids brands are
designed, sourced and marketed to appeal to young girls, ages six to 12, and
are sold at department stores, specialty stores, online retailers and independent
boutiques throughout the United States.
Betsey Johnson. On October 5, 2010, the Company acquired the Betsey Johnson®
trademark and substantially all other intellectual property of Betsey Johnson
LLC. Products branded under the Betsey Johnson shoe brand are distributed through
department stores and online retailers.
Superga. On February 9, 2011, the Company entered into a license agreement with
Basic Properties America Inc. and BasicNet S.p.A., for the use of the Superga®
trademark in connection with the marketing and sale of footwear. Founded in
Italy in 1911, Superga is recognized for its fashion sneakers in a wide range
of colors, fabrics and prints for women, men and children.
FREEBIRD by Steven. We design, source, and market a full collection of handcrafted,
Goodyear welted boots. The designs are inspired by vintage Americana and created
using time-honored craftsmanship. The FREEBIRD by Steven® collection conveys
a unique fashion life style that transcends multiple generations. FREEBIRD by
Steven products are currently sold, at retail prices ranging from $195 to $450
at major department stores, mid-tier retailers, and specialty boutiques.
Report. The Report and Report Signature brands were acquired in our May 2011
acquisition of Topline Corporation ("Topline"). We design, manufacture,
market and sell our Report branded products to major department stores, mid-tier
department stores and independently-owned boutiques throughout the United States.
Mad Love. Formed in April 2011 as a joint venture with the Company, the Mad
Love® brand is an exclusive beach-to-the-street life style brand created
to appeal to women with a young attitude and active life style and marketed
to Target.
Dolce Vita. In August 2014, the Company acquired the Dolce Vita® and DV®
brands and other intellectual property assets in the acquisition of Dolce Vita
Holdings, Inc. The Dolce Vita brand is a contemporary womens footwear brand
with price points ranging from $120 to $350. The DV brand, which is designed
for younger fashion conscious women, has price points ranging from $60 to $200.
Both brands are distributed through department stores and online retailers.
Brian Atwood. In March 2014, the Company acquired the Brian Atwood® designer
brand and the B Brian Atwood® contemporary brand from Brian Atwood IP Company
LLC. Founded in 2011, Brian Atwood is known for luxury shoes manufactured in
Italy.
Blondo. In January 2015, the Company acquired the intellectual property and
related assets of Blondo, a fashion-oriented footwear brand specializing in
waterproof leather boots. Founded over 100 years ago, Blondo products are sold
to wholesale customers, including better department stores and specialty boutiques
in both the United States and Canada.
International Division. The International division, utilizing the brands discussed
above, markets products to better department stores, major department stores,
mid-tier department stores, specialty stores, luxury retailers, value priced
retailers, national chains, mass merchants and catalog retailers throughout
Canada, Mexico and South Africa. In addition the International division works
through special distribution arrangements for the marketing and sales of our
products in Asia, Australia, Europe, India, the Middle East, South and Central
America and New Zealand.
Private label business. We design, source and market private label footwear
primarily to mid-tier chains and mass market merchants. In addition, we design,
source and market footwear for third party brands, such as Material Girl®
and Candies®.
Wholesale Accessories Segment
Our Wholesale Accessories segment designs, sources and markets name brands (including
our Steve Madden®, Steven by Steve Madden®, Madden Girl®, Betsey
Johnson®, Betseyville®, Big Buddha®, B Brian Atwood® and Luv
Betsey® brands) and private label fashion handbags and accessories to department
stores, mass merchants, value priced retailers, online retailers and specialty
stores throughout the United States, Canada and Mexico. In addition, we market
and sell cold weather accessories,
fashion scarves, wraps and other trend accessories primarily under our Cejon®
and Steve Madden® brand names and private labels to department stores and
specialty stores.
Retail Segment
We anticipate that the Retail segment can enhance the Companys overall sales
and profitability while increasing recognition for our brands. Additionally,
our retail stores enable us to evaluate the appeal of new products and designs
to our customers and respond accordingly, which, in turn, strengthens the product
development efforts of our two Wholesale segments.
First Cost Segment
The First Cost segment earns commissions for serving as a buying agent for
footwear products under private labels for many of the large mass-market merchandisers,
shoe chains and other mid-tier retailers. As a buying agent, we utilize our
expertise and our relationships with shoe manufacturers to facilitate the production
of private label shoes to customer specifications. We believe that by operating
in the private label, mass merchandising market provides us additional non-branded
sales opportunities and leverages our overall sourcing and design capabilities.
Currently, our First Cost segment earns commissions serving as a buying agent
for the procurement of womens, mens and childrens footwear for large retailers,
including, Kohls, K-Mart and Payless. In addition, by leveraging the strength
of our Steve Madden brands and product designs, we have been able to partially
recover our design, product and development costs from our suppliers.
Licensing Segment
We license our Steve Madden®, Steven by Steve Madden® and Madden Girl®
trademarks for use in connection with the manufacture, marketing and sale of
outerwear, hosiery, activewear, sleepwear, jewelry, watches, hair accessories,
umbrellas, bedding, luggage, and men’s leather accessories. In addition,
the Company licenses the Betsey Johnson®, Betseyville® and Dolce Vita®
trademarks for use in connection with the manufacture, marketing and sale of
womens and children’s apparel, hosiery, swimwear, outerwear, sleepwear,
activewear, jewelry, watches, bedding, luggage, stationary, umbrellas, and household
goods. Most of our license agreements require the licensee to pay us a royalty
based on actual net sales, a minimum royalty in the event that specified net
sales targets are not achieved and a percentage of sales for advertising the
brand.
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