Steve Madden CEO Says Retailers Are ‘Cautious’ on the Fashion Boot Category

Despite the outlook, Rosenfeld noted that boots sales in July have thus far been up compared to the prior year period.

Steve Madden is taking a cautious approach to fashion boots this fall.

In a call with analysts discussing the brand’s second quarter earnings results, Steve Madden chairman and chief executive officer Edward Rosenfeld said the company has taken a “fairly conservative look” at the fashion boot category, within its own direct-to-consumer channels and across its wholesale accounts.

“The industry and the wholesale customers, I think, are cautious overall on the fashion boot category,” Rosenfeld said. “Our wholesale customers are planning that category conservatively. We have obviously built that into our forecast here.”

Despite the outlook, Rosenfeld noted that boots sales in July have thus far been up compared to the prior year period. However, he noted that it is still too early in the season to make a judgement call about how sales in the category will ultimately turn out.

“I feel good about the product assortment that we have and some of the early indications we have on those products,” Rosenfeld said. “So [we’re] certainly hoping that can be a source of potential upside.”

In the event that demand for boots picks up, Rosenfeld said that the brand will be in a strong position to chase inventory for retailers. Steve Madden makes its boots in Mexico, which means reduced transit times on orders to the U.S.

For the second quarter, Steve Madden reported that wholesale revenues were up 22.5 percent over the prior year to $385.3 million. Wholesale footwear revenue was up 0.9 percent and wholesale accessories and apparel revenue increased 86 percent. The Q2 wholesale lift follows a particularly rough year for U.S. wholesale in 2023. According to Rosenfeld, a focus on strong product will help turn the tide on the channel for Steve Madden.

“What we are doing is just focusing on what we can control, and that’s delivering the right product that resonates with consumers,” Rosenfeld said. “History tells us that when we do that, eventually, we’ll see that in the numbers in the wholesale channel.”