Steve Madden designs, sources, and sells fashion footwear, handbags, and accessories under a portfolio of owned and licensed brands. The flagship Steve Madden brand targets 18-to-40-year-olds across women's and men's shoes — dress, boots, sneakers, sandals, and casuals — positioned as trend-right and accessible at a moderate price point. A key differentiator is Steve Madden's "test and react" model: new styles are tested in company-owned stores and e-commerce, and only winning styles are scaled to wholesale customers, reducing overproduction risk and improving sell-through. In May 2025, Steve Madden acquired Kurt Geiger, a London-based accessible luxury handbag brand, for ~£289M, adding a high-growth second pillar to the portfolio. Steve Madden sells through two main channels: wholesale (~66% of revenue), which spans department stores, off-price retailers, mass merchants, and online retailers; and direct-to-consumer (~34% of revenue), through company-owned stores, international concessions, and branded e-commerce sites. Products are entirely sourced from third-party manufacturers, historically concentrated in China but diversified toward Cambodia, Vietnam, Mexico, and Brazil. Gross margins differ significantly by channel — wholesale runs in the low-to-mid 30% range, while DTC runs in the low 60% range — making channel mix a key profitability driver. Steve Madden's growth strategy centers on international expansion, growing handbags and accessories, shifting mix toward DTC, and scaling Kurt Geiger toward $1B in revenue over time.