CEO Edward Rosenfeld revealed that Steve Madden is proactively adapting to political challenges, stating, "We have been planning for a potential scenario in which we would have to move goods out of China more quickly." This adaptability showcases the company's long-term strategies for mitigating risks associated with sourcing from China.
With more than 70% of Steve Madden's U.S. imports currently coming from China, the company plans to decrease this by 40-45%, diversifying its sourcing to countries like Cambodia and Vietnam.
Rosenfeld further noted, "In one year, about one-quarter of the company's overall business is expected to be subject to potential China tariffs," emphasizing the necessity of their shift in sourcing to avoid potential financial impacts.
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