Research · Sep 3, 2026
[SHOO] Steve Madden Thesis 2026: Almost Famous Apparel + Saucony License Test Footwear Adjacency Expansion
Steve Madden FY2025 revenue ~$2.13B (+3-5% YoY); adj. EBITDA ~$230M at ~10.8% margin (recovered modestly from FY2024 trough). Almost Famous (apparel) acquisition March 2024 added ~$80-120M revenue at slightly lower margins; Saucony women's footwear license launching FY2025-FY2026. Wholesale ~70% of revenue stable; retail ~25%. FY2026 thesis: Almost Famous integration delivering $400-500M revenue at 10%+ EBITDA margin; Saucony license generating $50-100M; tariff mitigation (sourcing shift China→Cambodia/Indonesia) preventing margin erosion if Section 301 tariffs escalate; core Steve Madden brand 5%+ growth via continuous design refresh.