Steven Madden, Ltd. Files Definitive Proxy Statement

TL;DR

<b>Steven Madden, Ltd. has filed its Definitive Proxy Statement for the fiscal year ending December 31, 2023.</b>

AI Summary

STEVEN MADDEN, LTD. (SHOO) filed a Proxy Statement (DEF 14A) with the SEC on April 10, 2024. Steven Madden, Ltd. filed a Definitive Proxy Statement (DEF 14A) on April 10, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal executive offices are located at 52-16 Barnett Ave, Long Island City, NY 11104. The filing includes data related to equity awards and compensation for the fiscal years 2020 through 2023. Steven Madden, Ltd. is classified under SIC code 3140 for Footwear, (No Rubber).

Why It Matters

For investors and stakeholders tracking STEVEN MADDEN, LTD., this filing contains several important signals. This DEF 14A filing provides shareholders with crucial information regarding executive compensation, board nominations, and other matters to be voted on at the company's annual meeting. Shareholders can review details on equity awards and their fair value changes over the past few fiscal years, which may influence voting decisions on executive compensation proposals.

Risk Assessment

Risk Level: low — STEVEN MADDEN, LTD. shows low risk based on this filing. The filing is a routine DEF 14A, providing standard disclosures without immediate financial performance indicators or significant strategic shifts.

Analyst Insight

Review the executive compensation details and voting proposals within the DEF 14A to inform your investment decisions and proxy voting.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting Period)
• 2024-04-10 — Filing Date (Submission Date)
• 3140 — SIC Code (Industry Classification)

Key Players & Entities

• STEVEN MADDEN, LTD. (company) — Filer
• DEF 14A (document) — Filing Type
• 2024-04-10 (date) — Filing Date
• 2023-12-31 (date) — Reporting Period End Date
• 52-16 BARNETT AVE (address) — Business Address
• LONG ISLAND CITY (location) — Business Address City
• NY (location) — Business Address State
• 11104 (postal_code) — Business Address Zip

FAQ

Industry Context

Steven Madden, Ltd. operates in the footwear industry, classified under SIC code 3140.

Regulatory Implications

The filing is a DEF 14A, a standard disclosure document required by the SEC for public companies.

What Investors Should Do

1. Review the executive compensation tables for details on awards and total compensation.
2. Examine the proposals to be voted on by shareholders at the annual meeting.
3. Note the company's fiscal year end and filing date for tracking purposes.

Key Dates

• 2024-04-10: Filing Date — Definitive Proxy Statement filed
• 2023-12-31: Fiscal Year End — Period covered by the filing

Year-Over-Year Comparison

This filing is a DEF 14A for the fiscal year ending 2023, following previous filings for earlier fiscal years.

Key Financial Figures

• $2.0 b — or the year, our revenue declined 7% to $2.0 billion, and Adjusted diluted EPS decreas
• $2.45 — d Adjusted diluted EPS decreased 12% to $2.45. While our financial performance was no
• $381 m — ment. International revenue grew 11% to $381 million, or 19% of total revenue. The EME
• $142 million — and robust free cash flow to repurchase $142 million in stock and pay $63 million in dividen
• $63 million — epurchase $142 million in stock and pay $63 million in dividends. Since 2013, we have retur
• $1.5 billion — ce 2013, we have returned approximately $1.5 billion to stockholders in the form of share re
• $0.0001 — holders of record of our common stock, $0.0001 par value (the "Common Stock"), at the

Filing Documents

• formdef14a.htm (DEF 14A) — 1924KB
• formdef14a_001.jpg (GRAPHIC) — 3KB
• formdef14a_002.jpg (GRAPHIC) — 3KB
• formdef14a_003.jpg (GRAPHIC) — 2KB
• formdef14a_004.jpg (GRAPHIC) — 15KB
• formdef14a_011.jpg (GRAPHIC) — 34KB
• formdef14a_012.jpg (GRAPHIC) — 33KB
• formdef14a_013.jpg (GRAPHIC) — 33KB
• formdef14a_014.jpg (GRAPHIC) — 32KB
• proxy_001.jpg (GRAPHIC) — 450KB
• proxy_002.jpg (GRAPHIC) — 581KB
• 0001493152-24-014177.txt (&nbsp;) — 5857KB
• shoo-20231231_pre.xml (EX-101.PRE) — 45KB
• shoo-20231231_lab.xml (EX-101.LAB) — 67KB
• shoo-20231231_def.xml (EX-101.DEF) — 11KB
• shoo-20231231.xsd (EX-101.SCH) — 6KB
• formdef14a_htm.xml (XML) — 179KB

From the Filing

UNITED SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 14A (RULE 14A-101) INFORMATION REQUIRED IN PROXY STATEMENT SCHEDULE 14A INFORMATION PROXY SECURITIES EXCHANGE ACT OF 1934 (AMENDMENT NO. __) Filed by the Registrant Filed by a Party other than the Registrant Check the appropriate box: Preliminary Proxy Statement Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) Definitive Proxy Statement Definitive Additional Materials Soliciting Material under 240.14a-12 Steven Madden, Ltd. (Name of Registrant as Specified in Its Charter) (Name of Person(s) Filing Proxy Statement, if other than the Registrant) Payment of Filing Fee (Check all boxes that apply): No fee required. Fee paid previously with preliminary materials. Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11. STEVEN MADDEN, LTD. 52-16 Barnett Avenue Long Island City, New York 11104 April 10, 2024 DEAR STOCKHOLDERS, 2023 was a challenging year for Steve Madden, as our wholesale customers took a cautious approach to orders and consumers pulled back on discretionary spending. For the year, our revenue declined 7% to $2.0 billion, and Adjusted diluted EPS decreased 12% to $2.45. While our financial performance was not up to our standards, we drove sequential improvement each quarter throughout the year in both revenue and earnings compared to the prior year, and we took important steps to position Steve Madden for long-term success. Despite the headwinds, our team remained focused on executing our strategy for long-term growth, the foundation of which is driving closer connections with consumers through the combination of consistently trend-right product assortments and effective consumer engagement, thereby enabling success with our four key long-term business drivers, outlined below. GROWING OUR INTERNATIONAL BUSINESS Our international business has been the fastest-growing part of our company over the last several years, and the momentum continued in 2023 despite the challenging macro environment. International revenue grew 11% to $381 million, or 19% of total revenue. The EMEA region was a standout, with revenue increasing 24% compared to 2022 driven by strong growth in Europe, South Africa and our new Middle East joint venture. We also saw exceptional performance in Mexico, with revenue increasing 36% as we capitalized on our market-leading position there. EXPANDING OUTSIDE OF FOOTWEAR Expanding our business in categories outside of footwear like accessories and apparel is another of our key growth initiatives. In 2023, our overall accessories and apparel revenue increased 10% compared to 2022, or 1% excluding our new acquisition Almost Famous. Our Steve Madden handbag business was the highlight, with revenue increasing 37% including strong growth in both wholesale and direct-to-consumer channels and both domestic and international markets. We also broadened our footprint outside of footwear with the acquisition of Almost Famous, a designer and marketer of women's apparel. Almost Famous' core expertise is in the junior apparel category and in value-priced distribution channels, making it a strong complement to our existing Steve Madden apparel business, which is focused on contemporary styling and is primarily distributed in department stores and e-commerce retailers. We intend to utilize the Almost Famous platform to introduce Madden Girl apparel and grow Madden NYC apparel. This will enable us to implement in apparel the strategy that has been successful for us in footwear and accessories, which is to utilize the Steve Madden brand portfolio – including Steve Madden, Madden Girl and Madden NYC – to reach customers in all tiers of distribution from premium channels through mass. DRIVING DIRECT-TO-CONSUMER LED BY DIGITAL Our third key business driver is driving our direct-to-consumer business, led by digital. After strong growth in this business in 2021 and 2022, our DTC revenue declined 3% in 2023. If we compare to pre-COVID 2019, however, our DTC business is up nearly 60% in revenue and nearly 200% in operating profit. We expect to return to year-over-year growth in this business in 2024, and going forward, continuing to drive expansion in DTC channels will remain a top priority. STRENGTHENING OUR CORE U.S. WHOLESALE FOOTWEAR BUSINESS Our final key long-term business driver is strengthening our core U.S. wholesale footwear business. 2023 was a uniquely challenging year in the U.S. wholesale footwear channel, as many of our customers entered the year with excess inventory and reduced orders significantly in efforts to right-size inventory levels. After a steep revenue decline in the first half, the trend in this business improved significantly in the back half. Looking ahead, inventories in the channel are much healthier than they were a year ago, and we are positioned to return to ye

View Full Filing

View this DEF 14A filing on SEC EDGAR