S&V Weekly Newsletter Vol.11 No.19, May 12 2025
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Steve Madden completes acquisition of Kurt Geiger
1st quarter wholesale marginally up, DTC marginally down
Long Island City, N.Y. (07 May 2025) – Steven Madden Ltd. released its first quarter results and also announced the completion of its acquisition of Kurt Geiger.
Both brands are represented under licensing agreements in SA.
* Revenue increased 0.2% to $553.5 million, compared to $552.4 million in the same period of 2024.
* Gross profit as a percentage of revenue was 40.9%, compared to 40.7% in the same period of 2024.
* Operating expenses as a percentage of revenue were 32.0%, compared to 29.8% in the same period of 2024. Adjusted operating expenses as a percentage of revenue were 30.8%, compared to 29.7% in the same period of 2024.
* Income from operations totalled $53.5 million, or 9.7% of revenue, compared to $56.7 million, or 10.3% of revenue, in the same period of 2024. Adjusted income from operations totalled $56.1 million, or 10.1% of revenue, compared to $61.0 million, or 11.0% of revenue, in the same period of 2024.
* Net income attributable to Steven Madden, Ltd. was $40.4 million, or $0.57 per diluted share, compared to $43.9 million, or $0.60 per diluted share, in the same period of 2024. Adjusted net income attributable to Steven Madden, Ltd. was $42.4 million, or $0.60 per diluted share, compared to $47.0 million, or $0.65 per diluted share, in the same period of 2024.
Revenue for the wholesale business was $439.3 million, a 0.2% increase compared to the first quarter of 2024, including an increase in wholesale footwear revenue of 0.2% and an increase in wholesale accessories/apparel revenue of 0.4%. Gross profit as a percentage of wholesale revenue was 35.7%, up from 35.1% in the first quarter of 2024, with increases in both the wholesale footwear and wholesale accessories/apparel channels.
Direct-to-consumer revenue was $112.1 million, a 0.2% decrease compared to the first quarter of 2024. Gross profit as a percentage of direct-to-consumer revenue was 60.1%, compared to 61.9% in the first quarter of 2024, driven by an increase in promotional activity.
The Company ended the quarter with 314 brick-and-mortar retail stores and five e-commerce websites, as well as 61 company-operated concessions in international markets.
Edward Rosenfeld, Chairman and CEO, commented, “We were pleased with our performance in the first quarter, as our team’s strong execution of our strategy enabled us to deliver earnings results that significantly exceeded expectations. Looking ahead, we face meaningful near-term headwinds and heightened uncertainty due to the impact of new tariffs on goods imported into the United States. We are moving swiftly to adapt to the changing landscape, with a focus on mitigating near-term impacts while positioning the company for long-term growth. We believe our agile business model – combined with our fortress balance sheet – gives us a competitive advantage in dynamic environments, and we are optimistic that the current disruption will create opportunities for market share gains over time.
“We are also thrilled to have completed the acquisition of Kurt Geiger, which adds a powerful new growth engine to our company. The Kurt Geiger London brand continues to demonstrate outstanding momentum, as its unique brand image, high-quality and statement-making styles and compelling value proposition drive success across multiple product categories, led by handbags. Its differentiated and elevated positioning in the market – and its alignment with our strategic initiatives of expanding in international markets, accessories categories and direct-to-consumer channels – make it a highly attractive and complementary addition to our portfolio.”
Global stats firm predicts footwear consumption declines in Malawi and Zambia, growth in Zimbabwe
Global data and business intelligence platform Statista covers footwear among many other industries.
Below are its open-source statistics and 2025 predictions about the footwear industry in Malawi, Zambia and Zimbabwe.
S&V invites feedback from readers on the accuracy of these figures.
Malawi
* Malawi's Footwear market revenue is projected to reach US$69.71m in 2025, with an annual growth rate of -0.26% (CAGR 2025-2030).
* The largest segment in the market is Boots, which is expected to have a volume of US$28.51m in 2025.
* In terms of per capita revenue, in Malawi is projected to generate US$3.16 in 2025.
* The volume of the Footwear market is expected to increase to 2.7m pairs by 2030.
* Additionally, the market is expected to experience a volume growth of -2.7% in 2026.
* In 2025, the average volume per person in the Footwear market is projected to be 0.14pairs.
* Non-Luxury are expected to account for 95% of sales in the Footwear market by 2025.
* Malawi's footwear market is dominated by locally produced, affordable and durable shoes, reflecting the country's focus on sustainability and affordability.
Zambia
* In 2025, the revenue in Zambia's Footwear market is projected to amount to US$150.41m.
* The market is anticipated to grow annually by -1.50% (CAGR 2025-2030).
* The Boots segment is the largest segment in the market, with a market volume of US$72.14m in 2025.
* When considering population figures, per-person revenues of US$6.93 are expected to be generated in 2025.
* The volume in the Zambian Footwear market is projected to reach 4.9m pairs by 2030.
* The market is also expected to show a volume growth of -4.8% in 2026.
* The average volume per person in the Footwear market is expected to amount to 0.29pairs in 2025.
* Lastly, by 2025, 95% of sales in the Footwear market will be attributable to non-luxury.
* Zambia's traditional handmade leather sandals are gaining popularity among tourists and locals alike.
Zimbabwe
* In 2025, the revenue generated in Zimbabwe's Footwear market is expected to reach US$262.98m.
* The market is projected to grow annually by 9.30% (CAGR 2025-2030).
* The Boots segment remains the largest market segment with a market volume of US$137.54m in 2025.
* On a per capita basis, each person is expected to generate revenues of US$15.14 in 2025.
* The volume in the Footwear market is expected to reach 39.6m pairs by 2030.
* In 2026, a volume growth of 8.4% is expected.
* The average volume per person in the Footwear market is expected to be 1.61pairs in 2025.
* By 2025, 98% of sales in the Footwear market will be attributable to non-luxury.
* Footwear production in Zimbabwe is growing with a focus on utilizing locally sourced materials and traditional crafting techniques.
They Said It
"Luckily, I do not smoke, I don’t drink and don’t use drugs, but apparently I am enslaved to opinion pieces." - Sam Setter, the nom de plume of an acerbic leather industry commentator and contributor to S&V African Leather.
Got anything you'd like to share?
Do you have any suggestions, comments or experiences about the industry that you'd like to share with the industry? - tony@svmag.co.za
Birthdays this week
12/05/1946: Gordon Howie, The Runner group, Johannesburg, Gauteng, SA.
12/05/1954: Louise Pelser, retired to Philippolis, Free State, SA, formerly with SAFLEC, Durban.
12/05/1976: Hennie Groenewald, ACA Threads, Cape Town, W Cape, SA.
13/05/1934: Dennis Linde, retired to the W. Cape, formerly SAFLIA, Pinetown, KZN, SA.
13/05/1980: Hayley Mitchell, Silkworm, Johannesburg, Gauteng, SA.
13/05/????: Carol Roberts, Trailmix Trading, Durban, KZN, SA.
14/05/1950: Phillip Fox, Jumbo Footwear, East London, E. Cape, SA.
14/05/1952: Eric Majoor, retired, formerly agent and retailer, Durban, KZN, SA.
14/05/1952: Devan Sukool, Devan's Footwear Agency, Durban, KZN, SA.
15/05/1941: Pieter van Niekerk, retired, formerly Midland Leather KZN (Gringo), Port Shepstone, KZN, SA.
15/05/1963: Michelle Wilson, left the industry, formerly Prime Sole, Harare, Zimbabwe.
15/05/1974: Brett Isaacs, BMI Agencies, Johannesburg, Gauteng, SA.
16/05/1942: Abie Kleinbooi ?.
16/05/1962: Rashid Minty, A.A. Minty, Klerksdorp, N.W. Province, SA.
16/05/1973: Nerisha Jairaj, SAFLEC, Durban, KZN, SA.
17/05/1957: Marie-Ann Neal, commission agent, Cape Town, W. Cape, SA.
18/05/1955: George Newton, Footwear Industry Training (Pty) Ltd, Cape Town, W. Cape, SA.
18/05/1969: Andrew Lofthouse, emigrated, formerly Leather Systems, Port Elizabeth, E. Cape, SA.
18/05/1974: Rudolph de L. Volschenk, Leo D’ Mar, George, W. Cape, SA.
In memoriam this week
12/05/2011: Charles Burger (b. 28/12/1968), Klein Karoo International, Oudtshoorn, W. Cape, SA.
14/05/2010: Peter Edginton (b. 19/11/1949), Front Edge Technologies, Johannesburg, Gauteng, SA.
15/05/2010: Louis Conradie (b. 26/06/1935), Conloo Joinery, Welkom, Free State, SA.
15/05/2024: Leo Vandenheede (b. 07/05/1969), Fanci-Form, Levara (both closed), Pinetown, KZN, SA.
17/05/2002: Johan Wilken (b. 1/11/1925), Klein Karoo International, Oudtshoorn, W. Cape, SA.
17/05/2021: Pierre van Niekerk (b. 19/05/1965), Gringo Leather (closed), Port Shepstone, KZN, SA.
Have you let us know about your birthday, or the birthdays of your colleagues? Our readers love this section, so please become part of it. This also applies to the In Memoriam section. Help us remember former colleagues.
Directory entries updated last week
Leather Finishing Products cc, Pinetown, KZN, SA.
Randy’s Agency, Port Elizabeth, E. Cape, SA.
Fairs & events updated last week
12-14 September 2025: Podiatry Association of SA Congress, Johannesburg, Gauteng, SA.
10-13 January 2026: Expo Riva Schuh and Gardabags autumn/winter, Riva del Garda, Italy.
13-16 June 2026: Expo Riva Schuh and Gardabags spring/summer, Riva del Garda, Italy.
 
Exchange rates
Note: For previous rates, see HERE
1. SA Rand (ZAR)/Lesotho Loti (LSL)/Namibian Dollar (NAD)/Swazi Lilangeni (SZL)
Source: http://www.x-rates.com/calculator/
| |
Euro € |
GBP £ |
US $ |
CNY ¥ |
| 01/03/2025 |
R19.38 |
R23.50 |
R18.68 |
R 2.56 |
| 08/03/2025 |
R19.73 |
R23.53 |
R18.22 |
R 2.52 |
| 15/03/2025 |
R19.78 |
R23.49 |
R18.16 |
R 2.51 |
| 22/03/2025 |
R19.71 |
R23.54 |
R18.22 |
R 2.51 |
| 29/03/2025 |
R19.88 |
R23.77 |
R18.34 |
R 2.52 |
| 05/04/2025 |
R20.93 |
R24.73 |
R19.10 |
R 2.62 |
| 12/04/2025 |
R21.73 |
R25.03 |
R19.13 |
R 2.62 |
| 18/04/2025 |
R21.44 |
R25.00 |
R18.83 |
R 2.57 |
| 26/04/2025 |
R21.23 |
R24.85 |
R18.65 |
R 2.56 |
| 03/05/2025 |
R20.79 |
R24.42 |
R18.40 |
R 2.53 |
| 10/05/2025 |
R20.47 |
R24.20 |
R18.19 |
R 2.51 |
2. Botswana Pula
Source: http://www.x-rates.com/calculator/
| |
Euro € |
GBP £ |
US $ |
CNY ¥ |
| 01/03/2025 |
14.29 |
17.32 |
13.77 |
1.89 |
| 08/03/2025 |
14.78 |
17.63 |
13.65 |
1.88 |
| 15/03/2025 |
14.83 |
17.62 |
13.62 |
1.88 |
| 22/03/2025 |
14.74 |
17.60 |
13.62 |
1.87 |
| 29/03/2025 |
14.71 |
17.57 |
13.58 |
1.87 |
| 05/04/2025 |
15.17 |
17.92 |
13.85 |
1.90 |
| 12/04/2025 |
15.78 |
18.18 |
13.90 |
1.90 |
| 18/04/2025 |
15.67 |
18.27 |
13.76 |
1.88 |
| 26/04/2025 |
15.67 |
18.33 |
13.77 |
1.89 |
| 03/05/2025 |
15.39 |
18.08 |
13.62 |
1.87 |
| 10/05/2025 |
15.28 |
18.06 |
13.58 |
1.87 |
3. Malawian Kwacha (MWK) (buying)
Source: https://www.rbm.mw/
| |
Euro € |
GBP £ |
US $ |
ZAR |
| 01/03/2025 |
1836.44 |
2224.46 |
1717.02 |
95.68 |
| 08/03/2025 |
1912.31 |
2278.93 |
1717.02 |
97.50 |
| 15/03/2025 |
1917.62 |
2286.82 |
1717.02 |
96.82 |
| 22/03/2025 |
1916.03 |
2286.89 |
1717.02 |
97.27 |
| 29/03/2025 |
1907.36 |
2287.95 |
1717.02 |
97.04 |
| 05/04/2025 |
1956.35 |
2309.52 |
1717.02 |
93.40 |
| 12/04/2025 |
2004.45 |
2308.11 |
1717.02 |
91.33 |
| 18/04/2025 |
2009.58 |
2339.94 |
1717.02 |
93.66 |
| 26/04/2025 |
2006.57 |
2351.62 |
1717.02 |
94.02 |
| 03/05/2025 |
2002.68 |
2353.74 |
1717.02 |
96.02 |
| 10/05/2025 |
1988.00 |
2342.77 |
1717.02 |
97.06 |
4. Zambian Kwacha (ZMW) (buying)
Source: https://www.boz.zm/
| |
Euro € |
GBP £ |
US $ |
ZAR |
| 01/03/2025 |
29.67 |
35.91 |
28.51 |
1.54 |
| 08/03/2025 |
31.07 |
36.95 |
28.59 |
1.57 |
| 15/03/2025 |
31.17 |
37.02 |
28.61 |
1.57 |
| 22/03/2025 |
31.21 |
37.25 |
28.82 |
1.58 |
| 29/03/2025 |
30.80 |
36.95 |
28.55 |
1.57 |
| 05/04/2025 |
30.69 |
36.18 |
27.84 |
1.46 |
| 12/04/2025 |
32.17 |
37.01 |
28.19 |
1.46 |
| 18/04/2025 |
28.42 |
37.65 |
32.29 |
1.51 |
| 26/04/2025 |
31.80 |
37.33 |
28.02 |
1.48 |
| 03/05/2025 |
31.59 |
37.06 |
27.84 |
1.51 |
| 10/05/2025 |
29.81 |
35.19 |
26.47 |
1.45 |
5. Zimbabwe Gold (ZiG)
Source: Source: https://www.rbz.co.zw/
| |
Euro € |
GBP £ |
US$ |
ZAR |
| 01/03/2025 |
ZIG 27.59 |
ZIG 33.42 |
ZIG 26.56 |
ZIG 0.69 |
| 08/03/2025 |
ZIG 28.79 |
ZIG 34.32 |
ZIG 26.64 |
ZIG 0.68 |
| 15/03/2025 |
ZIG 28.91 |
ZIG 34.51 |
ZIG 26.66 |
ZIG 0.68 |
| 22/03/2025 |
ZIG 28.90 |
ZIG 34.52 |
ZIG 26.70 |
ZIG 0.68 |
| 29/03/2025 |
ZIG 28.85 |
ZIG 34.60 |
ZIG 26.74 |
ZIG 0.68 |
| 05/04/2025 |
ZIG 29.68 |
ZIG 35.06 |
ZIG 26.78 |
ZIG 0.70 |
| 12/04/2025 |
ZIG 30.29 |
ZIG 34.88 |
ZIG 26.81 |
ZIG 0.72 |
| 18/04/2025 |
ZIG 30.44 |
ZIG 35.41 |
ZIG 26.79 |
ZIG 0.71 |
| 26/04/2025 |
ZIG 30.38 |
ZIG 35.62 |
ZIG 26.80 |
ZIG 0.70 |
| 03/05/2025 |
ZIG 30.33 |
ZIG 35.71 |
ZIG 26.81 |
ZIG 0.68 |
| 10/05/2025 |
ZIG 30.11 |
ZIG 35.49 |
ZIG 26.84 |
ZIG 0.68 |
Note: For previous rates, see HERE
ABSA Agri Trends: Hides & skins prices
Johannesburg, Gauteng, SA (09 May 2025) – The current average hide price decreased by 3.59% to R2.897/kg from R3.004/kg a week ago. The current price is 3.27% higher than the average price a month ago and was 9.8% lower than the average price a year ago. The range of prices reported was as follows: Minimum price: R2.00 Maximum price: R3.00. Please note: Our methodology weighs the prices we collect according to the number of hides they sell in a month. This is done to make it more representative of the prevailing market price. NB* Hide prices are determined by the average of the RMAA (Red Meat Abattoir Association) and independent companies. - Marlene Louw, senior agricultural economist, Nkhensani Mashimbyi, agricultural economist, and Zama Sangweni, agricultural economist, ABSA group.
Note: For previous prices, see HERE
Have a look at these links
We invite businesses to send us links to websites, Facebook pages and the like which they feel would be of interest to others. The links below are from our database:
Handel Street (Pty) Ltd, Roodepoort, Gauteng, SA. Motor vehicle aftermarket.
Handel Street Medical, Durban, KZN, SA. Textile face mask and disposable shoe cover manufacturer.
THIS WEEK LAST YEAR!
ILO, DTIC and CIPC to study illegal imports, make recommendations to stop them
Wage negotiations: General Goods & Handbags – NULAW settles
R-CTFL criticism: Patel calls for manufacturer-chain meetings
READ IT HERE - S&V Weekly Newsletter Vol.10 No.20, May 13 2024
THIS WEEK FIVE YEARS AGO!!
Restarting retail
- A.P. Jones: A slow trickle, and glad of it
- The Athlete's Foot: Better than expected
- Ginger Bhagwandas: Demand for sandals
- Louis Shoes: Much better than expected
Stock Exchange News Service (SENS)
- HomeChoice - AR and AGM notice
- Mr Price: Publication of final results
Covid-19: More DTIC notifications
READ IT HERE - S&V Weekly Newsletter Vol.6 No.19, May 11, 2020
Contact us
News & Classifieds: Tony Dickson, +27 (0)31 209 7505, tony@svmag.co.za
Next newsletter: Monday 19 May, 2025. Ad and editorial deadline Friday 16 May.
SAFLIA enquiries: Tel 0800SAFLIA * Email info@saflia.co.za * Website http://www.saflia.co.za
Our website www.svmag.co.za
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