Steven Madden Sustains Global Momentum Through Diversified International Growth

Steven Madden Ltd. [SHOO] is strategically positioned to maintain sustained expansion internationally, leveraging geographic diversification and strengthened brand presence across key markets. The company’s management team projects steady growth for core Steven Madden brand revenues outside the United States throughout the coming fiscal year, with expansion opportunities spread evenly across three primary regions—EMEA, APAC and the Americas excluding the United States. This balanced distribution reflects genuine consumer demand across multiple geographies rather than dependence on any single market, providing a stable foundation for long-term revenue generation.

Kurt Geiger Platform Accelerates International Market Penetration

The strategic integration of Kurt Geiger London has proven transformational for Steven Madden’s international footprint. During the third quarter of 2025, Kurt Geiger delivered mid-teens comparable sales growth, driven by strong market reception to its distinctive design aesthetic and impactful marketing initiatives. The brand demonstrated consistent strength across the U.K., United States and continental European markets, reinforcing management’s conviction in its ability to scale globally over time.

Steven Madden is capitalizing on this momentum by deploying its established international distribution infrastructure to unlock new revenue opportunities. The company plans to introduce Kurt Geiger into additional markets through its network of existing partners, while simultaneously strengthening its overall U.K. presence using Kurt Geiger as a platform for local expansion. These synergy initiatives are anticipated to generate increasingly material contributions to financial results beginning in the latter half of 2026, as distribution channels mature and market penetration deepens.

Direct-to-Consumer Channels Drive Margin Expansion and Global Reach

From a channel strategy perspective, international direct-to-consumer operations represent a core pillar of Steven Madden’s growth model. Kurt Geiger channels over 70% of its revenues through DTC mechanisms, providing the company with enhanced brand control and supporting higher long-term profitability potential. The company concluded the quarter with 133 international concessions and advanced its global e-commerce capabilities, strengthening consumer touchpoints across regions and supporting sustained customer engagement.

The robust performance of DTC channels simultaneously improves the company’s ability to maintain pricing discipline and gather first-hand consumer insights, creating a virtuous cycle for future product development and market expansion. This channel strength is fundamental to sustaining the elevated growth rates management expects over the coming years.

International Growth Trajectory and Outlook

Looking forward, Steven Madden’s management team anticipates that international markets will remain a dependable source of growth. The company’s combination of diversified sourcing, measured expansion discipline and strong brand resonance positions it well to maintain double-digit international growth for Kurt Geiger while supporting steady expansion across its core brands. For fiscal 2025, the company expects international revenues to expand 63.4% year over year, underscoring the scale of opportunity ahead.

Stock Performance Reflects Market Recognition

Shares of Steven Madden have gained 76.8% over the past six months, substantially outpacing the 15.2% decline witnessed across the specialty retail industry. This outperformance reflects investor recognition of the company’s strategic execution and international growth potential.

From a valuation perspective, Steven Madden is trading at a forward 12-month price-to-sales ratio of 1.16X, trading below the industry average of 1.74X. This valuation discount, combined with the company’s demonstrated execution capability, suggests potential for multiple expansion if international growth materializes as anticipated.

Earnings Outlook and Estimate Revisions

The Zacks Consensus Estimate for Steven Madden’s fiscal 2025 earnings implies a year-over-year decline of 37.1%, primarily reflecting normalization from elevated prior-year levels. However, fiscal 2026 estimates point toward earnings growth of 27.4%, indicating analyst expectations for a meaningful recovery in profitability as scale efficiencies and operating leverage benefit the bottom line.

Notably, estimates for both fiscal 2025 and 2026 have been revised upward by 1 cent and 2 cents respectively over the past 30 days, suggesting emerging analyst confidence in the company’s trajectory. Steven Madden currently carries a Zacks Rank #2 (Buy), reinforcing the institutional research community’s constructive stance.

Competitive Positioning Among Specialty Retail Leaders

Several peers within specialty retail merit consideration alongside Steven Madden. FIGS Inc. [FIGS], a direct-to-consumer healthcare apparel brand, holds a Zacks Rank #1 (Strong Buy) designation. FIGS consensus estimates point to earnings growth of 450% and revenue growth of 7.1%, while the company has delivered a trailing four-quarter average earnings surprise of 87.5%.

American Eagle Outfitters Inc. [AEO], a specialty retailer of casual apparel and footwear, maintains a Zacks Rank of 1. Consensus estimates suggest AEO earnings will decline 21.3% in the current fiscal year, though sales are projected to grow 2.5%, with a trailing four-quarter average earnings surprise of 35.1%.

The Gap Inc. [GAP], an international specialty retailer offering diverse merchandise, carries a Zacks Rank of 2. Gap’s fiscal 2026 earnings are estimated to decline 2.7%, while sales are expected to grow 1.8%, supported by a trailing four-quarter average earnings surprise of 19.1%.

Steven Madden’s execution in international expansion and margin improvement positions it competitively within this peer set, with a clearer pathway to sustained double-digit growth than most specialty retailers currently face.