Steve Madden's Strong 2023

Welcome back to FN Daily, where we break down the biggest stories happening in footwear and retail.

Steve Madden reported a strong finish to 2023. We're also taking a look at Pensole Lewis College's and Foot Locker's new footwear creation studio and at a study from Asics about women and exercise.

Here's what you need to know.

Steve Madden Tops Sales and Earnings Projections

Steve Madden on Wednesday reported sales and earnings for 2023 that beat expectations.

The wholesale channel, which has been particularly challenged throughout 2023, showed signs of improvement in Q4, with revenues in that channel up 4.9 percent to $354.8 million. Wholesale footwear revenue was down 0.4 percent, offset by wholesale accessories and apparel revenues, which was up 56.5 percent.

What analysts wanted to know: Executives addressed concerns regarding how recently announced store closures from Macy's (~150 to be exact) could impact the company’s wholesale business.

“I don’t think we’re looking for any significant impact to 2024 and even beyond ’24,” chairman and chief executive officer Edward Rosenfeld said, noting that it remains to be seen what Macy’s stores will be impacted by this decision. “My initial take is that there probably will be pretty minimal impact because the bulk of what we do with Macy’s is in the top 250 doors.”

Inside Pensole Lewis College and Foot Locker’s New Footwear Creation Studio

Three years ago, Dr. D’Wayne Edwards revealed the Pensole Lewis College of Business & Design, which has already had a tangible impact on the footwear industry from its Detroit home. Looking ahead, the school will have help from Foot Locker to ensure the industry continues to transform.

On Wednesday, PLC Detroit — the country’s first historically Black college and university (HBCU) focused on design — announced the opening of the Foot Locker Footwear Creation Stu/deo. The studio consumes more than 5,000 square feet of design space on campus, which is located at 200 Walker Street and sits along the Detroit River.

The new design studio, PLC Detroit explained in a statement, will offer its students “a level of access and opportunity that is unmatched in the design field” via shoemaking workshops, sample making services, small footwear production capabilities and more. It is the first of several spaces that PLC Detroit will create with its partners in the coming months.

“The studio mirrors what we’ve done with the college, trying to create [an environment] that is as close to a corporation you would get,” Edwards told FN. “We want kids to come in here and feel what it feels like to work in a creative office space. With our corporate partners, it allows us to have the same equipment and software that the professional use, and now we’re building out the facilities to mirror that.”

Asics Explores Link Between Women’s Exercise Levels and Mental Wellbeing in New Study

Asics has released the results of a new global study on the gender exercise gap, which aims to explore women’s exercise levels and their mental wellbeing.

Commissioned by Asics and independently led by Dr. Dee Dlugonski, assistant professor at Sports Medicine Research Institute at the University of Kentucky, and Brendon Stubbs, associate professor at King’s College London, the study found that over half of women globally are dropping out or stopping exercise completely, which may negatively impact their state of mind.

Released a week before International Women’s Day, the global study of 24,959 people revealed that over half of women are unhappy with their exercise levels. All women are experiencing barriers to exercise throughout their lifetime, from time pressures (74 percent) and low self-confidence (35 percent) to intimidating environments (44 percent) or not feeling sporty enough (42 percent), the study showed.

Read more findings from the study, here.

Need more shoe news?

• Off-pricer TJX Does What Macy’s Couldn’t and Grows
• BHM Spotlight: Why Sneaker Social Media Stars Heather Jones and Janelle Cheyenne Launched a Podcast That Speaks Directly to Women
• Farfetch Still Dreams of Luxury Dominance Under New Owner Coupang
• Will a $5 Fast-Fashion Surcharge Save the Planet?

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