Fashion retailer Steve Madden will focus more on flats than heels during the COVID-19 pandemic.
On an earnings call last week, Steve Madden CEO Edward Rosenfeld told analysts that the brand won’t be focusing on the dress shoe category following the ongoing demand for comfortable styles.
“It won’t come as any surprise that the dress shoe penetration is down from where it was a year ago and from where we expected it would be coming into the year, and we’ve really pivoted more toward casual styles, and that’s really what’s performing in the market,” Rosenfeld said.
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The company also reported that its revenue declined. “Turning to our results for the quarter. I have to say that Q2 was unlike any quarter we’ve seen before, and we hope we never see another one like it. Consolidated revenue declined 68%, and we reported a loss of $0.19 per share. In wholesale, we experienced massive order cancellations as a result of COVID-19,” Rosenfeld said.
As many people are working from home, consumers will keep seeking out comfortable footwear styles during the pandemic.
Like many retailers, coronavirus-related store closures also greatly affected Steve Madden. According to Fox Business, “high-end retailers known for luxury shoe departments and dress ware, like Neiman Marcus, Lord & Taylor and Men’s Warehouse owner Tailored Brands Inc., have all filed for bankruptcy.”