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Investment Highlights
Strong Brand Portfolio led by Steve Madden
Leading Footwear Capability
Diversified Business Model
Proven Track Record
Strong Balance Sheet
Meaningful Growth Opportunities
3
Company Overview
Steve Madden
$1.4 billion net sales
20%
80%
Footwear
10%
17%
Accessories
90%
83%
Wholesale
Retail
Wholesale
distribution from
luxury to mass
Retail distribution
through 165 owned
retail stores including
4 e-commerce sites
U.S.
International
Distribution in
approximately 80
countries
Share
1.
Skechers
3.1%
2.
Steve Madden
2.8%
3.
UGG
2.6%
4.
Clarks England
2.6%
5.
Nike
2.0%
6.
Sperry Top-Sider
1.4%
7.
Nine West
1.4%
8.
Naturalizer
1.2%
9.
Toms
1.2%
Converse
1.0%
10.
Rank in
Department
Nordstrom
#1
Macys
#1
#1
Dillards
#2
DSW
#1
Zappos
#1
__________
Note: Net sales for Steve Madden brand includes Steve Madden and all related brands (e.g. Madden Girl, Steven by Steve Madden, etc.)
$762
2013
2014
$798
$704
CAGR = 11%
$589
$538
$456
$395
2008
2009
2010
2011
2012
TTM
__________
Note: Net sales for Steve Madden brand includes Steve Madden and all related brands (e.g. Madden Girl, Steven by Steve Madden, etc.)
Mass
Brian Atwood
Acquired
2014
Freebird by Steven
Created in-house
2012
Dolce Vita
Acquired
2014
Superga
Licensed
2011
Blondo
Acquired
2015
Betsey Johnson
Acquired
2010
Big Buddha
Acquired
2010
Report
Acquired
2011
Madden Girl
Created in-house
2006
Mad Love
Created in-house
2011
9
Diversifying by Brand
2005
LTM
86%
57%
43%
14%
Steve Madden
Other
Steve Madden
Other
10
Retail
Wholesale
2005
LTM
23%
100%
68%
9%
US Footwear
International
US Footwear
17%
96%
4%
US Full-Price
Accessories
E-Commerce
53%
US Full-Price
Outlets
17%
13%
E-Commerce
11
International
Financial Performance
Financial Performance
(Dollars in Millions, Except Per Share Amounts)
CAGR = 18%
$1,314
$1,227
$1,422
$1,335
$1.89 $1.97
CAGR = 21%
$1.90
$1.76
$1.50
$969
$1.19
$635
$457
$0.81
$504
$0.50
2008
2009
2010
2011
2012
2013
2014
2015E
Net Sales
__________
2008
2009
2010
2011
2012
2013
2014
2015E
Diluted EPS
13
$151
Total Debt
$0
Inventory Turn
9.0 x
$104
(2.7 mm shares)
OPPORTUNITIES
International
16
Retail
17
Dolce Vita
Contemporary footwear brand
acquired in August 2014
>$100 mm in net sales with
operating loss at time of
acquisition
Significant gross margin
opportunity
Bloated expense structure
2017 operating margin target = 10%
18
Mens
Kids
19
STEVE MADDEN