US-based brand Steve Madden recently announced plans to rapidly reduce its reliance on Chinese manufacturing, cutting production in the region by nearly half.
The decision comes in response to anticipated tariffs on Chinese goods following the election of Donald Trump as President. CEO Edward Rosenfeld revealed the strategy during a recent call with Wall Street analysts.
"We have been preparing for a scenario where we would need to shift production away from China more quickly," Mr Rosenfeld explained. "We have begun implementing that plan, and you can expect a significant reduction in the percentage of goods sourced from China moving forward."
The company, known for its popular footwear and accessories, currently sources around 70% of its imports from China. However, efforts have been underway for several years to diversify production, with new manufacturing bases established in Cambodia, Vietnam, Brazil, and Mexico.
Despite the shift, Steve Madden does not anticipate an increase in U.S.-based jobs, focusing instead on expanding its global manufacturing footprint to mitigate the impact of future tariffs.
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