Mid-price American footwear and accessories brand Steve Madden has announced the launch of a franchised retail chain in Morocco. The brand's development partner in the Moroccan market is Nesk Investment, a fashion franchising company in Morocco, writes challenge.ma.
Steve Madden's first three Moroccan stores opened in Casablanca (at Morocco Mall), Rabat and Tangier (Tanger City Mall).
“We are proud to enter the Moroccan market and are excited to offer our fashion aficionados our expertise and experience in designing products inspired by New York City rock and pop culture,” says Steve Madden Europe Marketing Director Vanessa Van Osh.
Currently, the Steve Madden brand is represented in 80 countries around the world. The German magazine Shoez, in turn, reports that despite good financial results in the second quarter of 2022, the American brand expects a slowdown in consumer spending in the long term due to high inflation rates. “We have noticed that virtually all customers have become more cautious,” said Steve Madden Chairman and CEO Edward Rosenfeld.
To address some supply chain issues in China, Steve Madden moved some of its production out of China to countries like Brazil and Mexico.
In the second quarter of 2022, Steve Madden's revenue rose 34,5 percent to $535 million. The company's net income for the period was $48,5 million. Wholesale sales were $397,1 million and direct sales were $135,5 million.