Steve Madden CEO Confirms Hig her Shoe Prices Thanks to Tariffs

The company, like many of its competitors, is approaching the mounting cost of Chinese imports with a three-pronged strategy: frst, moving production to other countries where possible; second, seeking price concessions from existing suppliers; and third, hiking prices. While Chinese footwear factori...

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Bibliographic Details
Published in:Footwear News : FN 2019-11, Vol.75 (22), p.18-18
Main Author: George-Parkin, Hilary
Format: Article
Language:English
Subjects:
Consumers
Costs
Factories
Prices
Tariffs
Trade disputes
Trump, Donald J
Online Access:Get full text
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Summary:The company, like many of its competitors, is approaching the mounting cost of Chinese imports with a three-pronged strategy: frst, moving production to other countries where possible; second, seeking price concessions from existing suppliers; and third, hiking prices. While Chinese footwear factories already operate on slim margins and are feeling the same pricing pressures from U .S . vendors across the board, h e said the team has been "pleasantly surprised" b y the price concessions Steve Madden has been able to secure from its existing suppliers, which are likely bolstered by the company's scale in that category. Why we are letting protectionism, tribalism and nationalism hurt a thriving global marketplace?" Of the most recent round of tarifs, dubbed "list 4" and afecting the bulk of consumer goods, the frst wave (4A), which took efect on Sept. 1, placed 15% tarifs on an estimated $110 billion of imports, including almost all clothing and accessories and half of the footwear Americans buy from China.
ISSN:0162-914X