Steven Madden executives said Thursday that the shoe maker is moving quickly to shift product sourcing from China to other countries following Donald Trump’s presidential election victory.
In February, Trump had said that he would do this if he came to power. impose tariffs on china againWhich could exceed 60%, which will put a lot of pressure on retail companies who are heavily dependent on imports from the region.
Steven Madden executives said on a post-earnings call that the company is already working on potential scenarios that would allow it to move goods out of China more quickly, and build factories in other countries such as Cambodia, Vietnam, Mexico and Brazil. Developing the base.
A company official said, “About half of our current business will potentially be subject to tariffs on Chinese imports (if Trump decides to impose tariffs when he takes office in January).
“Our target over the next year is to reduce the percentage of goods imported from China to about 40% to 45%,” the executive said.
Steven Madden shares rose 3.1% to $45.60 on Thursday.
