Shoe retailer Steve Madden said in a statement that it’s putting a ‘plan into motion’ that will cut Chinese sourcing up to 45%.
As President-elect Donald Trump’s proposed tariffs loom over the U.S. economy, one popular shoe company is already planning to move production out of China.
Steve Madden’s CEO announced on a post-earnings call Thursday – less than 48 hours after Trump’s victory – that the retailer has put a “plan into motion” that cuts Chinese sourcing up to 45%.
“You should expect to see the percentage of goods that we source from China to begin to come down more rapidly going forward,” CEO Edward Rosenfeld said.
The trendy shoe retailer also noted it would focus more of its operations at factory bases in Brazil, Mexico, Vietnam and Cambodia.
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Less than 48 hours after Trump’s election victory, Steve Madden executives talked about moving its production out of China on a post-earnings call. (Getty Images)
“Just under half of our current business would be potentially subject to tariffs on Chinese imports (if Trump decides to impose tariffs when he takes