Steve Madden CEO Edward Rosenfeld told analysts on an earnings call last week that the brand is steering away from the dress shoe category to cater to the ongoing demand for comfortable styles like flat sandals, platforms, sneakers and casual boots this fall as a result of plunging dress shoe sales.
“It won’t come as any surprise that the dress shoe penetration is down from where it was a year ago and from where we expected it would be coming into the year, and we’ve really pivoted more toward casual styles, and that’s really what’s performing in the market,” Rosenfeld said on the earnings call.
And fashion industry insiders say with fewer workers commuting into the office, consumers will continue to seek out comfortable footwear styles – a trend that had already started before the pandemic.