Steven Madden executives mentioned Thursday the shoe maker was working shortly to shift product sourcing out of China to different international locations after Donald Trump’s presidential election victory.
In February, Trump mentioned if he got here to energy, he would impose tariffs on China once more, which might exceed 60%, placing a whole lot of pressure on retail corporations that closely depend on imports from the area.
Steven Madden executives mentioned on a publish earnings name the corporate had already been engaged on the potential state of affairs that may lead it to maneuver items out of China extra shortly, and been creating manufacturing facility bases in different international locations akin to Cambodia, Vietnam, Mexico and Brazil.
“Just below half of our present enterprise could be probably topic to tariffs on Chinese language imports (if Trump decides to impose tariffs when he takes workplace in January),” an organization govt mentioned.
“Our aim over the following 12 months is to scale back the proportion of products we supply from China by roughly 40% to 45%,” the chief added.
Shares of Steven Madden rose 3.1% to $45.60 on Thursday.
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