Executives at Steven Madden said the fashion accessory company is working to redirect product sourcing outside of China following the victory of former US President Donald Trump in the 2024 elections, Reuters reported Thursday, citing remarks made during an earnings call.
Under half of the fashion accessory company's business could be subjected to tariffs on Chinese imports should Trump follow through with his campaign promise to impose 60% tariffs on Chinese goods, the report said.
The company is already working to develop factories in Cambodia, Vietnam, Mexico, and Brazil, and slash its dependence on imports from China by 40% to 45%, Reuters said.
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