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Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets
Note 7 – Goodwill and Other Intangible Assets
The following table provides a rollforward of the carrying amount of goodwill by reporting unit as of December 31, 2025 and 2024:
(in thousands)Wholesale FootwearWholesale Accessories/ApparelDirect-to-ConsumerNet Carrying Amount
Balance at January 1, 2024$90,663 $73,625 $15,715 $180,003 
Acquisitions and divestitures(1)(2)
— 1,958 3,807 5,765 
Translation(662)— (1,369)(2,031)
Balance at December 31, 202490,001 75,583 18,153 183,737 
Acquisitions(3)(4)(5)
13,186 6,629 48,237 68,052 
Translation1,191 1 1,537 2,729 
Balance at December 31, 2025$104,378 $82,213 $67,927 $254,518 
(1) During 2024, the Company acquired ATM and recorded goodwill of $2,195, of which $1,317 was recorded in the Wholesale Accessories/Apparel segment and $878 was recorded in the Direct-to-Consumer segment. Refer to Note 4 – Acquisitions, Purchases and Sales of Joint Ventures, and Divestitures for further information.
(2) During 2024, the Company completed the sale of our GREATS business, which was previously included within our Direct-to-Consumer reporting unit. Goodwill decreased $700 related to the divestiture. Refer to Note 4 – Acquisitions, Purchases and Sales of Joint Ventures, and Divestitures for further information.
(3) During 2025, the Company completed the acquisition of the SM Distribution Malaysia Sdn. Bhd., which resulted in the recognition of goodwill of $1,829 allocated to the Direct-to-Consumer segment. Refer to Note 4 – Acquisitions, Purchases and Sales of Joint Ventures, and Divestitures for further information.
(4) During 2025, the Company completed the acquisition of the SM Fashion Australia Pty Ltd., which resulted in the recognition of goodwill of $1,393 allocated to the Direct-to-Consumer and Wholesale Footwear segments. Refer to Note 4 – Acquisitions, Purchases and Sales of Joint Ventures, and Divestitures for further information.
(5) During 2025, the Company completed the acquisition of Mercury Acquisitions Topco Limited, which resulted in the recognition of goodwill of $64,538, of which $12,908 was allocated to the Wholesale Footwear, $6,454 allocated to Wholesale Accessories/Apparel, and $45,176 allocated to the Direct-to-Consumer segments. Refer to Note 4 – Acquisitions, Purchases and Sales of Joint Ventures, and Divestitures for further information.
The following tables summarize the Company’s other intangible assets as of December 31, 2025 and 2024:
As of December 31, 2025
(in thousands)Estimated LivesGross Carrying AmountAccumulated Amortization Net Carrying Amount
Trademarks
10-20 years
$16,075 $(16,075)$— 
Customer relationships(1)
10-20 years
112,744 (35,127)77,617 
Re-acquired rights
2 years
1,450 (1,450)— 
Total finite-lived other intangible assets130,269 (52,652)77,617 
Re-acquired rightindefinite25,469 — 25,469 
Trademarks(1)(2)
indefinite178,333 — 178,333 
Total indefinite-lived other intangible assets203,802 — 203,802 
Total other intangible assets$334,071 $(52,652)$281,419 
(1) During 2025, the Company acquired trademarks of $126,286 and customer relationships of $50,581 in connection with its acquisition of Mercury Acquisitions Topco Limited. Refer to Note 4 – Acquisitions, Purchases and Sales of Joint Ventures, and Divestitures for further information.
(2) During 2025, the Company recognized a charge of $6,300 related to the impairment of a trademark. See below for further information.
As of December 31, 2024
(in thousands)Estimated Lives
Gross Carrying Amount(1)
Accumulated Amortization Net Carrying Amount
Trademarks(1)(2)
10-20 years
$16,075 $(16,075)$— 
Customer relationships(1)(3)
10-20 years
61,585 (30,216)31,369 
Re-acquired rights
2 years
1,450 (659)791 
Total finite-lived other intangible assets79,110 (46,950)32,160 
Re-acquired rightindefinite24,292 — 24,292 
Trademarks(3)
indefinite56,980 — 56,980 
Total indefinite-lived other intangible assets81,272 — 81,272 
Total other intangible assets$160,382 $(46,950)$113,432 
(1) During 2024, the Company recognized an impairment charge of $1,700 and completed the sale of its GREATS business. As part of the divestiture, the remaining carrying amounts of the intangible assets of GREATS, which included a trademark and customer relationships, were written off. See below for further information.
(2) During 2024, the Company recognized an impairment charge of $8,635 related to its Almost Famous trademark. See below for further information.
(3) During 2024, the Company acquired a trademark of $6,300 and customer relationships of $1,500, in connection with its acquisition of ATM. Refer to Note 4 – Acquisitions, Purchases and Sales of Joint Ventures, and Divestitures for further information.
The gross carrying amount and accumulated amortization of certain intangible assets as of December 31, 2025 and 2024, include the impact of impairment and changes in foreign currency exchange rates.
Evaluation of Impairment
The Company evaluates goodwill and indefinite-lived intangible assets for impairment at least annually, as of the beginning of the third quarter, and whenever events or changes in circumstances indicate that it is more likely than not that the fair value of a reporting unit or indefinite-lived intangible asset is less than its carrying amount. The Company generally performs a qualitative assessment in evaluating impairment, although it may elect to perform a quantitative impairment test if deemed necessary.
Quantitative impairment tests of goodwill and indefinite-lived intangible assets were performed as of July 1, 2025. The Company estimated the fair values of its reporting units using the discounted cash flow method, an income approach, which incorporates significant assumptions including projected revenues, margins, and discount rates. The fair values of indefinite-lived intangible assets were estimated using the multi-period excess earnings method, an income approach. Significant assumptions used in the valuations included projected revenues, margins, contributory asset charges, long-term growth rates, and discount rates. Based on the results of the quantitative tests performed, the Company concluded that the fair values of its reporting units and indefinite-lived intangible assets exceeded their respective carrying amounts. Accordingly, no impairment charges were recognized. The Company’s estimates of fair value are sensitive to changes in key assumptions, including discount rates and projected financial results. Although management believes the assumptions used were reasonable, changes in these assumptions or in underlying market conditions could result in different fair value measurements in future periods.
Qualitative impairment assessments were performed as of July 1, 2024, which indicated that it was more likely than not that the fair values of the Company’s reporting units and indefinite-lived intangible assets exceeded their respective carrying amounts.
In fiscals 2025, 2024, and 2023, no impairment charges were recognized for goodwill or indefinite-lived intangible assets in connection with the annual impairment evaluations. Impairment charges recognized during these periods were associated with specific events and circumstances and are described separately below.
During the fourth quarter of 2025, the Company recognized a $6,300 non-cash impairment charge related to an indefinite-lived trademark intangible asset. The impairment charge was driven by updated financial projections reflecting reduced revenue and earnings expectations for the associated brand. The impairment charge was included within impairment of intangibles in the Company’s Consolidated Statements of Operations for the year ended December 31, 2025 and recognized in the Wholesale Accessories/Apparel segment.
During 2024 and 2023, the Company recognized non-cash impairment charges totaling $8,220 related to the GREATS® trademark. These impairments were driven by changes in expectations regarding the brand’s performance, including revisions to projected financial results and a reassessment of the trademark’s useful life. These impairment charges were recorded within impairment of intangibles in the Company’s Consolidated Statements of Operations for the year ended December 31, 2024 and recognized in the Direct-to-Consumer segment.
During 2024, the Company recognized a non-cash impairment charge of $8,635 related to the Almost Famous trademark intangible asset. The impairment resulted from the Company’s decision to discontinue use of the brand and transition its marketing and sales efforts to another brand. The impairment charge was included within impairment of intangibles in the Company’s Consolidated Statements of Operations for the year ended December 31, 2024 and recognized in the Wholesale Accessories/Apparel segment.
Amortization
The amortization of intangible assets amounted to $5,900, $4,413, and $2,082 for 2025, 2024, and 2023 and is included in operating expenses in the Company's Consolidated Statements of Operations. The estimated future amortization expense for intangibles as of December 31, 2025 was as follows:
(in thousands)
2026$5,789 
20275,535 
20285,499 
20295,403 
20304,317 
Thereafter51,074 
Total$77,617