{"id":13581,"date":"2024-11-08T19:03:40","date_gmt":"2024-11-08T19:03:40","guid":{"rendered":"https:\/\/dmsretail.com\/RetailNews\/retailers-react-to-election-results-steve-madden-miraco-vontelle-eyewear\/"},"modified":"2024-11-08T19:03:40","modified_gmt":"2024-11-08T19:03:40","slug":"retailers-react-to-election-results-steve-madden-miraco-vontelle-eyewear","status":"publish","type":"post","link":"https:\/\/dmsretail.com\/RetailNews\/retailers-react-to-election-results-steve-madden-miraco-vontelle-eyewear\/","title":{"rendered":"Retailers react to election results: Steve Madden, Miraco, Vontelle Eyewear"},"content":{"rendered":"

\"Retail<\/a><\/p>
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The results of the 2024 presidential election will undoubtedly have a significant impact on the retail industry.<\/p>\n

Analysts are predicting the introduction of increased tariffs, tax cuts for large corporations and a potentially charged consumer atmosphere under President-elect Trump to create both positive and negative flow-on effects for the business world in the coming years.<\/p>\n

Footwear brand Steve Madden on Thursday said it has been working to shift product sourcing out of China for months due to Trump\u2019s statements that he would impose tariffs of up to 60 per cent on China if elected. As a precaution, the retailer has been developing factory bases in countries, such as Cambodia, Vietnam, Mexico and Brazil.\u00a0<\/p>\n

\u201cJust under half of our current business would be potentially subject to tariffs on Chinese imports (if Trump decides to impose tariffs when he takes office in January),” a company executive said on a post-earnings call.<\/p>\n

\u201cOur goal over the next year is to reduce the percentage of goods we source from China by approximately 40 per cent to 45 per cent,\u201d the executive added.<\/p>\n

Steve Madden is one of the few retailers that has spoken publicly about the impact of a second Trump term after the election. <\/p>\n

Inside Retail<\/em> put a call-out to industry leaders ahead of the election, but many retail executives and brand founders declined to share their views on what Trump\u2019s win could mean for their businesses.\u00a0<\/p>\n

However, one person who did was Samira Baraki, the founder and CEO of fine jewelry and lifestyle brand Miraco. <\/p>\n

\u201cIn changing times the need for human connection becomes greater and we see the retail industry evolving toward greater personalisation, digital presence, and transparency about product ethics and origin; areas where we\u2019re actively growing and innovating,\u201d Baraki told Inside Retail<\/em>.\u00a0<\/p>\n

\u201cAs economic factors and market trends evolve, we remain agile and ready to meet these changes, especially given the rising value of precious materials like gold. We\u2019ll focus on enhancing our direct-to-consumer experiences, bringing our mission and vision into new retail spaces to connect with even more people in an increasingly meaningful way.\u201d <\/p>\n

As a woman-founded brand, Baraki said that her brand\u2019s values transcend political shifts. \u201cHowever, we recognise the impact that elections can have on the economy and on our community. We stand ready to adapt as needed while remaining true to our mission of ethical practices, inclusivity, empowerment, and sustainable growth,” she said.\u00a0<\/p>\n

\u201cWe know that soon we’ll live in a time where women and minorities will have more financial resources to back the candidates that support our causes. Just know the best defense you can have is setting yourself up financially. We believe our products are sound investments that allow women to plan for their future and changes mean we will pivot to ensure the best pricing and quality for our fine jewelry despite external factors.\u201d <\/p>\n

Another company that is moving proactively rather than reactively is Vont\u00e9lle Eyewear. The company\u2019s co-founder and chief operating officer Nancey Flowers-Harris stated she and her co-founder, Tracy Vont\u00e9lle Green, are \u201cevaluating potential impacts on our supply chain to ensure resilience amid possible shifts in trade policies, tariffs, or import\/export regulations.\u201d<\/p>\n

Harris explained that since the company first launched in 2020, right at the beginning of the pandemic, Vont\u00e9lle experienced firsthand how abrupt policy changes could challenge small businesses, impacting costs and timelines.<\/p>\n

\u201cWhile we\u2019ll continue working closely with our trusted suppliers,\u201d Harris explained, \u201cwe\u2019re also exploring ways to diversify our sourcing and manufacturing options. This approach will help us maintain steady production, safeguard customer affordability, and stay adaptive rather than reactive in this evolving landscape.\u201d<\/p>\n

Post-election, how should retailers move forward?<\/strong><\/h2>\n

As Nikki Porcher, the founder of Buy From A Black Woman, a non-profit that provides resources and support to Black women business owners, told Inside Retail<\/em>, \u201cWith a Republican-led Senate and Donald Trump back in office, I want to remind all business owners that we\u2019ve faced challenges before and will rise to meet the ones ahead. The world keeps changing, but the one thing we can control is how we respond, adapt, and build our businesses.\u201d<\/p>\n

Despite this, the non-profit founder said the fundamentals of growing a business remain the same. Here are three things she said every business owner can do right now:<\/p>\n