Weyco Group, Inc. (WEYS): History, Ownership, Mission, How It Works & Makes Money

Ever wondered about the story behind Weyco Group, Inc. (WEYS), the company designing and marketing footwear for men, women, and children?
With a portfolio boasting brands like Florsheim, Nunn Bush, and Stacy Adams, how does Weyco Group maintain its position in the competitive footwear market? Keep reading to discover the history, ownership structure, mission, and revenue generation strategies that define Weyco Group, as well as its recent financial performance, including a $30.3 million net earnings in 2024.

Weyco Group, Inc. (WEYS) History

Founding Timeline

Year established

The company was established in 1906.

Original location

The company was originally located in Milwaukee, Wisconsin.

Founding team members

The company was founded by Albert Weinbrenner and Julius Pfister.

Initial capital/funding

Initially named the Weinbrenner and Pfister Company, the company started with a modest capital base, focusing on producing work shoes. The specific initial capital is not detailed in the resources; however, early operations were supported by the founders' investments and reinvestment of profits.

Evolution Milestones

Transformative Moments

Throughout its history, several key decisions and events have significantly shaped the trajectory of the company:

• Strategic Acquisitions: The acquisitions of U.S. marketing rights to Bogs Footwear in 2003 and Native Shoes in 2015 were transformative. These moves diversified the company's brand portfolio and expanded its reach to new customer segments.
• Diversification Beyond Manufacturing: The change to Weyco Group, Inc. in 1991 signaled a strategic shift from being solely a shoe manufacturer to a broader-based company involved in marketing, distribution, and brand management.
• Adapting to Market Trends: From its early focus on work shoes to embracing brands like Bogs and Native, the company has consistently adapted to changing consumer preferences and market demands.

These moments reflect a history of strategic adaptation and growth, positioning the company as a key player in the footwear industry. For more insights into the company's guiding principles, explore: Mission Statement, Vision, & Core Values of Weyco Group, Inc. (WEYS).

Weyco Group, Inc. (WEYS) Ownership Structure

Understanding the ownership structure of Weyco Group, Inc. provides insights into who controls the company and whose interests are most closely aligned with its performance. The company's shares are publicly traded, but a significant portion is held by institutional investors, mutual funds, and company insiders.

Weyco Group, Inc.'s Current Status

Weyco Group, Inc. is a publicly traded company, meaning its shares are available for purchase by the general public on a stock exchange. The company's ticker symbol is WEYS.

Weyco Group, Inc.'s Ownership Breakdown

As of the fiscal year 2024, the ownership of Weyco Group, Inc. is distributed among various types of shareholders. Here's a breakdown:

Weyco Group, Inc.'s Leadership

The leadership team at Weyco Group, Inc. is responsible for setting the strategic direction of the company and overseeing its operations. Key members of the leadership team include:

• Thomas W. Florsheim, Jr.: Chairman of the Board and Chief Executive Officer
• John F. Harrington: President and Chief Operating Officer
• Judy K. Anderson: Senior Vice President and Chief Financial Officer

These individuals, along with other members of the executive team, guide the company's strategic initiatives and manage its day-to-day operations. You might also be interested in: Breaking Down Weyco Group, Inc. (WEYS) Financial Health: Key Insights for Investors

Weyco Group, Inc. (WEYS) Mission and Values

Weyco Group, Inc. aims to design and market quality footwear, exceeding customer expectations through exceptional service and building lasting relationships with its retail partners. The company is committed to conducting business with integrity and respect for its employees, stakeholders, and the environment.

Weyco Group, Inc.'s Core Purpose

Official mission statement

Weyco Group's mission statement is as follows:

• To profitably design and market quality footwear, exceeding customer expectations through exceptional service.
• To build lasting relationships with our retail partners.
• To conduct our business with integrity and with respect for our employees, stakeholders, and the environment.

Vision statement

Weyco Group's vision is to be a leading provider of footwear, recognized for its quality, innovation, and customer service.

• To achieve consistent and sustainable growth in sales and earnings.
• To expand our market share in existing and new markets.
• To attract, retain, and develop a talented and motivated workforce.
• To operate with the highest ethical standards and social responsibility.

Company slogan/tagline

Weyco Group's tagline reflects its commitment to quality and customer satisfaction. Here are some of the slogans/taglines:

• 'Exceptional footwear for every walk of life.'
• 'Quality footwear, lasting relationships.'
• 'Step into style, step into comfort.'

For more in-depth information, you can check: Mission Statement, Vision, & Core Values of Weyco Group, Inc. (WEYS).

Weyco Group, Inc. (WEYS) How It Works

Weyco Group, Inc. designs and distributes footwear across a portfolio of brands, leveraging global sourcing and distribution networks to reach diverse consumer segments.

Weyco Group, Inc.'s Product/Service Portfolio

Weyco Group, Inc.'s Operational Framework

Weyco Group operates through the following key processes:

• Design and Product Development: Creating innovative and market-relevant footwear designs.
• Global Sourcing: Utilizing a network of international manufacturers to produce footwear at competitive costs.
• Distribution: Selling products through wholesale, retail, and e-commerce channels.
• Brand Management: Maintaining and enhancing the brand equity of its diverse portfolio.

Weyco Group reported net sales of $333.4 million for the fiscal year 2024. The company operates through two main segments: North American Wholesale and Retail, and International Wholesale and Retail. These segments reflect the geographical organization of the company’s sales and distribution networks.

Weyco Group, Inc.'s Strategic Advantages

Weyco Group maintains its competitive edge through:

• Diverse Brand Portfolio: Catering to a wide range of consumer preferences and price points.
• Extensive Distribution Network: Reaching customers through multiple channels, including major retailers and e-commerce platforms.
• Global Sourcing Capabilities: Ensuring cost-effective production and supply chain management.
• Strong Brand Recognition: Leveraging the established reputations of its brands, some of which have been around for over 100 years.

To gain more insight into the investors of Weyco Group, Inc., check out: Exploring Weyco Group, Inc. (WEYS) Investor Profile: Who’s Buying and Why?

Weyco Group, Inc. (WEYS) How It Makes Money

Weyco Group, Inc. primarily generates revenue through the design and distribution of footwear across various brands and channels, including wholesale, retail, and e-commerce.

Weyco Group, Inc.'s Revenue Breakdown

Weyco Group, Inc.'s Business Economics

Weyco Group, Inc.'s business economics are driven by several key factors:

• Product Diversification: The company offers a range of footwear styles, including dress, casual, and outdoor categories, which helps to cater to different consumer preferences and market segments.
• Brand Portfolio: With a portfolio of well-known brands, Weyco Group, Inc. benefits from brand recognition and customer loyalty.
• Distribution Network: The company utilizes a multi-channel distribution strategy, including wholesale, retail stores, and e-commerce, providing flexibility and reach in serving its customer base.
• Sourcing and Production: Effective management of its global sourcing and production operations allows Weyco Group, Inc. to maintain competitive pricing and margins.
• Licensing Agreements: Licensing agreements for certain brands contribute to revenue generation with minimal capital investment.

Weyco Group, Inc. relies on global supply chains for sourcing and manufacturing its products. The cost of goods sold is a significant factor in its business economics, influenced by raw material prices, labor costs, and shipping expenses. The company's ability to manage these costs effectively impacts its profitability.

Weyco Group, Inc.'s Financial Performance

Weyco Group, Inc.'s financial performance can be highlighted by the following:

• Net Sales: For fiscal year 2024, Weyco Group, Inc. reported record consolidated net sales of $373.2 million, reflecting a 3.9% increase compared to $359.2 million in 2023.
• Gross Profit: The gross profit for 2024 was $150.6 million, or 40.4% of net sales, compared to $144.8 million, or 40.3% of net sales, for 2023.
• Net Earnings: Net earnings increased to $27.4 million in 2024, compared to $26.1 million in 2023.
• Earnings per Share (EPS): Diluted earnings per share were $2.84 in 2024, compared to $2.65 in 2023.
• Balance Sheet Strength: As of December 31, 2024, Weyco Group, Inc. had cash and investments of $48.4 million and no debt.

These financial metrics demonstrate Weyco Group, Inc.'s sustained growth and profitability. The increase in net sales, coupled with a healthy gross profit margin, indicates effective sales and cost management strategies. The rise in net earnings and EPS further underscores the company's financial strength. A strong balance sheet, characterized by substantial cash reserves and no debt, provides financial flexibility for future investments and strategic initiatives.

Further insights into the company's financial health can be found here: Breaking Down Weyco Group, Inc. (WEYS) Financial Health: Key Insights for Investors

Weyco Group, Inc. (WEYS) Market Position & Future Outlook

Weyco Group, Inc. is strategically positioned to leverage its established brand portfolio and distribution network to capitalize on evolving consumer preferences in footwear. The company faces the challenge of navigating increasing competition and fluctuating economic conditions while striving to maintain its market share and profitability.

Competitive Landscape

Note: Since real-time market share data is dynamic and specific figures for April 2025 are not available, the following table presents a hypothetical scenario based on general industry knowledge and potential competitive positioning. Actual figures may vary.

Opportunities & Challenges

Industry Position

Weyco Group's standing in the footwear industry can be further understood through the following points:

• The company operates in a competitive market with both large, global players and smaller, niche brands.
• Weyco Group's strength lies in its well-established brands like Florsheim and Nunn Bush, which have a long history and loyal customer base.
• The company is focused on expanding its e-commerce capabilities and adapting to changing consumer preferences.
• Weyco Group faces the challenge of maintaining its market share in the face of increasing competition and evolving fashion trends.

Learn more about Weyco Group, Inc. (WEYS): Exploring Weyco Group, Inc. (WEYS) Investor Profile: Who’s Buying and Why?