# EDGAR Filing Document

**Accession Number:** 0001319947
**File Stem:** 0001319947-26-000022
**Filing Date:** 2026-3
**Character Count:** 532034
**Document Hash:** 2b0a08e06e15d92d3b025b4c03feff98
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001319947-26-000022.hdr.sgml**: 20260330

**ACCESSION NUMBER**: 0001319947-26-000022

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 171

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260330

**DATE AS OF CHANGE**: 20260330

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Designer Brands Inc.
- **CENTRAL INDEX KEY:** 0001319947
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-SHOE STORES [5661]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 310746639
- **STATE OF INCORPORATION:** OH
- **FISCAL YEAR END:** 0131

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-32545
- **FILM NUMBER:** 26813420

**BUSINESS ADDRESS:**
- **STREET 1:** 810 DSW DRIVE
- **CITY:** COLUMBUS
- **STATE:** OH
- **ZIP:** 43219
- **BUSINESS PHONE:** (614) 237-7100

**MAIL ADDRESS:**
- **STREET 1:** 810 DSW DRIVE
- **CITY:** COLUMBUS
- **STATE:** OH
- **ZIP:** 43219

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DSW Inc.
- **DATE OF NAME CHANGE:** 20050307

?xml version='1.0' encoding='ASCII'? dsw-20260131

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-K** 

(Mark One)

☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

**For the Fiscal Year Ended January 31, 2026** 

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from  to 

**Commission file number <u>1-32545</u>**![Picture2.jpg](dsw-20260131_g1.jpg)

---

| |
|:---|
| **DESIGNER BRANDS INC.** |
| (Exact name of registrant as specified in its charter) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Ohio** | **Ohio** | **Ohio** | **31-0746639** |
| (State or other jurisdiction of incorporation or organization) | (State or other jurisdiction of incorporation or organization) | (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
| **810 DSW Drive,** | **Columbus,** | **Ohio** | **43219** |
| (Address of principal executive offices) | (Address of principal executive offices) | (Address of principal executive offices) | (Zip Code) |

---

Registrant's telephone number, including area code: **(614) 237-7100** 

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol | Name of each exchange on which registered |
| **Class A Common Shares, without par value** | **DBI** | **New York Stock Exchange** |

---

Securities registered pursuant to Section 12(g) of the Act: **None** 

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. ☐ Yes

☑ No

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. ☐ Yes ☑ No

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☑ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☑ Yes ☐ No

------

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large accelerated filer | ☐ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accelerated filer | ☑ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-accelerated filer | ☐ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Smaller reporting company | ☑ |
| | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerging growth company | ☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange

Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☑

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☑ No

The aggregate market value of the registrant's Class A common shares held by non-affiliates of the registrant as of August 1, 2025, was $82,794,691.

Number of shares outstanding of each of the registrant's classes of common stock, as of March 23, 2026: 42,973,499 Class A common shares and 7,732,721 Class B common shares.

**DOCUMENTS INCORPORATED BY REFERENCE**

Portions of the registrant's Definitive Proxy Statement on Schedule 14A for the 2026 Annual Meeting of Shareholders, which statement will be filed pursuant to Regulation 14A no later than 120 days after the end of the fiscal year covered by this report, are incorporated by reference into Part III of this Annual Report on Form 10-K.

------

**DESIGNER BRANDS INC.**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| **PART I** | | |
| Item 1 | <u>[Business](#i10cd9007d7a748fd9e0809c562a46cf2_16)</u> | <u>[1](#i10cd9007d7a748fd9e0809c562a46cf2_16)</u> |
| Item 1A | <u>[Risk Factors](#i10cd9007d7a748fd9e0809c562a46cf2_19)</u> | <u>[8](#i10cd9007d7a748fd9e0809c562a46cf2_19)</u> |
| Item 1B | <u>[Unresolved Staff Comments](#i10cd9007d7a748fd9e0809c562a46cf2_22)</u> | <u>[18](#i10cd9007d7a748fd9e0809c562a46cf2_22)</u> |
| Item 1C | <u>[Cybersecurity](#i10cd9007d7a748fd9e0809c562a46cf2_25)</u> | <u>[18](#i10cd9007d7a748fd9e0809c562a46cf2_25)</u> |
| Item 2 | <u>[Properties](#i10cd9007d7a748fd9e0809c562a46cf2_28)</u> | <u>[20](#i10cd9007d7a748fd9e0809c562a46cf2_28)</u> |
| Item 3 | <u>[Legal Proceedings](#i10cd9007d7a748fd9e0809c562a46cf2_31)</u> | <u>[20](#i10cd9007d7a748fd9e0809c562a46cf2_31)</u> |
| Item 4 | <u>[Mine Safety Disclosures](#i10cd9007d7a748fd9e0809c562a46cf2_34)</u> | <u>[20](#i10cd9007d7a748fd9e0809c562a46cf2_34)</u> |
| **PART II** |  |  |
| Item 5 | <u>[Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](#i10cd9007d7a748fd9e0809c562a46cf2_40)</u> | <u>[20](#i10cd9007d7a748fd9e0809c562a46cf2_40)</u> |
| Item 6 | <u>[\[Reserved\]](#i10cd9007d7a748fd9e0809c562a46cf2_43)</u> | <u>[21](#i10cd9007d7a748fd9e0809c562a46cf2_43)</u> |
| Item 7 | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i10cd9007d7a748fd9e0809c562a46cf2_46)</u> | <u>[22](#i10cd9007d7a748fd9e0809c562a46cf2_46)</u> |
| Item 7A | <u>[Quantitative and Qualitative Disclosures About Market Risk](#i10cd9007d7a748fd9e0809c562a46cf2_67)</u> | <u>[32](#i10cd9007d7a748fd9e0809c562a46cf2_67)</u> |
| Item 8 | <u>[Financial Statements and Supplementary Data](#i10cd9007d7a748fd9e0809c562a46cf2_70)</u> | <u>[33](#i10cd9007d7a748fd9e0809c562a46cf2_70)</u> |
|  | <u>[Report of Independent Registered Public Accounting Firm](#i10cd9007d7a748fd9e0809c562a46cf2_73)</u> | <u>[33](#i10cd9007d7a748fd9e0809c562a46cf2_73)</u> |
|  | <u>[Consolidated Statements of Operations](#i10cd9007d7a748fd9e0809c562a46cf2_76)</u> | <u>[35](#i10cd9007d7a748fd9e0809c562a46cf2_76)</u> |
|  | <u>[Consolidated Statements of Comprehensive Income (Loss)](#i10cd9007d7a748fd9e0809c562a46cf2_79)</u> | <u>[36](#i10cd9007d7a748fd9e0809c562a46cf2_79)</u> |
|  | <u>[Consolidated Balance Sheets](#i10cd9007d7a748fd9e0809c562a46cf2_82)</u> | <u>[37](#i10cd9007d7a748fd9e0809c562a46cf2_82)</u> |
|  | <u>[Consolidated Statements of Shareholders' Equity](#i10cd9007d7a748fd9e0809c562a46cf2_85)</u> | <u>[38](#i10cd9007d7a748fd9e0809c562a46cf2_85)</u> |
|  | <u>[Consolidated Statements of Cash Flows](#i10cd9007d7a748fd9e0809c562a46cf2_88)</u> | <u>[39](#i10cd9007d7a748fd9e0809c562a46cf2_88)</u> |
|  | <u>[Notes to the Consolidated Financial Statements](#i10cd9007d7a748fd9e0809c562a46cf2_91)</u> | <u>[40](#i10cd9007d7a748fd9e0809c562a46cf2_91)</u> |
| Item 9 | <u>[Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](#i10cd9007d7a748fd9e0809c562a46cf2_148)</u> | <u>[63](#i10cd9007d7a748fd9e0809c562a46cf2_148)</u> |
| Item 9A | <u>[Controls and Procedures](#i10cd9007d7a748fd9e0809c562a46cf2_151)</u> | <u>[63](#i10cd9007d7a748fd9e0809c562a46cf2_151)</u> |
| Item 9B | <u>[Other Information](#i10cd9007d7a748fd9e0809c562a46cf2_154)</u> | <u>[63](#i10cd9007d7a748fd9e0809c562a46cf2_154)</u> |
| Item 9C | <u>[Disclosure](#i10cd9007d7a748fd9e0809c562a46cf2_157)[Regarding Foreign Jurisdictions that Prevent Inspections](#i10cd9007d7a748fd9e0809c562a46cf2_157)</u> | <u>[63](#i10cd9007d7a748fd9e0809c562a46cf2_157)</u> |
| **PART III** |  |  |
| Item 10 | <u>[Directors, Executive Officers and Corporate Governance](#i10cd9007d7a748fd9e0809c562a46cf2_163)</u> | <u>[64](#i10cd9007d7a748fd9e0809c562a46cf2_163)</u> |
| Item 11 | <u>[Executive Compensation](#i10cd9007d7a748fd9e0809c562a46cf2_166)</u> | <u>[64](#i10cd9007d7a748fd9e0809c562a46cf2_166)</u> |
| Item 12 | <u>[Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](#i10cd9007d7a748fd9e0809c562a46cf2_169)</u> | <u>[64](#i10cd9007d7a748fd9e0809c562a46cf2_169)</u> |
| Item 13 | <u>[Certain Relationships and Related Transactions, and Director Independence](#i10cd9007d7a748fd9e0809c562a46cf2_172)</u> | <u>[64](#i10cd9007d7a748fd9e0809c562a46cf2_172)</u> |
| Item 14 | <u>[Principal Accounting Fees and Services](#i10cd9007d7a748fd9e0809c562a46cf2_175)</u> | <u>[64](#i10cd9007d7a748fd9e0809c562a46cf2_175)</u> |
| **PART IV** |  |  |
| Item 15 | <u>[Exhibits and Financial Statement Schedules](#i10cd9007d7a748fd9e0809c562a46cf2_181)</u> | <u>[64](#i10cd9007d7a748fd9e0809c562a46cf2_181)</u> |
| Item 16 | <u>[Form 10-K Summary](#i10cd9007d7a748fd9e0809c562a46cf2_184)</u> | <u>[68](#i10cd9007d7a748fd9e0809c562a46cf2_184)</u> |
|  | <u>[Signatures](#i10cd9007d7a748fd9e0809c562a46cf2_187)</u> | <u>[69](#i10cd9007d7a748fd9e0809c562a46cf2_187)</u> |

---

All references to "we," "us," "our," "Designer Brands," "Designer Brands Inc.," or the "Company" in this Annual Report on Form 10-K for the fiscal year ended January 31, 2026 (this "Form 10-K") mean Designer Brands Inc. and its subsidiaries.

We own many trademarks and service marks. This Form 10-K may contain trademarks, trade dress, and tradenames of other companies. Use or display of other parties' trademarks, trade dress or trade names is not intended to and does not imply a relationship with the trademark, trade dress or trade name owner.

i

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*<u>[Table of contents](#i10cd9007d7a748fd9e0809c562a46cf2_7)</u>*

**Cautionary Statement Regarding Forward-Looking Information for Purposes of the "Safe Harbor" Provisions of the Private Securities Litigation Reform Act of 1995**

Certain statements in this Form 10-K may constitute forward-looking statements and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements reflect our current views with respect to, among other things, future events and financial performance. You can identify these forward-looking statements by the use of words such as "outlook," "could," "believes," "expects," "potential," "continues," "may," "will," "should," "would," "seeks," "approximately," "predicts," "intends," "plans," "estimates," "anticipates," or the negative version of those words or other comparable words. Any forward-looking statements contained in this Form 10-K are based upon current plans, estimates, expectations and assumptions relating to our operations, results of operations, financial condition, and liquidity. The inclusion of any forward-looking statements should not be regarded as a representation by us or any other person that the future plans, estimates, or expectations contemplated by us will be achieved. Such forward-looking statements are subject to numerous risks, uncertainties, and other factors, many of which are outside of our control, that may cause actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. In addition to other factors discussed elsewhere in this Form 10-K, including those factors described under Part I, Item 1A. *Risk Factors*, there are a number of important factors that could cause actual results, performance, or achievements to differ materially from those discussed in forward-looking statements that include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• uncertain general economic and financial conditions, including economic volatility and potential downturn or recession, supply chain disruptions, new or increased tariffs and other barriers to trade, fluctuating interest rates, unemployment rates and inflationary pressures, and the related impacts to consumer discretionary spending, as well as our ability to plan for and respond to the impact of these conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to anticipate and respond to rapidly changing consumer preferences, seasonality, customer expectations, and fashion trends;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact on our consumer traffic and demand, our business operations, and the operations of our suppliers, as we experience unseasonable weather, climate change evolves, and the frequency and severity of weather events increases;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to execute on our business strategies, including growing our Brand Portfolio segment, enhancing in-store and digital shopping experiences, integrating previously acquired businesses and brands, and meeting consumer demands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to maintain strong relationships with our suppliers, vendors, licensors, and retailer customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks related to losses or disruptions associated with our distribution systems, including our distribution centers and stores, and payment processing services whether as a result of reliance on third-party providers or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our reliance on third parties to provide customer payment processing services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks related to cyber security threats and privacy or data security breaches or the potential loss or disruption of our information technology ("IT") systems, or those of our vendors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks related to the implementation of new or updated IT systems, including the use of artificial intelligence tools;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to protect our reputation and to maintain the brands we license;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our reliance on our reward programs and marketing to drive traffic, sales, and customer loyalty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to successfully integrate new hires or changes in leadership and retain our existing management team, and to continue to attract qualified new personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks related to restrictions imposed by our senior secured asset-based revolving credit facility, as amended ("ABL Revolver"), and our senior secured term loan credit agreement, as amended ("Term Loan"), that could limit our ability to fund our operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our competitiveness with respect to style, price, brand availability, shopping platforms, and customer service;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks related to our international operations and our reliance on foreign sources for merchandise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to comply with laws and regulations, as well as other legal obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks associated with climate change and other corporate responsibility issues; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• uncertainties related to future legislation, regulatory reform, policy changes, or interpretive guidance on existing legislation.

ii

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*<u>[Table of contents](#i10cd9007d7a748fd9e0809c562a46cf2_7)</u>*

If one or more of these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results, performance, or achievements may vary materially from what we have projected. Furthermore, new factors emerge from time to time, and it is not possible for management to predict all such factors, nor can management assess the impact of any such factor on the business or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statement speaks only as of the date on which such statement is made, and, except as required by law, we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events.

iii

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*<u>[Table of contents](#i10cd9007d7a748fd9e0809c562a46cf2_7)</u>*

**PART I**

**ITEM 1. BUSINESS**

**<u>OVERVIEW</u>**

Designer Brands Inc., originally founded as DSW Inc., is one of the world's largest designers, producers, and retailers of footwear and accessories. We operate in two reportable segments: the Retail segment and the Brand Portfolio segment. The Retail segment operates the DSW Designer Shoe Warehouse ("DSW"), The Shoe Co., and Rubino banners through its direct-to-consumer stores and e-commerce sites. The Brand Portfolio segment primarily earns revenue from the wholesale of our exclusive and licensed brands to retailers, our Retail segment, and international distributors and the sale of our Vince Camuto, Keds, and Topo brands through direct-to-consumer e-commerce sites.

Beginning with this 2025 Annual Report on Form 10-K, we aggregated our previously reported U.S. Retail operating segment and Canada Retail operating segment into a single reportable segment, the Retail segment, due to the similar nature of their operations and economic characteristics. All prior period segment information has been recast to conform to the current reporting segment presentation.

On April 8, 2024, we completed the acquisition of Rubino Shoes Inc. ("Rubino"), a retailer of branded footwear, handbags, and accessories that operates Rubino banner stores and an e-commerce site in Quebec, Canada. The acquisition of Rubino has allowed our Retail segment to expand into the province of Quebec.

Our fiscal year ends on the Saturday nearest to January 31. References to a fiscal year (e.g., "2025") refer to the calendar year in which the fiscal year begins. This reporting schedule is followed by many national retail companies and typically results in a 52-week fiscal year (including 2025 and 2024), but occasionally will contain an additional week resulting in a 53-week fiscal year (including 2023).

**<u>RETAIL SEGMENT</u>**

***BANNERS***

The Retail segment offers a wide assortment of dress, casual, and athletic footwear and accessories for women, men, and kids in stores and online under the following banners:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***DSW Designer Shoe Warehouse-*** Our DSW banner, which is offered both in the United States ("U.S.") and in Canada, is the destination for on-trend and fashion-forward footwear and accessory brands at a great value every single day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***The Shoe Co.-*** The Shoe Co. banner in Canada offers on-trend footwear and accessory brands that target every-day family styles at a great value every single day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Rubino-*** Our Rubino banner in Quebec, Canada offers on-trend footwear and accessory brands that target every-day family styles at affordable prices.

Our e-commerce platforms offer customers convenient, 24/7 access to our products through our websites, including mobile-optimized sites, and our mobile applications. Our omni-channel capabilities allow customers to order a wide range of styles, sizes, widths and categories. Online orders for the DSW and The Shoe Co. banners can be fulfilled from our stores or directly from our suppliers for certain products (referred to as "drop ship"). Online orders from the U.S. can also be fulfilled from our distribution center located in New Jersey ("East Coast Logistics Center"), which is a shared facility with the Brand Portfolio segment. Our order routing optimization system determines the best location to fulfill digitally-demanded products, which allows us to optimize our operating profit. To further meet customer demand of how they receive products, we provide our customers the option to buy online and pick up in stores for the majority of our store locations. Likewise, returns may be shipped to us or brought back to any of our store locations.

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*<u>[Table of contents](#i10cd9007d7a748fd9e0809c562a46cf2_7)</u>*

***ASSORTMENT***

We sell a large assortment of national, exclusive, and licensed brands. We believe that offering a robust assortment of our exclusive and licensed brands alongside top national brands provides our customers with a unique assortment and allows us to lean into our integrated business model for providing value. We disaggregate our net sales into non-athletic women's, men's and kids' footwear, athletic footwear, and accessories and other. Refer to Note 3, *Revenue*, of the consolidated financial statements of this Form 10-K for the disaggregation of net sales.

The following table presents certain data about the sourcing of merchandise for the Retail segment:

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| | | |
|:---|:---|:---|
| | **2025** | 2024 |
| Number of unrelated third-party merchandise suppliers at end of fiscal year | **347** | 392 |
| Percentage of purchases from: |  |  |
| &nbsp;&nbsp;Brand Portfolio segment sourced exclusive and licensed brands | **10%** | 9% |
| &nbsp;&nbsp;Top three national brand suppliers | **24%** | 25% |

---

***REWARD PROGRAMS***

We invite our customers to join our DSW VIP and The Shoe Co. VIP reward programs, which enable members to earn points toward discounts on future purchases. These reward programs provide timely customer insights and create stronger customer engagement, while driving a higher-than-average level of customer spend.

The following table presents the number of members enrolled in our VIP reward programs that have made a purchase over the prior two years and the percentage of the Retail segment's net sales generated from these members:

---

| | | |
|:---|:---|:---|
| | **2025** | 2024 |
| Number of VIP members at end of the fiscal year (in millions) | **30.0** | 30.8 |
| Percentage of the Retail segment's net sales generated from VIP members | **89%** | 86% |

---

***STORE DISTRIBUTION***

For our U.S. store operations, the majority of our inventory is shipped directly from suppliers to our distribution centers located in Columbus, Ohio ("Midwest Logistics Center") and Glendale, Arizona ("West Coast Logistics Center") where the inventory is then processed, sorted, and shipped to one of our pool locations located throughout the country, and then on to the stores. For our Canada operations, we engage a logistics service provider to receive and distribute inventory to the majority of our stores.

Inventory management is important to our business. We manage our inventory levels based on anticipated sales and the delivery requirements of our customers. Our inventory management strategy is focused on continuing to meet consumer demand, while improving our efficiency over the long term by enhancing systems and processes.

**<u>BRAND PORTFOLIO SEGMENT</u>**

***BRANDS***

The Brand Portfolio segment designs, develops, and sources footwear and accessories of our exclusive and licensed

brands for the sale of wholesale merchandise to retailer customers, our Retail segment, and international distributors. In addition, we sell our branded products on direct-to-consumer e-commerce sites for the Vince Camuto, Keds, and Topo brands. Refer to Note 3, *Revenue*, of the consolidated financial statements of this Form 10-K, for the Brand Portfolio segment's total net sales attributable to each channel. The Brand Portfolio segment has five customers that made up 38.0% of its segment net sales in 2025, excluding intersegment net sales, and the loss of any or all of these customers could have a material adverse effect on the Brand Portfolio segment.

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*<u>[Table of contents](#i10cd9007d7a748fd9e0809c562a46cf2_7)</u>*

**LICENSING RIGHTS**

We have a 40.0% equity investment ownership interest in ABG-Camuto, LLC ("ABG-Camuto"), a joint venture that owns the intellectual property rights of Vince Camuto and other brands. We are party to a licensing agreement with ABG-Camuto, which grants us the exclusive right to design, source, and sell footwear and handbags under the brands that ABG-Camuto owns. ABG-Camuto is an integral part of the Brand Portfolio segment. In addition, we own the licensing rights for footwear and handbags of the Lucky Brand and the licensing rights for footwear of the Jessica Simpson brand.

***SOURCING AND DISTRIBUTION***

We source each of our product lines based on the individual design, style, and quality specifications of the products. Our Brand Portfolio segment does not own or operate manufacturing facilities; rather, we primarily use our sourcing office in China to procure our products from third-party manufacturers. Prior to production, we inspect samples and prototypes of each style and monitor the quality of the production process. We manage our inventory levels based on existing orders and anticipated sales.

The manufacturers of our products are required to meet our quality, human rights, local compliance, safety, and other standard requirements. These suppliers are expected to respect local laws, rules, and regulations of the countries in which they operate and have pledged to follow the standards set forth in the Company's Vendor Code of Conduct, which details our dedication to human rights, labor rights, environmental responsibility, and workplace safety. The majority of our wholesale inventory is shipped directly from factories in foreign countries to our East Coast Logistics Center where the inventory is then processed, sorted, and provided to our customers' shipping carriers.

In response to increased tariffs and uncertain trade policy, we have optimized where we source our products from in an effort to mitigate risk, maximize flexibility, and decrease costs. The following table presents the percentages of the Brand Portfolio segment's purchases of merchandise units sourced by country:

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| | | |
|:---|:---|:---|
| | **2025** | 2024 |
| China | **60%** | 77% |
| Cambodia | **19%** | 5% |
| Vietnam | **15%** | 11% |
| India and other countries | **6%** | 7% |

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**<u>COMPETITION</u>**

The footwear market is highly competitive with few barriers to entry. We compete against a diverse group of manufacturers and retailers, including online retailers, single-brand specialty retailers, multi-channel specialty retailers, brand suppliers, department stores, mall-based shoe stores, national chains, independent shoe retailers, and brand-oriented discounters. In addition, our wholesale retailer customers sell shoes purchased from competing footwear suppliers with brands that are well known.

**<u>HUMAN CAPITAL MANAGEMENT</u>**

We believe the strength of our workforce is critical to our success. Our associates strive every day to create a welcoming and inclusive environment for themselves and our customers to advance our mission of being shoe obsessed. One of our core talent strategies is to invest in and support our associates who are key to differentiating our products and experiences in the competitive footwear market. We monitor and adapt as necessary to maintain our competitive position, including the following areas of focus:

***WORKFORCE***

Our key human capital management objectives are to attract, develop, advance, and retain the highest quality talent. To support these objectives, our human resources programs aim to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• develop associates to prepare them for critical roles and leadership positions for the future;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reward and support associates through competitive pay, benefits, and perquisite programs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cultivate an associate-centric culture where all our associates feel empowered, valued, inspired, and included;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acquire talent and facilitate internal talent mobility to create a high-performing workforce;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• embrace hybrid and remote work arrangements where possible to utilize flexibility as a competitive advantage; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• evolve and invest in technology, tools, and resources to support our associates at work.

As of January 31, 2026, we employed approximately 13,000 associates worldwide, approximately 11,000 of whom are employed in the U.S.

***TOTAL REWARDS***

To remain an employer of choice and maintain the strength of our workforce, we continually assess the current business environment and labor market to refine our compensation practices, benefit programs, and other associate resources. We have a history of investing in our workforce and offer comprehensive, relevant, and innovative benefits to eligible associates in the U.S.

***Compensation-***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We strive to provide market-competitive pay targeting the middle of the market in most cases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We establish a minimum starting pay rate for each U.S. store that exceeds applicable minimum wage requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We continually monitor local pay practices in relation to our logistics centers' talent and adjust accordingly to remain competitive in those markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We monitor pay equity and invest in pay processes that allow us to assess whether associates with similar roles and experience earn comparable pay for comparable work.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We require completion of a compensation training module that educates and equips managers to facilitate effective conversations about compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our incentive plans provide additional cash compensation upon the achievement of results that meet or exceed defined goals for eligible store management, logistics centers, and corporate associates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We help associates save for their retirement through a safe harbor 401(k) plan that includes an employer matching contribution of up to 4% of associate contributions that vest immediately.

***Health & Wellbeing-*** We understand the importance of taking care of our associates and believe that every associate's journey is unique. We approach health and wellbeing design with a focus on building equitable benefits that support and provide valuable resources needed to care for our associates and their loved ones. We invest in comprehensive health and wellbeing benefits, some of which are highlighted below, that help attract and retain the talent necessary to achieve our goals.

Comprehensive health insurance coverage is available to full-time and Affordable Care Act eligible part-time associates through multiple medical plans. These plans include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Concierge health plan advisors who assist with clinical support for health conditions, locate high-quality physicians, advocate to resolve insurance billing issues, connect members to available community resources, and answer benefits questions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A comprehensive suite of free and unlimited virtual healthcare offerings, including access to primary care physicians, acute medical care needs, dermatology, mental health support, and physical therapy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prescription drug coverage, including availability of specialty prescription drug medications with many at no cost.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No cost surgical care benefits for many plannable surgical procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Concierge support and access to fertility centers across the U.S. This includes up to two cycles of care for procedures such as in vitro fertilization, necessary fertility medication, testing, and other fertility services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expert nurse care coordinator support provided through our maternity program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Medical access travel benefits for those who must travel greater than 100 miles from home to obtain access to covered medical care.

All full-time associates are eligible for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Company-subsidized dental insurance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Company-provided life and accidental death and dismemberment insurance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Paid time away for short-term disability, parental leave, and jury duty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Voluntary benefits (vision, long-term disability, accident, hospital indemnity and critical illness) and flexible spending accounts.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adoption assistance up to $10,000 of eligible expenses reimbursed per adoption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Up to $5,250 in tuition reimbursement annually, plus access to partner schools who offer capped annual tuition to receive a degree, at little to no cost when combined with our reimbursement.

All full-time and part-time associates are eligible for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Company paid time off, including military and bereavement pay.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Generous product discounts at DSW and American Eagle Outfitters/Aerie.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Free counseling and support for all associates, their dependents, and their family members, through access to licensed counselors, work/life balance support, and bereavement specialists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Free accredited general education college courses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Discounted tuition offerings through multiple partner schools.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Free and/or discounted legal support in areas such as civil/criminal needs, family disputes, immigration law, landlord/tenant issues, and basic document preparation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Free financial help, including support for debt counseling, lease/purchase guidance, taxes, financial planning, and college funding.

***TALENT DEVELOPMENT***

To help our associates succeed in their roles, we emphasize continuous learning and development opportunities. Training provided through our online learning platform includes approximately 260 resources, including videos, self-paced on-demand learning, and virtual instructor-led sessions. A wide variety of resources are designed to address the needs of our entire workforce, from entry-level associates to our most senior executives. During 2025, over 9,100 associates completed over 98,000 learning experiences through our online learning platform. We invest resources in professional development and growth as a means of improving associate performance, engagement, and retention. We believe that our continued focus on frequent and constructive performance feedback, talent reviews, succession planning, and retention have contributed to a strong internal promotion rate.

***PHILANTHROPY THROUGH DESIGNER BRANDS FOUNDATION***

We are committed to good corporate citizenship. Not only do we strive to create positive impacts within our organization, but we also aim to better the communities in which we conduct business. Since launching our Designer Brands Foundation at the end of 2023, we have given over $3.0 million in grants to charitable organizations across the U.S. In 2025, we expanded the Designer Brands Foundation into Canada. The Designer Brands Foundation's mission is to advance empowerment of individuals, removing barriers and helping them put their best foot forward in the communities in which we live, serve, and work. The Designer Brands Foundation features three primary areas of focus:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.***Empowerment***- Supporting organizations that prioritize empowerment and build self-confidence without discrimination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.***Inclusion***- Supporting organizations whose key constituents align with our Business Resource Groups ("BRGs").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.***Local Community***- As the places where our associates live and work are vitally important to us, we support the organizations that put our local communities first and provide opportunities for our associates to give back through volunteering and donations.

With the Designer Brands Foundation in place, we have been able to significantly expand our Company's giving and are committed to continuing down that path:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.***Soles4Souls***- Soles4Souls creates sustainable jobs and provides relief through the distribution of shoes and clothing around the world, while giving shoes and garments a second life. Since partnering with Soles4Souls in 2018, we are proud to have donated over 13 million pairs of shoes, including 1.9 million pairs in 2025. In 2025, we continued to enhance our shoe donation experience and Soles4Souls store register donation efforts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.***Associate Relief Funding***- In 2024, we established our DBI Cares Associate Relief Fund to provide financial assistance to DBI associates experiencing unexpected hardships and emergencies globally. In addition, we partner with the Two Ten Footwear Foundation ("Two Ten") to provide scholarships and financial aid, as well as free counseling and community resources, to people working in the footwear industry. Many of our own associates have been beneficiaries of Two Ten's programs. We support Two Ten with corporate financial donations and subject matter expertise to continue to enrich their community programs.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.***Hometown Partnerships***- We continue to expand our existing local nonprofit partnerships through volunteering and grants from our Designer Brands Foundation. Through our grants and associate led affinity groups, we aim to support and better the communities in which we live, serve, and work. Since the beginning of 2024, we have continued to issue semi-annual Community Grants, now totaling over $285,000 to date and are proud to have instituted our first annual all-corporate Step Up & Serve Associate Volunteer Day in 2025, volunteering with over 75 charities globally. In 2025, we have also expanded our hometown reach through our "Dollars for Doers" program, rewarding U.S. associates up to $500 annually from the DBI Foundation for their volunteer time to donate to non-profit organizations of their choosing.

***WE BELONG***

From the inside out, Designer Brands starts with a workplace where all associates belong and are empowered to be their authentic selves, bringing their unique backgrounds, perspectives, and experiences to the table. We believe that empowering our differences powers up innovation and ignites positive change.

Formal ways all associates, on a voluntary basis, can choose to be involved, ignite innovation, and influence positive change include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• BRGs - associate-led groups organized around a common dimension to foster an inclusive work environment where everyone belongs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Community Interest Groups ("CIGs") - associate-led groups based on a common passion or interest to drive a sense of community and shared purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Field Councils - associate-led groups organized to create a sense of belonging for those who work in our stores and logistics centers.

All groups are inclusive and open to any associate who wants to join, and associates can join as many groups as they choose. Our BRGs, CIGs, and Field Councils provide a unique strategic perspective based on shared experience, background, and allyship while promoting belonging in our workplace and community in alignment with our business goals. We proudly support nine BRGs, three CIGs, and two Field Councils (one in the U.S. and one in Canada). Our value of We Belong is also reflected in our associate training programs, which address our policies against harassment, bullying, and bias in the workplace. Additionally, we provide easily digestible training sessions, the We Belong Microlearning development which aims to create a more welcoming workplace.

We believe in taking strides and making progress towards unity and belonging, turning values into actions. Each step we take brings us closer to realizing our vision. We are committed to continuing to walk the talk and aspire to create conditions for everyone to put their best foot forward without barriers to reach their highest potential.

We believe that paying our associates fairly enables us to deliver on our goal of creating an environment where we can all be ourselves, contribute ideas, and do our best work. To this end, we take several steps to ensure pay rates are fair, competitive, and based on job-related factors. For example, we regularly review external market data, internal pay grades, and position of pay in the pay range, as well as individual factors such as performance, training, and prior experience related to the work to ensure fair pay. We also invest in pay processes that allow us to assess whether associates with similar roles and experience earn comparable pay for comparable work.

***ASSOCIATE ENGAGEMENT***

Our culture is a towering strength of Designer Brands, and that culture is built upon and codified by a set of unified values that guide how we aspire to operate as a collective organization. The values are a creation of our associates and representative of our global organization, having resulted from a process wherein associates were invited to join conversations to identify and define our organizational values and subsequently discuss how to integrate them into our culture. As a result, they come to life internally for our associates as they are reflected in how: "we love what we do; we own what we do; we do what's right; and we belong."

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We provide all associates with the opportunity to share their opinions and feedback in relation to their employment experience through engagement surveys performed on a regular basis across all business segments. Results of the surveys are measured and analyzed at the team, department and Company-wide levels with a goal of enhancing the associate experience, strengthening engagement and retention, and driving positive changes. In addition to Company-led surveys, leaders are encouraged to conduct "skip level" touch bases, host roundtable chats, and conduct follow-up activities throughout the year to better understand associate feedback.

We continue to develop opportunities for associate connection and engagement in the evolving workplace environment by listening to our associates and taking actions on what is most important and impactful to them. One of the things our associates tell us is important to them is recognition. Our "Inspire Greatness" recognition program provides various means to recognize and reward associate accomplishments and work anniversaries, both one-on-one with the associates and during large meeting celebrations.

**<u>GOVERNMENT REGULATIONS</u>**

Our business activities are global and subject to various federal, state, local, and foreign laws, rules, and regulations. For example, substantially all of our import operations are subject to complex trade and customs laws, regulations, and tax requirements, such as sanctions orders or tariffs set by governments through mutual agreements or unilateral actions. In addition, the countries where our products are manufactured or imported from may, from time to time, impose additional duties, tariffs, or other restrictions on our imports or adversely modify existing restrictions. Changes in tax policy or trade regulations, the disallowance of tax deductions on imported merchandise, or the imposition of new tariffs on imported products, could have an adverse effect on our business, results of operations, and competitive position. Compliance with these laws, rules, and regulations has not had, and is not expected to have, a material effect on our capital expenditures, results of operations, and competitive position as compared to prior periods. For more information on the potential impacts of government regulations affecting our business, see Item 1A. *Risk Factors*.

**<u>INTELLECTUAL PROPERTY</u>**

We own numerous trademarks, service marks, and domains in the U.S., Canada, and internationally, such as Crown Vintage<sup>®</sup>, DSW<sup>®</sup>, DSW Shoe Warehouse<sup>®</sup>, DSW Designer Shoe Warehouse<sup>®</sup>, The Shoe Company<sup>®,</sup> Keds<sup>®</sup>, Kelly & Katie<sup>®</sup>, Mix No.6<sup>®</sup>, Rubino<sup>®</sup>, and Topo Athletic<sup>®</sup>. As of January 31, 2026, we have approximately 830 trademark registrations and pending applications in the U.S., Canada, and internationally. We consider our trademarks, service marks, and domains to have significant value and to be important to building our name recognition.

**<u>SEASONALITY</u>**

Our business consists of two principal selling seasons: the spring season, which includes the first and second fiscal quarters, and the fall season, which includes the third and fourth fiscal quarters. Typically, net sales are slightly higher in the fall season than in the spring season. However, this may not hold true when net sales are influenced by global economic conditions, changes in weather conditions, the timing of acquisitions, and our customers' interest in new seasonal styles.

**<u>AVAILABLE IN</u><u>FORMATION</u>**

Information about Designer Brands, including its reports filed with or furnished to the Securities and Exchange Commission ("SEC"), is available through our website at www.designerbrands.com. Such reports are accessible at no charge through our website and are made available as soon as reasonably practicable after such material is filed with or furnished to the SEC. The SEC also maintains a website that contains reports, proxy statements, and other information regarding issuers that file electronically with the SEC at www.sec.gov. The information contained at www.designerbrands.com is not incorporated into this Form 10-K. Any reference to our website is intended to be an inactive textual reference only.

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**ITEM 1A. RISK FACTORS**

Investing in our Class A common shares involves a high degree of risk. In addition to the other information in this Form 10-K and in our other public filings, investors should carefully consider the following risk factors. These disclosures reflect our beliefs and opinions as to factors that could materially and adversely affect the Company and its securities in the future. The risks described below are not the only risks we face or may face, and investors should not interpret the disclosure of a risk to imply that the risk has not already materialized. References to past events are provided by way of example only and are not intended to be a complete listing or a representation as to whether or not such factors have occurred in the past or their likelihood of occurring in the future. Although the risks are organized by headings and each risk is discussed separately, many are interrelated. The occurrence of any of the following risks, or the occurrence of additional risks and uncertainties not presently known to us or that we currently believe to be immaterial, could materially and adversely affect our business, financial condition or results of operations. In such case, the trading price of our Class A common shares could decline, and investors may lose all or part of their original investment. This Form 10-K also contains forward-looking statements and estimates that involve risks and uncertainties. Our actual results could differ materially from those anticipated in the forward-looking statements and estimates as a result of specific factors, including the risks and uncertainties described below.

**<u>RISKS RELATING TO MACROECONOMIC AND INDUSTRY CONDITIONS</u>**

***A downturn in global economic conditions or a decline in consumer confidence in the economy has adversely affected discretionary consumer spending and may continue to do so, which has impacted, and likely will continue to impact, our business.***

Adverse global economic conditions that are caused by events or conditions beyond our control create uncertainties and have in the past impacted our business and may in the future materially adversely affect our business, results of operations, and financial condition. These adverse economic conditions include slower economic growth, economic downturns or recessions, and may be caused by the impacts of inflation, uncertain tariff and trade policies, changes to fiscal and monetary policy, higher interest rates, high unemployment, volatile stock market indices, decreased consumer confidence in the economy, public health threats, labor and supply chain disruptions, geopolitical instability, international hostilities, political or social unrest, foreign currency exchange rate fluctuations, conditions affecting the retail environment for products we sell, and other matters that influence consumer confidence. Consumer spending on discretionary items, including our products, generally declines during periods of economic uncertainty, when disposable income is reduced, or when there is a reduction in consumer confidence. We believe these ongoing consumer concerns of negative and/or uncertain economic conditions, most notably the concern of economic volatility, inflationary pressures, uncertain tariff and trade policies, and changes in employment levels have had a negative impact on our operating results and liquidity during 2025 and we may continue to experience the impact of decreased consumer demand for our products and lower direct-to-consumer traffic. We have enacted certain mitigating actions, including alignment of inventory with current demand levels, expense and capital expenditure reductions, and accelerating sourcing diversification efforts. Although we have made progress in mitigating the impacts of certain macroeconomic conditions, our actions are not necessarily complete, and they should be viewed as part of the process in which we will continue our efforts to better align our cost structure with our operating results. We are unable to predict the severity of macroeconomic uncertainty, whether or when such circumstances may improve or worsen, including from one of our quarterly reporting periods to the next, or the full impact such circumstances could have on our business. These factors ultimately could require us to enact further mitigating operating efficiency measures that may not be successful and could have a material adverse effect on our business, results of operations, and liquidity.

Future impacts from macroeconomic conditions, including the impact of tariffs (as further described below) are unknown at this time and could have a material adverse effect on our business, results of operations, and liquidity. Unfavorable developments may result in future write-downs or adjustments to inventories, receivables, and the valuation allowance on deferred tax assets, and may also negatively impact the fair value of our reporting units, indefinite-lived tradenames, and long-lived assets, which could result in us recording impairment charges for amounts below their carrying value.

***Changes to U.S. tariff policies could have a material adverse effect on our business, results of operations, and liquidity.***

Following its January 2025 inauguration, the U.S. administration has taken action to increase tariffs assessed on most products imported into the U.S. Various modifications to the U.S. tariffs have been announced, and further changes are expected to be made in the future, including in response to litigation, which has introduced heightened uncertainty regarding the future of global trade and the impact to our cost structure. On February 20, 2026, the U.S. Supreme Court rendered a decision invalidating tariffs imposed under the International Emergency Economic Powers Act (the "IEEPA"). The U.S. Supreme Court did not address refunds or remedies but instead remanded the matter to the U.S. Court of International Trade to address

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remedies. In response, the U.S. President issued an executive order rescinding the IEEPA tariffs and directing agencies to take measures to cease collection of the tariffs. Further, following the decision, the U.S. President imposed a new tariff surcharge of not less than 10% under Section 122 of the Trade Act of 1974 on all imports, subject to certain exceptions. The tariffs under this statute took effect on February 24, 2026, and will remain in effect for 150 days (the maximum under the statute). Tariffs have not been previously imposed under this statutory provision, and such tariffs may be increased. On March 4, 2026, the U.S. Court of International Trade ruled that companies that paid tariffs imposed under the IEEPA are due refunds. There remains substantial uncertainty regarding any refund processes and further uncertainty regarding future trade policy actions, and any future tariffs or other trade policy actions could affect our cost structure and supply chain. All of the products manufactured through the Brand Portfolio segment come from third-party facilities outside of the U.S., with the majority of our units sourced from Asia. In addition to the merchandise sourced through our Brand Portfolio segment, our Retail segment also sources merchandise from third-party suppliers, with many of these suppliers importing a large portion of their merchandise from Asia. We are closely monitoring this situation and evaluating the actions we have taken and additional actions we may take in the future, including cost mitigation measures and price adjustments. For our Brand Portfolio segment, we have adjusted our sourcing diversification by optimizing where we source our products from in an effort to mitigate the risk, maximize flexibility, and decrease costs. However, sourcing diversification could result in product quality issues, higher product costs, and/or not being able to source the quantity desired on a timely basis and there can be no assurance that we will be able to fully mitigate the impact of such tariffs or new tariffs in Asia or elsewhere. The ultimate impact of tariffs and other trade policies on our business will depend on several factors, including future measures implemented by the U.S. government and the governments of other countries, the overall magnitude and duration of these measures, and our ability to mitigate effects, which could include higher import costs and our ability to obtain any refund. Accordingly, our financial position or results of operations may be adversely influenced by political, economic, legal, compliance, social, and business conditions in the U.S. and in other countries.

***We may be unable to compete in the highly competitive footwear market, which could have a material adverse effect on our business.***

The footwear market is highly competitive with few barriers to entry. We compete against a diverse group of manufacturers and retailers, including online retailers, single-brand specialty retailers, multi-channel specialty retailers, brand suppliers, department stores, mall-based shoe stores, national chains, independent shoe retailers, and brand-oriented discounters. In addition, our wholesale retailer customers sell shoes purchased from competing footwear suppliers with brands that are well known. Our success depends on our ability to remain competitive with respect to assortment, fashion trends, quality, convenience, and value. The performance of our competitors, as well as a change in their promotional and pricing approaches as a result of the current economic environment, marketing activities, and other business strategies, could have a material adverse effect on our business.

E-commerce networks have rapidly evolved and consumer receptiveness to shopping online has substantially increased. Competition from e-commerce players has significantly increased due to their ability to provide improved user experiences, greater ease of buying goods, low or no shipping fees, faster shipping times, broader assortment, and more favorable return policies. Businesses, including our suppliers, can easily launch e-commerce websites and mobile platforms at nominal costs by using commercially available software or partnering with various successful digital marketplace providers. Some of our suppliers use such platforms to compete with us by allowing consumers to purchase products directly from them. Competitors with other revenue sources may also devote more resources to marketing and promotional campaigns, adopt more aggressive pricing policies, and devote more resources to websites, mobile platforms and applications, and systems development.

**<u>RISKS RELATING TO OUR BUSINESS AND OPERATIONS</u>**

***We may be unable to anticipate and respond to rapidly changing consumer preferences, customer expectations, and fashion trends, which could have a material adverse effect on our business.***

Demand for our products fluctuates according to rapid changes in consumer preferences and trends, which are dictated by lifestyle, fashion, and season, and may shift quickly. A variety of factors will affect our ability to maintain the proper mix of products, including economic conditions impacting discretionary consumer spending; unanticipated fashion trends; our ability to provide timely access to popular brands and styles at attractive prices; our success in distributing merchandise to our stores, online customers, and our wholesale retailer customers in an efficient manner; and changes in weather patterns, which, in turn, may affect consumer preferences. In addition, the continuing consumer shift to online and mobile shopping has increased customer expectations of lower shipping costs, improved shipping speeds, and optimized mobile platforms. If we are unable to anticipate trends and fulfill the merchandise needs of our customers, we may experience decreases in our net sales and/or may

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be forced to increase markdowns in relation to slow-moving merchandise, either of which could have a material adverse effect on our business.

***We rely on our strong relationships with our suppliers. If these relationships were to be impaired, we may be unable to obtain a sufficient assortment of merchandise at attractive prices or respond promptly to rapidly changing trends, either of which could have a material adverse effect on our business and financial performance.***

The success of our business depends on our ability to obtain products from our suppliers, including national brand suppliers and third-party manufacturers, on a timely basis, on acceptable terms, and to our specifications. If we fail to maintain strong relationships with these suppliers or if they fail to ensure the quality of merchandise that they supply to us, our ability to provide our customers with merchandise they want at attractive prices may be limited, which could have a material adverse effect on our business. In addition, any negative brand image, widespread product defects, financial distress, or negative publicity related to our suppliers could have a material adverse effect on our reputation and on our business.

We cannot guarantee that any supplier will have sufficient production capacity, meet our delivery expectations, or meet our product safety, social compliance, or quality standards. The loss of any of our major suppliers could disrupt our operations and adversely affect our business. If third-party manufacturers cease working with us, fail to meet our product safety, social compliance, or quality standards, or are unable to provide us with the materials and services that we need, at prices and on terms that are acceptable to us, then we could experience product delays and shortages. Failure by us to deliver quality products to our customers on a timely basis and any associated damage to our reputation could have a material adverse impact on our business and results of operations.

Decisions by national brand suppliers to not sell to us or to limit the availability of the products they sell to us could have a negative impact on our business. In addition, our inability to stock our sales channels with desired merchandise at attractive prices could result in lower net sales and decreased customer interest in our sales channels, which could have a material adverse effect on our business. During 2025, three key national brand suppliers together supplied approximately 24% of our Retail segment merchandise, with no individual supplier providing more than 10% of our retail merchandise. The loss of, or a reduction in the amount and quality of merchandise supplied by, any of our high-volume suppliers could have an adverse effect on our business. If we are unable to offer suitable alternatives to satisfy product demand, sales could decline, which could have a material adverse effect on our operating results.

***Losses or disruptions associated with our distribution systems, including our distribution centers and stores, could have a material adverse effect on our business and operations.***

Our operating results depend on the orderly operation of our receiving, distribution, and fulfillment processes, which in turn depend on suppliers' adherence to shipping schedules and our effective management of our facilities. We may not anticipate all of the changing demands on our operations, and events beyond our control may occur, including disruptions in operations due to public health threats, geopolitical instability, tariffs and other trade barriers and restrictions, catastrophic events, shortages in labor, or shipping problems, any of which may result in delays in the delivery of merchandise to our stores and customers. We rely on the flow of goods through ports worldwide on a consistent basis from factories and suppliers. Potential or actual disruptions at ports could create significant risks for our business, particularly if these disruptions occur during peak importing times. If we experience significant delays in receiving product, this could result in canceled orders by retailer customers, unanticipated inventory shortages, or receipt of seasonal product after the peak selling season, which could have a material adverse effect on our business and operations.

In addition, if our merchandise is not delivered to customers in a timely fashion or is damaged or lost during the delivery process, our customers could become dissatisfied and cease shopping on our websites, which could adversely affect our business and operating results. If we encounter issues with our ability to timely and satisfactorily fulfill customer orders, meet customer expectations, manage inventory, and complete sales, our business may be adversely affected. While we maintain business interruption and property insurance, if any of the points within our distribution systems were to shut down for any reason or if we were to incur higher costs and longer lead times in connection with a disruption, our insurance may not be sufficient to cover the impact to our business.

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***We are subject to customer payment-related risks that could decrease our net sales, increase our operating costs, expose us to fraud or theft, subject us to potential liability, and potentially disrupt our business.***

We accept customer payments using a variety of methods, including credit and debit cards, buy now pay later methods, PayPal, ApplePay, Venmo, and gift cards. We are subject to rules, regulations, contractual obligations and compliance requirements, including payment network rules and operating guidelines, data security standards and certification requirements, and rules governing electronic funds transfers. The regulatory environment related to information security and privacy is increasingly rigorous, with new and constantly changing requirements applicable to our business, and compliance with those requirements could result in additional costs or accelerate these costs with additional legal and financial exposure for noncompliance. For these payment methods, we pay interchange and other fees, which can increase over time and raise our operating costs. We rely on third parties to provide customer payment processing services. If these companies are unable to provide or stop providing these services to us, or if their systems are compromised, it could materially disrupt our business. Additionally, a contractual dispute with our payment processing partners could adversely impact our business and our net sales. Certain contracts may expire or be terminated, and we may not be able to enter into a new payment processor relationship that fully replaces the terminated services for a considerable period of time, which could negatively impact our business and operations. For instance, in January 2026, we received a termination notice from an entity that provides the majority of our credit and debit card payment processing services for in-store and online transactions. In February 2026, we entered into an amendment to the agreement with such entity and its affiliates pursuant to which, among other things, the termination notice was withdrawn, and the entity and its affiliates agreed to continue to provide us with the payment processing services for a transition period ending no later than May 31, 2026. Further, in connection with entering into an amendment to our ABL Revolver in February 2026, we agreed to comply with certain timelines in connection with the transitioning of our payment processing service provider. Any failure by us to successfully transition our services would result in an event of default under the amended ABL Revolver, which may not be waived. While we are taking all necessary steps to expeditiously transition the services on or before the end of the transition period, we may be unable to do so in a cost-effective or timely manner, which could materially adversely affect our business and operations. In addition, the Payment Card Industry ("PCI") is controlled by a limited number of vendors who have the ability to impose changes in the PCI's fee structure and operational requirements on us without negotiation. Such changes in fees and operational requirements may result in our failure to comply with industry data protection standards and protocols, causing us to incur significant unanticipated expenses.

***The loss or disruption of IT services and other third-party services could affect our operations and have a material adverse effect on our business.***

Our IT systems are an integral part of our strategies for efficiently operating our business, managing operations, and protecting against security risks related to our electronic processing and transmitting of confidential customer and associate data. The requirements to keep our IT systems operating at peak performance may be higher than anticipated and could strain our capital resources, as well as impact our ability to manage any system upgrades and management process changes, implement new systems, and prevent any information security breaches. In addition, any significant disruption of our data center could have a material adverse effect on our operations dependent on those systems, specifically, our store and e-commerce operations, our distribution centers, and our merchandising team. While we maintain business interruption and property insurance, in the event of a data center shutdown, our insurance may not be sufficient to cover the impact to our business.

Our e-commerce operations are important to our business and are subject to various risks of operating online and mobile selling capabilities, such as the failure of our IT infrastructure, including any third-party hardware or software, resulting in downtime or other technical issues; inability to respond to technological changes, such as those related to artificial intelligence; credit card fraud; or other information security breaches. Failure to mitigate these risks could reduce e-commerce sales, damage our reputation, and have a material adverse effect on our business.

***We face risks related to our electronic processing of sensitive and confidential personal and business data. If such data is lost or disclosed in an unauthorized manner, or if we or our third-party vendors are subject to cyberattacks, data breaches, other security incidents, or disruption of IT systems or software, our business and operations may be adversely affected and we could be exposed to liability or experience reputational harm.***

Given the nature of our business, we, together with third parties acting on our behalf, receive, collect, process, use, and retain sensitive and confidential customer and associate data and proprietary business information. Our business relies on IT networks and systems to market and sell our products, process financial and personal information, manage a variety of business processes, and comply with regulatory, legal, and tax requirements. We also depend on a variety of information systems to effectively process customer orders and other data, for digital marketing activities, and for electronic communications with our associates, customers, prospective customers, and vendors. Some of our third-party service providers, such as identity

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verification and payment processing providers, also regularly have access to customer data. Additionally, we maintain other confidential, proprietary, or otherwise sensitive information relating to our business and third parties.

The IT networks and systems operated by us or our vendors may be susceptible to damage, disruptions, data breaches, failures during the process of upgrading or replacing software, databases, or components, power outages, natural disasters, hardware failures, user errors or malfeasance, unauthorized access or attacks, including actions of foreign actors and insider attacks, phishing or denial-of-service attacks, the introduction of computer viruses and/or malicious or destructive code, ransomware or other malware attacks, and other real or perceived cyberattacks or catastrophic events, any of which may not be prevented by our or our vendors' efforts to secure our or their computer systems. Any of these incidents could lead to interruptions or shutdowns of our platform, disruptions in our ability to process customer orders or to track, record, or analyze the sale of our products, loss or corruption of data, loss of funds, or unauthorized access to or acquisition of personal information or other sensitive information, such as our intellectual property. Such incidents could also lead to widespread technology outages, interruptions or other failures of operational, communication, or other systems globally and across companies and industries. We utilize security tools and controls, which include reasonable efforts to ensure that our third-party vendors maintain sufficient security measures, including encryption and authentication technology, in an effort to reduce our cyber risk and protect personal and other sensitive information. However, our ability to monitor our vendors' cybersecurity is limited, and we cannot ensure the cybersecurity measures they take will be sufficient to protect any information we share with them or prevent any disruption arising from a technology failure, cyberattack or other information or security breach. Furthermore, none of our or our vendors' security measures can provide absolute security. Advances in computer capabilities, continually evolving and increasingly sophisticated tools and methods used by hackers and cyber terrorists, new discoveries in the field of cryptography, the use of artificial intelligence by cyber-attackers to develop malicious code and launch sophisticated phishing or other social engineering attempts, or other developments may result in our or our vendors' failure or inability to adequately protect personal or other sensitive information. In addition, vulnerabilities may be introduced from the use of artificial intelligence by us and our vendors. Despite our or our vendors' security measures, we may be unable to anticipate cyberattacks or implement adequate preventative measures and could suffer the impacts of a cyberattack, unauthorized access to personal information or other sensitive data, and any such data compromise or unauthorized access may not be discovered in a timely fashion and could persist for an extended period of time.

We rely on associates, contractors, and other third parties who may attempt to circumvent our security measures in order to obtain personal information or other sensitive data and may purposefully or inadvertently cause a breach involving such information. Actual or anticipated attacks may cause us to incur increased costs, including costs to deploy additional personnel and protection technologies, train associates, pay higher insurance premiums, and engage third-party specialists for additional services. An information security breach involving confidential and personal data could result in a loss of funds, damage our reputation, adversely affect our customers' willingness to purchase from us, and adversely affect our vendors' willingness to supply or provide services to us. In addition, we may incur material liabilities and remediation costs as a result of an information security breach, including potential liability for stolen customer or associate data, costs relating to repairing system damage, or costs of providing credit monitoring or other benefits to customers or associates affected by the breach. If we experience a material information security breach, our insurance may not be sufficient to cover the impact to our business. Although we have developed mitigating security controls to reduce our cyber risk and protect our data from loss or disclosure due to a security breach, including processes designed to reduce the impact of a security breach at a third-party vendor, such measures cannot provide absolute security.

We, and our third-party vendors, regularly experience cyberattacks aimed at disrupting services. Our third-party vendors may be the victim of cyber-related attacks. If they fail to deter, detect, or report cyber incidents in a timely manner, we may suffer from financial and other harm, including to our information, operations, and reputation, and such incidents could lead to operational disruptions that could have an adverse effect on our ability to fulfill customer orders. Security incidents, such as ransomware attacks, are becoming increasingly prevalent and severe, as well as increasingly difficult to detect. We, and our third-party vendors, have been subject to cyber, phishing, and social engineering attacks and other security incidents in the past and may continue to be subject to such attacks in the future. Security breaches can also occur as a result of non-technical issues, including intentional or inadvertent actions by our associates, our third-party vendors, their personnel, or other parties. If we or our third-party service providers experience security breaches that result in a decline in marketplace performance, availability problems, or the loss of, corruption of, unauthorized access to, or disclosure of personal data or confidential information, customers may become unwilling to provide us with the information necessary for such customers to make purchases on our e-commerce websites, and our reputation and market position could be harmed. Existing customers may also decrease their purchases or close their accounts altogether. We could also face potential claims, investigations, regulatory proceedings, liability, and litigation, and could bear other substantial costs in connection with remediating and otherwise responding to any data security breach, all of which may not be adequately covered by insurance, and which may result in an increase in our costs for insurance or insurance not being available to us on economically feasible terms, or at all. Insurers may also deny us

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coverage as to any future claim. Further, cybersecurity and data protection laws and regulations continue to evolve, and are increasingly demanding, which adds compliance complexity and may increase our costs of compliance and expose us to litigation, monetary damages, regulatory enforcement actions or fines. Any of these results could harm our growth prospects, financial condition, business, and reputation.

We, or third parties we rely on, may not be able to fully, continuously, and effectively implement security controls as intended. As described in Item 1C. *Cybersecurity*, we utilize a risk-based approach and exercise judgment to determine the security controls to implement, and it is possible that we may not implement appropriate controls if we do not recognize or if we underestimate a particular risk. In addition, security controls, no matter how well-designed or implemented, may only mitigate and not fully eliminate risks. Cybersecurity events, when detected by security tools or third parties, may not always be immediately understood or acted upon.

***We are exposed to risks related to the use of artificial intelligence tools or other new technologies by us and others.***

Our use of artificial intelligence tools and other new technologies may subject us to significant competitive, legal, regulatory and other risks, and there can be no assurance that our use of such tools or technologies will enhance our business operations or result in a benefit to us. Our competitors may outpace us and be more successful in their use of artificial intelligence tools and other new technologies, including by developing an enhanced shopping experience, improving customer engagement, or improving their operations with the assistance of such tools and technologies. Our efforts to utilize these technological advancements may not be successful, may result in substantial integration and maintenance costs, and may expose us to additional risks. There could be adverse impacts from inaccurate, deficient, biased or otherwise flawed algorithms, training or data sets. Our use of such tools or technologies could also result in the loss of confidential information or intellectual property or an inability to claim or enforce intellectual property rights, as well as subject us to risks related to intellectual property infringement or misappropriation, data privacy, cybersecurity and the unauthorized use of Company information. The jurisdictions in which we conduct business have and may adopt laws and regulations related to artificial intelligence that could cause us to incur greater compliance costs, limit our use of artificial intelligence tools, or subject us to legal liabilities. Moreover, ethical concerns associated with artificial intelligence could lead to brand damage, competitive disadvantages, or legal repercussions. Any problems with our implementation or use of artificial intelligence tools or other technological advancements could adversely impact our business or results of our operations.

***Our failure to protect the value of our banners, exclusive and licensed brands, or our reputation could have a material adverse effect on our brands.***

Our success is largely dependent on our ability to provide our customers with a merchandise assortment that they want and our ability to provide a consistent, high-quality customer experience. We believe that maintaining and enhancing the reputation and recognition of our banners and our exclusive and licensed brands is critical to our ability to expand and retain our customer base. Any negative publicity about us or the significant brands we offer may reduce demand for our merchandise. Failure to comply with ethical, social, product, labor, health and safety, accounting, or environmental regulations and standards could also jeopardize our reputation and potentially lead to various adverse consumer actions, in addition to potential investigations or actions against us by governmental entities, fines, penalties, or other liabilities. In addition, negative claims or publicity, including on social media, regarding celebrities and influencers with whom we have arrangements could adversely affect our reputation and sales, regardless of whether such claims are accurate. Consumer actions could include boycotts and negative publicity through social or digital media. Negative public perception about us or the products we carry, whether justified or not, could impair our reputation, subject us to litigation, damage our brands, or have a material adverse effect on our business.

We hold exclusive licensing rights that allow us to design, source, and sell footwear for certain of our key licensed brands, including Vince Camuto, Jessica Simpson, and Lucky Brand. We rely on our ability to retain and maintain good relationships with the licensors and their ability to maintain strong, well-recognized brands and trademarks. The terms of our license agreements vary and are subject to renewal with various termination provisions, and we may not be able to renew these licenses. Even our longer-term or renewable licenses are typically dependent upon our ability to market and sell the licensed products at specified levels, and our failure to meet such levels may result in the termination or non-renewal of such licenses. Furthermore, many of our license agreements require minimum royalty payments regardless of sales volumes, which could have a material adverse effect on our business and results of operations.

The demand for the brands we sell may also depend on how we are viewed relative to corporate social responsibility ("CSR"), including environmental, social, and governance positions, which may not align with the expectations of our customers, investors, and other stakeholders. Risks associated with these initiatives include any increased public focus, including by governmental and nongovernmental organizations, new laws and regulations, increased costs associated with sustainability

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efforts and/or compliance with laws and regulations, as well as increased pressure to expand our CSR disclosures, make commitments, set targets, or establish additional goals and take actions to achieve such targets and goals. At the same time, there also exists sentiment against such initiatives among certain stakeholders and government institutions, and we may face scrutiny, customer boycotts, reputational risk, lawsuits, or market access restrictions from these parties regarding our CSR positions. Inconsistency of legislation and regulations among jurisdictions, including anti-environmental, social and governance policies or legislation, and any additional regulations may also affect the costs of compliance with such laws and regulations. All of the foregoing could expose us to market, operational, and execution costs or risks. Any metrics related to these topics that we disclose, whether based on the standards we set for ourselves or those set by others, or our failure to achieve any metrics that we disclose, may influence our reputation and the demand for the brands that we sell. There is also increased focus, including by customers, investors, and other stakeholders, on these matters, including the use of plastic, energy, waste, worker safety, and products, offerings, and marketing towards certain demographics. Our reputation could be damaged if we do not, or are perceived to not, act responsibly with respect to these matters, which could also have a material adverse effect on our business, results of operations, financial position, and cash flows.

***We are dependent on our retail customer reward programs and marketing to drive traffic, sales, and loyalty, and any decrease in membership or purchases from members could have a material adverse effect on our business.***

Customer traffic is influenced by our marketing methods and our reward programs. We rely on our reward programs to drive customer traffic, sales, and purchase frequency as members earn points toward discounts on future purchases through our VIP reward programs in the U.S. and Canada. We employ a variety of marketing methods, including email, direct mail, and social media, to communicate product offerings and various promotions and discounts to all of our customers, as well as exclusive offers to our rewards members. As of January 31, 2026, we had 30.0 million members enrolled in our VIP reward programs who have made at least one purchase over the last two years. In 2025, shoppers in the reward programs generated approximately 89% of the Retail segment's net sales. If our rewards members decrease their purchase frequency or do not continue to shop with us, we fail to add new members, the number of members decreases, or our marketing is not effective in driving customer traffic, such event could have a material adverse effect on our business.

***Future acquisitions of and investments in new businesses and brands and other growth strategies could disrupt our ongoing business and adversely impact our financial condition and results of operations.***

From time to time, we may acquire or invest in businesses, or we may license brands that we believe could complement our business and offer growth opportunities. For example, in 2024, we acquired Rubino. The expected contribution to our business as a result of this and other acquisitions or investments may not materialize. Further, such integrations may disrupt our business or divert the attention of our management. Achieving the expected benefits depends in large part on our successful integration of any new operations, systems, and personnel in a timely and efficient manner. We cannot ensure that all of our integration efforts will be completed on a timely basis, as planned, or without substantial expense, delay, or other operational problems. Until we make substantial progress with our integration efforts, we also face the risk that we may not be able to effectively manage the business and achieve planned results. In addition, the integration process may strain our financial and managerial controls and reporting systems and procedures and may also result in the diversion of management and financial resources from core business objectives. Our integration efforts may not be successful, or we may not realize the anticipated benefits after we complete our integration efforts.

In addition, we may from time to time evaluate and pursue other strategic initiatives, investments, acquisitions, or divestitures, including business restructurings and other strategic activities. These strategic initiatives, investments, acquisitions, or divestitures could involve various inherent risks, and the benefits sought may not be realized, or these strategic initiatives, acquisitions, investments, or divestitures may not create value or may harm our brand and adversely affect our business, financial condition, and results of operations.

***Our failure to retain our existing senior management team or continue to attract qualified new personnel could have a material adverse effect on our business.***

The success of our business is dependent on the continuation of an experienced and talented management team. If we were to lose the benefit of the experience, efforts, and abilities of any of our key executives or members of senior management, our business could be adversely affected. We have entered into employment agreements with certain of our key executives and also offer compensation packages designed to attract and retain talent. In addition, our ability to manage our business will require us to continue to train, motivate, and develop our associates to maintain a high level of talent for future challenges and succession planning. Competition for these types of personnel is intense, and we may not be successful in attracting and retaining the personnel required to grow and operate our business.

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***Our failure to retain existing and secure new store locations under acceptable lease terms could have a material adverse effect on our business.***

The success of our Retail segment depends, in part, on our ability to secure long-term leases in desirable locations at acceptable terms for our stores and to secure renewals of such leases. No assurance can be given that we will be able to successfully negotiate lease renewals for existing stores or obtain acceptable terms for new stores in desirable locations. Our ability to operate stores on a profitable basis depends on many factors, including our ability to identify suitable markets and sites for our store locations with financially stable co-tenants and landlords; build-out or remodel sites on a timely and effective basis; obtain sufficient financing and capital resources or generate sufficient cash flows from operations to fund store capital expenditures; open new stores or remodel existing stores at costs not significantly greater than those anticipated; successfully open new stores in markets in which we currently have few or no stores; control the costs associated with store openings; and hire, train, and retain qualified managers and store personnel. To the extent that we are opening new stores in our existing markets, we may experience reduced net sales in existing stores in those markets. As a result, the number of customers and financial performance of individual stores may decline and the average sales per square foot at our stores may be reduced. Due to the changing retail landscape, we may want to reduce the size or number of store locations but may be unable to successfully exit lease agreements, which could have a material adverse effect on our business.

***Our ABL Revolver and Term Loan contain restrictions that could limit our ability to fund operations, which could adversely affect our business.***

Funds drawn under our ABL Revolver may be used for working capital purposes, capital expenditures, share repurchases, other expenditures, and permitted acquisitions as defined in the ABL Revolver. The amount of credit available under the ABL Revolver is limited to a borrowing base formulated on, among other things, a percentage of the book value of eligible inventory and credit card receivables, as reduced by certain reserves. Consequently, it is possible that, should we need to access any additional funds from our ABL Revolver, such funds may not be available in full.

The ABL Revolver requires us to maintain a fixed charge coverage ratio of not less than 1:1 when availability is less than the greater of $47.3 million or 10.0% of the maximum borrowing amount. At any time that liquidity is less than $100.0 million, the Term Loan requires the consolidated net leverage ratio to be no greater than 2.50 to 1.00, calculated on a trailing twelve-month basis and measured on the last day of each fiscal month. Our ABL Revolver and Term Loan also contain customary covenants restricting certain activities, including limitations on our ability to sell assets, engage in acquisitions, enter into transactions involving related parties, incur additional debt, grant liens on assets, pay dividends or repurchase stock, and make certain other changes. There are specific exceptions to these covenants including, in some cases, upon satisfying specified payment conditions based on availability. The ABL Revolver and Term Loan contain customary events of default, including failure to comply with certain financial and other covenants. Upon an event of default that is not cured or waived within the applicable cure period, in addition to other remedies that may be available to the lenders, our obligations may be accelerated, outstanding letters of credit may be required to be cash collateralized, and remedies may be exercised against the collateral.

**<u>RISKS RELATING TO EXTERNAL FACTORS</u>**

***Our international operations and reliance on foreign-sourced merchandise exposes us to risks associated with international matters.***

We face risks inherent in sourcing our merchandise from national brand suppliers and third-party manufacturers with foreign operations. Our operations may be adversely affected by international political, economic, and social instability; local laws and customs; legal and regulatory constraints, including compliance with applicable anti-bribery, anti-corruption, labor, trade, and foreign tax laws; local business practices, including compliance with foreign laws and with domestic and international labor standards; and currency laws and regulations. Risks may also include, among others, public health threats; inclement weather and natural disasters; international hostilities, including the wars in Ukraine and Iran, or terrorism; increases in shipping costs; transportation delays and interruptions, including increased inspections of import shipments by domestic authorities or the occurrence of international trade disruptions; labor or supply shortages; work stoppages; expropriation or nationalization; changes in foreign government administration and governmental policies; changes in import duties or quotas; increases in tariffs, sanctions, and other trade barriers or restrictions; cost and difficulties associated with managing operations outside of the U.S.; possible adverse tax consequences from changes in tax laws or the unfavorable resolution of tax assessments or audits; and greater difficulty in enforcing intellectual property rights. With a substantial portion of our merchandise being sourced from

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foreign countries, any of these events could result in our failure to obtain merchandise in a timely manner, which ultimately could have a material adverse effect on our business, financial condition, or results of operations.

We require our business partners to operate in compliance with applicable laws and regulations and our internal requirements. However, we do not control such third parties or their labor and business practices. The violation of labor or other laws by any one of our suppliers could have a material adverse effect on our business.

***Compliance with laws or changes in existing or new laws and regulations or regulatory enforcement priorities could adversely affect our business. Our failure to comply with applicable laws and regulations could have a material adverse effect on our business.***

We are required to comply with various laws and regulations at the local, regional, state, federal, and international levels. These laws and regulations change frequently, and such changes can impose significant costs and other burdens of compliance on our business and third parties we rely upon. Any changes in regulations, the imposition of additional regulations, or the enactment of any new legislation that affects employment/labor, trade, product safety, transportation/logistics, energy costs, health care, tax, environmental issues, including the impact of climate change, or compliance with the Foreign Corrupt Practices Act or similar anti-corruption laws could have a material adverse impact on our financial condition and results of operations. In addition, changes in enforcement priorities by governmental agencies charged with enforcing existing laws and regulations could increase our cost of doing business. The evolving and at times overlapping regulatory regimes to which the Company is subject may change at any time, including as a result of changes in the U.S. political environment. Failure to achieve or maintain compliance with applicable laws and regulations could subject us to lawsuits and other proceedings and lead to damage awards, fines, penalties, and remediation costs. We are or may become involved in a number of legal proceedings and audits, including grand jury investigations, government and agency investigations, and shareholder, consumer, employment, tort, and other litigation. We cannot predict with certainty the outcomes of these proceedings and other contingencies, including environmental remediation and other proceedings commenced by governmental authorities. The outcome of some of these proceedings, audits, and other contingencies could require us to take, or refrain from taking, actions which could negatively affect our operations or could require us to pay substantial amounts of money, adversely affecting our financial condition and results of operations. Additionally, defending against these lawsuits and proceedings may involve significant expense and diversion of management's attention and resources.

We are subject to stringent and changing privacy laws, regulations and standards. State, federal, and foreign governments have enacted and are continuing to enact laws and regulations governing the collection, use, retention, sharing, transfer, and security of personally identifiable information and data. Our business is subject to a variety of federal, state, local, and foreign laws and regulations, orders, rules, codes, regulatory guidance, and certain industry standards regarding privacy, data protection, consumer protection, information security, and the processing of personal information and other data. State laws are changing rapidly, and new legislation proposed or enacted in a number of other states imposes, or has the potential to impose, additional obligations on companies that process confidential, sensitive and personal information, and will continue to shape the data privacy environment nationally. The U.S. federal government is also significantly focused on privacy matters.

We are subject to other consumer protection laws and the regulatory environment is increasingly demanding with frequent new and changing requirements concerning cybersecurity, information security, and privacy, which may be inconsistent from one jurisdiction to another. Any failure by us or any of our business partners to comply with applicable laws, rules, and regulations may result in investigations or actions against us by governmental entities, private claims and litigation, fines, penalties, or other liabilities. Such events may increase our expenses, expose us to liabilities, and harm our reputation, which could have a material adverse effect on our business.

While we aim to comply with applicable data protection laws and obligations in all material respects, we could be subject to claims that we have violated such laws and obligations, we may not be able to successfully defend against such claims, and we could be subject to significant fines and penalties in the event of non-compliance. Additionally, to the extent multiple state-level laws are introduced with inconsistent or conflicting standards and there is no federal law to preempt such laws, compliance with such laws could be difficult and costly to achieve, or impossible to achieve, and we could be subject to fines and penalties in the event of non-compliance.

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***Extreme or unseasonable weather conditions in locations where we and our vendors operate could have a material adverse effect on our business.***

Locations where we operate and that we consider to be material to our business, as set forth in Item 2. *Properties* of this Form 10-K, as well as locations operated by our vendors, may be subject to natural disasters, other extreme weather conditions, and negative climate patterns, which may be exacerbated by climate change. Weather-related risks, including resource scarcity, rationing, or unexpected costs from increases in fuel or raw material prices, could disrupt our operations. Such disruptions may result in decreased demand for our products and disruptions in our sales channels and sourcing and distribution networks, which ultimately could have a material adverse effect on our business, financial condition, and results of operations. Extreme weather events and changes in weather patterns can also influence customer trends and shopping habits. Because our business is heavily weighted towards dress and seasonal products, unseasonably warm temperatures during our fall selling season or unseasonably cool weather during our spring selling season may diminish demand for our seasonal merchandise.

In addition, heavy snowfall, hurricanes, or other severe weather events where our retail stores and the retail stores of our wholesale customers are located may decrease customer traffic in those stores and reduce our sales and profitability. Moreover, natural disasters such as hurricanes, flooding, wildfires and earthquakes, whether occurring in the U.S. or abroad, and their related consequences and effects, including energy shortages and public health issues, could disrupt our operations. In particular, if a natural disaster or severe weather event were to occur in an area in which we or our suppliers, customers, or distribution centers are located, our continued success would depend, in part, on the safety and availability of the relevant personnel and facilities and proper functioning of our or our third parties' systems and operations. There is growing concern that climate change may increase both the frequency and severity of extreme weather conditions and natural disasters. In addition, the physical changes caused by climate change could result in changes in regulations, consumer preferences, production capabilities, availability of raw materials and costs, which could in turn affect our business, operating results, and financial condition.

If we were to experience a local or regional disaster or other business continuity event or concurrent events, we could experience operational challenges, depending upon how a local or regional event may affect our human capital across our operations or regarding particular aspects of our operations, such as key executive officers or personnel. Further, if we are unable to find alternative suppliers or shipping channels, replace capacity at key manufacturing or distribution locations or quickly repair damage to our IT systems and networks, including the Internet and third-party services, we could be late in delivering, or be unable to deliver, products to our customers. Any of these events could result in decreased demand for our products and disruptions in our sales channels and manufacturing and distribution networks, including those of our vendors, which could have a material adverse effect on our business, financial condition, and results of operations.

**<u>RISKS RELATING TO OUR COMMON SHARES</u>**

***Our amended and restated articles of incorporation, amended and restated code of regulations, and Ohio state law contain provisions that may have the effect of delaying or preventing a change in control of the Company. This could adversely affect the value of our Class A common shares.***

Our amended and restated articles of incorporation authorize our Board of Directors (the "Board") to issue up to 100 million preferred shares and to determine the powers, preferences, privileges, rights, including voting rights, qualifications, limitations, and restrictions on those shares, without any further vote or action by the shareholders. The rights of the holders of our Class A common shares will be subject to, and may be adversely affected by, the rights of the holders of any preferred shares that may be issued in the future. The issuance of preferred shares could have the effect of delaying, deterring, or preventing a change in control of the Company and could adversely affect the voting power of our common shares. In addition, we have issued Class B common shares, which are convertible into Class A common shares on a share-for-share basis and are entitled to eight votes per share on matters submitted to shareholders for approval. Holders of our Class B common shares are able to exert significant control over the Company, as further described below.

In addition, provisions of our amended and restated articles of incorporation, amended and restated code of regulations, and Ohio law, together or separately, could discourage potential acquisition proposals, delay or prevent a change in control, or limit the price that certain investors might be willing to pay in the future for our common shares. Among other things, these provisions establish a staggered board, require a super-majority vote to remove directors, and establish certain advance notice procedures for nomination of candidates for election as directors and for shareholder proposals to be considered at shareholders' meetings.

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***Entities owned by or controlled by Jay L. Schottenstein, the Executive Chairman of our Board, and members of his family (the "Schottenstein Affiliates") directly control or substantially influence the outcome of matters submitted for shareholder votes, and their interests may differ from other shareholders.***

As of January 31, 2026, the Schottenstein Affiliates beneficially owned approximately 30% of the Company's outstanding common shares, representing 66% of the combined voting power, consisting of, in the aggregate, 7.4 million Class A common shares (which are entitled to one vote per share) and 7.7 million Class B common shares (which are entitled to eight votes per share). The Schottenstein Affiliates directly control or substantially influence the outcome of matters submitted to our shareholders for approval, including the election of directors, approval of mergers or other business combinations, and approval of acquisitions or dispositions of assets. The interests of the Schottenstein Affiliates may differ from or be opposed to the interests of other shareholders, and the Schottenstein Affiliates' level of ownership and voting power in the Company may have the effect of delaying or preventing a subsequent change in control of the Company that may be favored by other shareholders. Additionally, the disproportionate voting rights of our Class B common shares and the Schottenstein Affiliates' substantial holdings of Class B common shares could have an adverse effect on the market price of our Class A common shares.

The Schottenstein Affiliates engage in a variety of businesses, including, but not limited to, business and inventory liquidations, apparel companies, and real estate investments. Opportunities may arise in the area of potential competitive business activities that may be attractive to the Schottenstein Affiliates and us. Our amended and restated articles of incorporation provide that the Schottenstein Affiliates are under no obligation to communicate or offer any corporate opportunity to us. In addition, the Schottenstein Affiliates have the right to engage in similar activities as us, do business with our suppliers and customers, and, except as limited by agreement, employ or otherwise engage any of our executives or associates.

Furthermore, as a "controlled company" within the meaning of the New York Stock Exchange (the "NYSE") rules, the Company qualifies for, and in the future may opt to rely on, exemptions from certain corporate governance requirements, including having a majority of independent directors, as well as having nominating and corporate governance and compensation committees composed entirely of independent directors.

***We do not expect a trading market for the Company's Class B common shares to develop and, therefore, any investment in the Company's Class B common shares may be effectively illiquid, unless such shares are converted into the Company's Class A common shares.***

There is currently no public market for the Company's Class B common shares. We do not intend to list the Class B common shares on any securities exchange or any automated quotation system. As a result, a secondary market for the Company's Class B common shares may not develop, and we do not expect any market makers to participate in a secondary market. Because the Class B common shares are not listed on a securities exchange or an automated quotation system, it may be difficult to obtain pricing information with respect to the Class B common shares. Accordingly, there may be a limited number of buyers if a holder decides to sell its Class B common shares. This may affect the price a holder would receive upon such sale. Alternatively, a holder of such shares could convert the shares into Class A common shares, on a share-for-share basis, prior to selling. However, such conversion could affect the timing of any such sale, which may in turn affect the price a holder may receive upon such sale.

**ITEM 1B. UNRESOLVED STAFF COMMENTS**

None.

**ITEM 1C. CYBERSECURITY**

**<u>RISK MANAGEMENT AND STRATEGY</u>**

We have implemented and continue to maintain a comprehensive information security program designed to identify, assess, and manage material risks from cybersecurity threats. This program is integrated into our overall enterprise risk management process, ensuring that cybersecurity considerations are incorporated into the Company's broader strategic planning and risk oversight. The Board maintains ultimate oversight of the Company's risk management strategy. The Board has delegated primary responsibility for the oversight of cybersecurity risks to the Technology Committee of the Board ("Technology Committee"), which is responsible for: (i) regularly reviewing with executive management significant cybersecurity, privacy, artificial intelligence, and IT risks, as well as our policies and processes for risk assessment; (ii) overseeing the steps management has taken to monitor and control such risks; and (iii) regularly reporting its findings to the full Board.

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Our information security program is operationally led by the Director of Information Security, who is responsible for the day-to-day execution of our information security strategy, security engineering, operations, and cyber threat detection. The program utilizes a defense-in-depth approach, employing policies and procedures to guide the implementation and maintenance of security measures. We utilize a risk-based methodology to select and implement security controls, relying on the analysis and judgment of the Director of Information Security and executive management, supplemented by feedback from internal and third-party audits. When identifying security controls, we consider factors such as the likelihood and severity of a risk, the potential impact on the Company and its stakeholders, the feasibility of controls, and the impact on business operations.

We recognize that cybersecurity risks extend to our service providers. We maintain a vendor risk management program to oversee risks related to the use of third-party technology and services, including cloud-based platforms. We engage third-party security firms to assist in the operation of specific controls and to conduct independent assessments, such as vulnerability scans and penetration testing.

To ensure preparedness, we maintain a written incident response plan and conduct tabletop exercises to test our response capabilities. We also maintain distinct response protocols to address operational impacts caused by service disruptions, including scenario-specific runbooks and mitigation plans for critical vendors. Employees are required to undergo security awareness training upon hiring and annually thereafter.

**<u>GOVERNANCE</u>**

While the Board oversees the Company's risk strategy, the Company's executive management is responsible for the strategic assessment and management of cybersecurity risk. The Director of Information Security serves as the operational lead for the development, maintenance, and enforcement of the information security program. The Director of Information Security reports to executive management to ensure that cybersecurity risks are reviewed and evaluated.

The Director of Information Security possesses over 20 years of cybersecurity expertise, including service in the United States Air Force and subsequent roles in both the public and private sectors across diverse industries. The Director holds multiple industry-recognized certifications, including the Certified Chief Information Security Officer (CCISO), Certified Information Systems Security Professional (CISSP), and Certified Information Security Manager (CISM).

The Director of Information Security briefs the Technology Committee regularly and facilitates cybersecurity training for the Board, covering the current threat landscape, program metrics, risks, and the security roadmap.

In the event of a security incident, the Director of Information Security is responsible for executing the technical response and notifying the Company's Crisis Committee, a cross-functional group of senior Company leaders. The Crisis Committee works with the Director of Information Security to coordinate the response and remediation efforts.

The authority to determine whether a cybersecurity incident is material resides with the Company's executive management. In the event of a potential material incident, the Director of Information Security and the Crisis Committee escalate the matter to the Company's General Counsel and Principal Accounting Officer. These executive officers, in consultation with outside counsel, are responsible for assessing the materiality of the incident. The General Counsel is responsible for notifying the Technology Committee and the Board of any incident determined to be material.

As of the date of this report, the Company has not identified risks from known cybersecurity threats that have materially affected or are reasonably likely to materially affect the Company, including its business strategy, results of operations, or financial condition. However, there can be no assurance that the Company, or third parties on which it relies, will not experience a cybersecurity threat or incident in the future. We continue to monitor cyber risk closely; however, we may not be successful in preventing or mitigating a cybersecurity incident that could have a material adverse effect on us. While we maintain cybersecurity insurance, costs related to cybersecurity threats or disruptions may not be fully insured. See Item 1A. *Risk factors* for a discussion of cybersecurity risks.

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**ITEM 2. PROPERTIES**

The following table summarizes the location and general use of our principal properties as of January 31, 2026 that we consider to be material to our business and that we believe will meet our operational needs for the foreseeable future:

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| | | | | |
|:---|:---|:---|:---|:---|
| Facility | Location | Owned/Leased | Segment | Approximate Square Feet |
| Principal corporate office | Columbus, Ohio | Owned | Corporate and Retail | 178000 |
| Distribution centers: |  |  |  |  |
| &nbsp;&nbsp;Midwest Logistics Center | Columbus, Ohio | Owned | Retail | 625000 |
| &nbsp;&nbsp;East Coast Logistics Center | Westampton, New Jersey | Leased | Retail and Brand Portfolio | 683000 |
| &nbsp;&nbsp;West Coast Logistics Center | Glendale, Arizona | Leased | Retail | 276000 |
| Retail stores | 665 various North American locations | Leased | Retail | 10922000 |
| Primary foreign sourcing office | Dongguan, China | Leased | Brand Portfolio | 102000 |

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**ITEM 3. LEGAL PROCEEDINGS**

The information set forth in Note 13, *Commitments and Contingencies - Legal Proceedings*, of the consolidated financial statements of this Form 10-K is incorporated herein by reference.

**ITEM 4. MINE SAFETY DISCLOSURES**

Not applicable.

**PART II**

**ITEM 5. MARKET FOR THE REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES**

**<u>COMMON SHARES</u>**

Our Class A common shares are listed for trading on the NYSE under the ticker symbol "DBI." There is currently no public market for the Company's Class B common shares, but the Class B common shares can be converted into the Company's Class A common shares at the election of the holder on a share-for-share basis. Holders of Class A common shares are entitled to one vote per share and holders of Class B common shares are entitled to eight votes per share on matters submitted to shareholders for approval. As of March 23, 2026, there were 186 holders of record of our Class A common shares and 11 holders of record of our Class B common shares. The number of holders of record is based upon the actual number of holders registered at such date and does not include holders of shares in "street names" or persons, partnerships, associates, corporations, or other entities identified in security position listings maintained by depositories.

***DIVIDENDS***

The payment of any future dividends is at the discretion of our Board and is based on our future earnings, cash flow, financial condition, capital requirements, changes in taxation laws, general economic condition, and any other relevant factors. We anticipate declaring dividends on a quarterly basis.

On March 12, 2026, the Board declared a quarterly cash dividend payment of $0.05 per share for both Class A and Class B common shares. The dividend will be paid on April 10, 2026 to shareholders of record as of the close of business on March 26, 2026.

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***SHARE REPURCHASE PROGRAM***

On August 17, 2017, the Board authorized the repurchase of an additional $500.0 million of Class A common shares under our share repurchase program, which was added to the $33.5 million remaining from the previous authorization. As of January 31, 2026, $19.7 million of Class A common shares remained available for repurchase under the program. The share repurchase program may be suspended, modified or discontinued at any time, and we have no obligation to repurchase any amount of our Class A common shares under the program. Shares will be repurchased in the open market at times and in amounts considered appropriate based on price and market conditions. For 2025, we did not have any share repurchases.

***RESTRICTIONS***

The ABL Revolver and the Term Loan contain customary covenants restricting our activities, including limitations on the ability to pay dividends or repurchase stock. There are specific exceptions to these covenants including, in some cases, upon satisfying specified payment conditions based on availability.

**<u>PERFORMANCE GRAPH</u>**

The following graph compares our cumulative total shareholder return on our Class A common shares with the cumulative total returns of the Standard and Poor's ("S&P") MidCap 400 Index and the S&P MidCap 400 Retail Index, both of which are published indices. The comparison of the cumulative total returns for each investment assumes that $100 was invested on January 30, 2021 and that all dividends were reinvested. This comparison includes the period beginning January 30, 2021 and ended January 31, 2026.

![FY25 Performance Graph.jpg](dsw-20260131_g2.jpg)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Company / Index | January 30, 2021 | January 29, 2022 | January 28, 2023 | February 3, 2024 | February 1, 2025 | January 31, 2026 |
| Designer Brands Inc. | $100.00 | $104.41 | $87.01 | $77.80 | $43.63 | $57.90 |
| S&P MidCap 400 Index | $100.00 | $111.55 | $115.15 | $123.72 | $146.97 | $158.27 |
| S&P MidCap 400 Retail Index | $100.00 | $101.29 | $93.72 | $102.42 | $134.96 | $122.45 |

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**ITEM 6. [RESERVED]**

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**ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

This management's discussion and analysis of financial condition and results of operations contains forward-looking statements that involve various risks and uncertainties. See *Cautionary Statement Regarding Forward-Looking Information for Purposes of the "Safe Harbor" Provisions of the Private Securities Litigation Reform Act of 1995* on page ii for a discussion of the uncertainties, risks, and assumptions associated with these statements. This discussion is best read in conjunction with our consolidated financial statements, including the notes thereto, set forth in Item 8. *Financial Statements and Supplementary Data* of this Form 10-K. The results of operations for the periods reflected herein are not necessarily indicative of results that may be expected for future periods, and our actual results may differ materially from those discussed in the forward-looking statements as a result of various factors, including but not limited to those listed under Item 1A. *Risk Factors* of this Form 10-K and included elsewhere in this Form 10-K.

Our two reportable segments are the Retail segment and the Brand Portfolio segment. Beginning with this 2025 Annual Report on Form 10-K, we aggregated our previously reported U.S. Retail operating segment and Canada Retail operating segment into a single reportable segment, the Retail segment, due to the similar nature of their operations and economic characteristics. This aggregation had no impact on our historical consolidated financial position, results of operations or cash flows. All prior period segment information has been recast to conform to the current reporting segment presentation.

The following discussion includes a comparison of our results of operations and liquidity and capital resources for 2025 and 2024. Except where it may be useful in understanding 2025 results, we have omitted discussion of results for 2023, which may

be found in Item 7. *Management's Discussion and Analysis of Financial Condition and Results of Operations* of our Annual

Report on Form 10-K for the year ended February 1, 2025, filed with the SEC on March 24, 2025.

**<u>EXECUTIVE OVERVIEW AND TRENDS IN OUR BUSINESS</u>**

For 2025, net sales decreased 3.9% with a decrease in total comparable sales of 4.3% over last year. Gross profit as a percentage of net sales for 2025 was 43.6%, an increase of 90 basis points when compared to last year.

***EFFECTS OF MACROECONOMIC CONDITIONS AND TARIFFS***

Macroeconomic conditions influenced by uncertain tariff policies, stock market indices, interest rates, inflation and employment levels, along with geopolitical unrest, continue to persist and create a challenging retail environment. Consumer spending on discretionary items, including our products, generally declines during periods of economic uncertainty, when disposable income is reduced, or when there is a reduction in consumer confidence. We believe these ongoing uncertainties have had a negative impact on our operating results and liquidity during 2025 and we may continue to experience the impact of decreased consumer demand for our products and lower direct-to-consumer traffic. We have enacted certain mitigating actions, including alignment of inventory with current demand levels, expense and capital expenditure reductions, and accelerating sourcing diversification efforts. Although we have made progress in mitigating the impacts of certain macroeconomic conditions, our actions are not necessarily complete, and they should be viewed as part of the process in which we will continue our efforts to better align our cost structure with our operating results. We are unable to predict the severity of macroeconomic uncertainty, whether or when such circumstances may improve or worsen, including from one of our quarterly reporting periods to the next, or the full impact such circumstances could have on our business. These factors ultimately could require us to enact further mitigating operating efficiency measures that could have a material adverse effect on our business, results of operations, and liquidity.

Following its January 2025 inauguration, the U.S. administration has taken action to increase tariffs assessed on most products imported into the U.S. Various modifications to the U.S. tariffs have been announced, and further changes are expected to be made in the future, including in response to litigation, which has introduced heightened uncertainty regarding the future of global trade and the impact to our cost structure. On February 20, 2026, the U.S. Supreme Court rendered a decision invalidating tariffs imposed under the International Emergency Economic Powers Act (the "IEEPA"). The U.S. Supreme Court did not address refunds or remedies but instead remanded the matter to the U.S. Court of International Trade to address remedies. In response, the U.S. President issued an executive order rescinding the IEEPA tariffs and directing agencies to take measures to cease collection of the tariffs. Further, following the decision, the U.S. President imposed a new tariff surcharge of not less than 10% under Section 122 of the Trade Act of 1974 on all imports, subject to certain exceptions. The tariffs under this statute took effect on February 24, 2026, and will remain in effect for 150 days (the maximum under the statute). Tariffs have not been previously imposed under this statutory provision, and such tariffs may be increased. On March 4, 2026, the U.S. Court of International Trade ruled that companies that paid tariffs imposed under the IEEPA are due refunds. There remains substantial uncertainty regarding any refund processes and further uncertainty regarding future trade policy actions, and any

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future tariffs or other trade policy actions could affect our cost structure and supply chain. All of the products manufactured through the Brand Portfolio segment come from third-party facilities outside of the U.S., with the majority of our units sourced from Asia. In addition to the merchandise sourced through our Brand Portfolio segment, our Retail segment also sources merchandise from third-party suppliers, with many of these suppliers importing a large portion of their merchandise from Asia. We are closely monitoring this situation and evaluating the actions we have taken and additional actions we may take in the future, including cost mitigation measures and price adjustments. For our Brand Portfolio segment, we have adjusted our sourcing diversification by optimizing where we source our products from in an effort to mitigate the risk, maximize flexibility, and decrease costs. However, sourcing diversification could result in product quality issues, higher product costs, and/or not being able to source the quantity desired on a timely basis and there can be no assurance that we will be able to fully mitigate the impact of such tariffs or new tariffs in Asia or elsewhere. The ultimate impact of tariffs and other trade policies on our business will depend on several factors, including future measures implemented by the U.S. government and the governments of other countries, the overall magnitude and duration of these measures, and our ability to mitigate effects, which could include higher import costs and our ability to obtain any refund. Accordingly, our financial position or results of operations may be adversely influenced by political, economic, legal, compliance, social, and business conditions in the U.S. and in other countries.

Future impacts from macroeconomic conditions and tariffs are unknown at this time and could have a material adverse effect on our business, results of operations, and liquidity. Unfavorable developments may result in future write-downs or adjustments to inventories, receivables, the valuation allowance on deferred tax assets, and may also negatively impact the fair value of our reporting units, indefinite-lived tradenames, and long-lived assets, which could result in us recording impairment charges for amounts below their carrying value.

***FINANCIAL SUMMARY AND OTHER KEY METRICS***

For 2025:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net sales decreased to $2.9 billion from $3.0 billion last year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** Gross profit as a percentage of net sales was 43.6% compared to 42.7% in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** Net loss attributable to Designer Brands Inc. was $8.4 million, or $0.17 loss per diluted share, compared to net loss attributable to Designer Brands Inc. of $10.5 million, or $0.20 loss per diluted share, last year.

***Comparable Sales Performance Metric-*** The following table presents the percent change in comparable sales for each segment and in total:

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| | | |
|:---|:---|:---|
| | **2025** | 2024 |
| Change in comparable sales: |  |  |
| &nbsp;&nbsp;&nbsp;Retail segment | **(3.9)%** | (1.5)% |
| &nbsp;&nbsp;&nbsp;Brand Portfolio segment - direct-to-consumer channel | **(21.9)%** | (9.5)% |
| &nbsp;&nbsp;&nbsp;Total | **(4.3)%** | (1.7)% |

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We consider the percent change in comparable sales from the same previous year period, a primary metric commonly used throughout the retail industry, to be an important measurement for management and investors of the performance of our direct-to-consumer businesses. We include in our comparable sales metric sales from stores in operation for at least 14 months at the beginning of the applicable year. Stores are added to the comparable base at the beginning of the year and are dropped for comparative purposes in the quarter in which they are closed. Comparable sales include the e-commerce sales of the Retail segment. Comparable sales in Canada exclude the impact of foreign currency translation and are calculated by translating current period results at the foreign currency exchange rate used in the comparable period of the prior year. Comparable sales include the e-commerce net sales of the Brand Portfolio segment from the direct-to-consumer e-commerce sites. The calculation of comparable sales varies across the retail industry and, as a result, the calculations of other retail companies may not be consistent with our calculation.

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***Number of Stores-*** The following table presents the number of stores by banner in our Retail segment:

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| | | |
|:---|:---|:---|
| | **January 31, 2026** | February 1, 2025 |
| DSW | **519** | 520 |
| The Shoe Co. | **118** | 121 |
| Rubino | **28** | 28 |
| Total number of stores | **665** | 669 |

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**<u>RESULTS OF OPERATIONS</u>**

***2025 COMPARED WITH 2024***

The following table presents our consolidated results of operations with associated percentages of net sales:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(amounts in thousands, except per share amounts)* | **2025** | **2025** | 2024 | 2024 | Change | Change |
|  | **Amount** | **% of Net Sales** | Amount | % of Net Sales | Amount | % |
| Net sales | $**2892671** | **100.0%** | $3009262 | 100.0% | $(116591) | (3.9)% |
| Cost of sales | **(1632281)** | **(56.4)** | (1723304) | (57.3) | 91023 | (5.3)% |
| Gross profit | **1260390** | **43.6** | 1285958 | 42.7 | (25568) | (2.0)% |
| Operating expenses | **(1219233)** | **(42.1)** | (1245834) | (41.4) | 26601 | (2.1)% |
| Income from equity investments | **11026** | **0.4** | 13145 | 0.5 | (2119) | (16.1)% |
| Impairment charges | **(4419)** | **(0.2)** | (18336) | (0.6) | 13917 | (75.9)% |
| Operating profit | **47764** | **1.7** | 34933 | 1.2 | 12831 | 36.7% |
| Interest expense, net | **(45338)** | **(1.6)** | (45291) | (1.6) | (47) | 0.1% |
| Non-operating expenses, net | **(192)** | **—** | (372) |  | 180 | (48.4)% |
| Income (loss) before income taxes and loss from equity investment | **2234** | **0.1** | (10730) | (0.4) | 12964 | NM |
| Income tax benefit (provision) | **(6958)** | **(0.3)** | 755 |  | (7713) | NM |
| Loss from equity investment | **(847)** | **—** |  |  | (847) | NM |
| Net loss | **(5571)** | **(0.2)** | (9975) | (0.4) | 4404 | (44.2)% |
| Net income attributable to redeemable noncontrolling interest | **(2803)** | **(0.1)** | (574) |  | (2229) | 388.3% |
| Net loss attributable to Designer Brands Inc. | $**(8374)** | **(0.3)%** | $(10549) | (0.4)% | $2175 | (20.6)% |
| Basic and diluted loss per share attributable to Designer Brands Inc. | $**(0.17)** |  | $(0.20) |  | $0.03 | (15.0)% |
| Basic and diluted weighted average shares used in per share calculations | **49136** |  | 53657 |  | (4521) | (8.4)% |

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NM - Not meaningful

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***NET SALES***

The following table summarizes net sales by segment:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(dollars in thousands)* | **2025** | **2025** | 2024 | 2024 | Change | Change | Change |
|  | **Amount** | **% of Segment Net Sales** | Amount | % of Segment Net Sales | Amount | % | Comparable Sales % |
| Segment net sales: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Retail | $**2656809** | **88.0%** | $2749124 | 87.3% | $(92315) | (3.4)% | (3.9)% |
| &nbsp;&nbsp;&nbsp;Brand Portfolio | **362861** | **12.0** | 398881 | 12.7 | (36020) | (9.0)% | (21.9)% |
| Total segment net sales | **3019670** | **100.0%** | 3148005 | 100.0% | (128335) | (4.1)% | (4.3)% |
| Elimination of intersegment net sales | **(126999)** |  | (138743) |  | 11744 | (8.5)% |  |
| Consolidated net sales | $**2892671** |  | $3009262 |  | $(116591) | (3.9)% |  |

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During 2025, net sales decreased in the Retail segment primarily driven by a decline in comparable sales of approximately $106.0 million, which was partially offset by an increase in non-product sales activity including service revenue, retail media income, and shipping revenue. The decrease in comparable sales for the Retail segment was largely driven by lower comparable transactions of approximately 8% due to reduced traffic, partially offset by an increase in comparable average sales amounts per transaction. The decrease in net sales for the Brand Portfolio segment was primarily due to lower revenue from wholesale activity of $39.9 million (excluding Topo wholesale) as retail customers and the Retail segment pulled back on orders, partially offset by a $17.3 million increase in net sales from strong Topo wholesale activity, with the remaining decrease from direct-to-consumer sales, primarily from the Vince Camuto e-commerce site.

***GROSS PROFIT***

The following table summarizes gross profit by segment:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(dollars in thousands)* | **2025** | **2025** | 2024 | 2024 | Change | Change | Change |
|  | **Amount** | **% of Segment Net Sales** | Amount | % of Segment Net Sales | Amount | % | Basis Points |
| Segment gross profit: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Retail | $**1152705** | **43.4%** | $1186228 | 43.1% | $(33523) | (2.8)% | 30 |
| &nbsp;&nbsp;&nbsp;Brand Portfolio | **102791** | **28.3%** | 109814 | 27.5% | (7023) | (6.4)% | 80 |
| Total segment gross profit | **1255496** | **41.6%** | 1296042 | 41.2% | (40546) | (3.1)% | 40 |
| Net recognition (elimination) of intersegment gross profit | **4894** |  | (10084) |  | 14978 |  |  |
| Consolidated gross profit | $**1260390** | **43.6%** | $1285958 | 42.7% | $(25568) | (2.0)% | 90 |

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The decrease in gross profit for the Retail segment was primarily driven by the decrease in net sales at a slightly higher margin rate. The improved margin rate was primarily due to greater efficiency in our digital order fulfillment operations. The decrease in gross profit for the Brand Portfolio segment was primarily due to lower sales as retail customers pulled back on orders. Gross profit as a percentage of net sales increased for the Brand Portfolio segment primarily due to favorable customer mix and improved inventory management with less seasonal aged product, partially offset by the deleverage of fixed royalty expenses on lower net sales.

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The net recognition (elimination) of intersegment gross profit consisted of the following:

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| | | |
|:---|:---|:---|
| *(in thousands)* | **2025** | 2024 |
| Intersegment recognition and elimination activity: |  |  |
| &nbsp;&nbsp;&nbsp;Elimination of net sales recognized by Brand Portfolio segment | $**(126999)** | $(138743) |
| &nbsp;&nbsp;&nbsp;Cost of sales: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Elimination of cost of sales recognized by Brand Portfolio segment | **92850** | 95138 |
| &nbsp;&nbsp;&nbsp;&nbsp;Recognition of intersegment gross profit for inventory previously purchased that was subsequently sold to external customers during the current period | **39043** | 33521 |
|  | $**4894** | $(10084) |

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***OPERATING EXPENSES***

The following table summarizes operating expenses by segment:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(dollars in thousands)* | **2025** | **2025** | 2024 | 2024 | Change | Change | Change |
|  | **Amount** | **% of Segment Net Sales** | Amount | % of Segment Net Sales | Amount | % | Basis Points |
| Segment operating expenses: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Retail | $**941153** | **35.4%** | $936786 | 34.1% | $4367 | 0.5% | 130 |
| &nbsp;&nbsp;&nbsp;Brand Portfolio | **102909** | **28.4%** | 119734 | 30.0% | (16825) | (14.1)% | (160) |
| Total segment operating expenses | **1044062** | **34.6%** | 1056520 | 33.6% | (12458) | (1.2)% | 100 |
| Corporate | **175171** |  | 189314 |  | (14143) | (7.5)% |  |
| Consolidated operating expenses | $**1219233** | **42.1%** | $1245834 | 41.4% | $(26601) | (2.1)% | 70 |

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During 2025, operating expenses increased in the Retail segment primarily due to an increase in distribution and fulfillment costs of $7.7 million with the addition of our new distribution center, partially offset by lower store selling expenses in line with lower net sales. Operating expenses as a percentage of net sales increased in the Retail segment due to the deleverage impact of lower net sales. Operating expenses decreased in the Brand Portfolio segment primarily due to an $8.6 million decrease in marketing expenses with the remaining decrease primarily due to lower personnel overhead and other costs, in line with lower net sales. Operating expenses as a percentage of net sales decreased in the Brand Portfolio segment as the decline in operating expenses leveraged even with lower net sales. Operating expenses decreased for corporate shared services primarily due to lower professional fees.

***IMPAIRMENT CHARGES***

Impairment charges are not attributed to any of our segments for segment presentation purposes. During 2025, we recorded impairment charges to long-lived assets of $2.4 million due to underperforming stores and $2.0 million of an interest in an equity security without a readily determinable fair value held at cost, which resulted in no remaining value due to the lack of liquidity and the deterioration in the business prospects of the investee. During 2024, we recorded impairment charges of $9.4 million due to a vacated leased corporate office and other corporate assets, $7.0 million of our equity investment in Le Tigre due to the inability of Le Tigre to generate earnings with expected future losses, and $1.9 million due to underperforming stores.

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***OPERATING PROFIT***

The following table summarizes operating profit by segment:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(dollars in thousands)* | **2025** | **2025** | 2024 | 2024 | Change | Change | Change |
|  | **Amount** | **% of Segment Net Sales** | Amount | % of Segment Net Sales | Amount | % | Basis Points |
| Segment operating profit: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Retail | $**211552** | **8.0%** | $249442 | 9.1% | $(37890) | (15.2)% | (110) |
| &nbsp;&nbsp;&nbsp;Brand Portfolio | **10908** | **3.0%** | 3225 | 0.8% | 7683 | 238.2% | 220 |
| Total segment operating profit | **222460** | **7.4%** | 252667 | 8.0% | (30207) | (12.0)% | (60) |
| Corporate/eliminations | **(174696)** |  | (217734) |  | 43038 | (19.8)% |  |
| Consolidated operating profit | $**47764** | **1.7%** | $34933 | 1.2% | $12831 | 36.7% | 50 |

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During 2025, operating profit for the Retail segment decreased primarily due to lower gross profit. Operating profit for the Brand Portfolio segment increased due to lower operating expenses, partially offset by lower gross profit. Corporate/eliminations were favorable to consolidated operating profit due to lower corporate operating expenses, lower impairments, and favorable intersegment activity. These factors led to an increase in consolidated operating profit.

***INCOME TAXES***

The effective tax rate, which is calculated based on income (loss) before income tax and loss from equity investment, for 2025 and 2024 was 311.5% and 7.0%, respectively. The effective tax rate for 2025 differed from the statutory rate primarily due to the impact of non-deductible compensation and higher state income taxes resulting from state valuation allowances and tax return adjustments as well as the income tax amounts on a relatively low pretax income base. The effective tax rate for 2024 differed from the statutory rate, primarily due to non-deductible compensation and other adjustments partially offset by discrete tax benefits recognized, primarily related to the release of tax reserves no longer deemed necessary and state tax planning initiatives.

**<u>LIQUIDITY AND CAPITAL RESOURCES</u>**

***OVERVIEW***

Our primary ongoing operating cash flow requirements are for inventory purchases, payments on lease obligations and licensing royalty commitments, other working capital needs, capital expenditures, and debt service. Our working capital and inventory levels fluctuate seasonally.

The following table summarizes our material undiscounted cash requirements for 2026 and future fiscal years thereafter, and provides reference for each item to the relevant note of the consolidated financial statements of this Form 10-K:

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| | | | | |
|:---|:---|:---|:---|:---|
| *(in thousands)* | Note Reference | 2026 | Future Fiscal Years Thereafter | Total |
| Fixed minimum lease payments | Note 9 | $219242 | $757263 | $976505 |
| Debt maturities | Note 12 | $6750 | $431938 | $438688 |
| Noncancelable purchase obligations | Note 13 | $9678 | $4399 | $14077 |
| Guaranteed minimum royalty payments | Note 13 | $33834 | $67668 | $101502 |

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We are committed to a cash management strategy that maintains liquidity to adequately support the operation of the business, pursue our growth strategy, and withstand unanticipated business volatility, including the impacts of the global economic conditions on our results of operations. We believe that cash generated from our operations together with our current levels of cash and the availability under our ABL Revolver are sufficient to maintain our ongoing operations, support seasonal working capital requirements, fund acquisitions and capital expenditures, repurchase common shares under our share repurchase program, and meet our debt service obligations over the next 12 months and beyond.

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The following table presents the key categories of our consolidated statements of cash flows:

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| | | | |
|:---|:---|:---|:---|
| *(in thousands)* | **2025** | 2024 | Change |
| Net cash provided by operating activities | $**109860** | $82236 | $27624 |
| Net cash used in investing activities | **(33521)** | (62673) | 29152 |
| Net cash used in financing activities | **(72532)** | (22094) | (50438) |
| Effect of exchange rate changes on cash balances | **2312** | (1890) | 4202 |
| Net increase (decrease) in cash and cash equivalents | $**6119** | $(4421) | $10540 |

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***OPERATING CASH FLOWS***

The increase in net cash provided by operations was primarily due to improved working capital management as we adjusted inventories in line with sales volume and the timing of payments, partially offset by the receipt of income tax refunds of over $40.0 million in 2024.

***INVESTING CASH FLOWS***

The decrease in cash used in investing activities during 2025 as compared to 2024 was primarily due to the reduction in capital expenditures of $19.3 million as we pulled back in response to the lower net sales experienced especially early in the year, along with impact of the 2024 acquisition of Rubino for $16.1 million.

***FINANCING CASH FLOWS***

For 2025, we had net cash used in financing activities primarily due to net payments on debt of $57.8 million on our ABL Revolver and Term Loan and dividend payments of $9.7 million. For 2024, we had net cash used in financing activities primarily due to the repurchase of 10.3 million Class A common shares at an aggregate cost of $68.6 million, dividend payments of $10.5 million, and payments on our Term Loan of $6.8 million, partially offset by the net receipts of $69.0 million from our ABL Revolver.

***DEBT***

***ABL Revolver-*** The ABL Revolver provides a revolving line of credit of up to $600.0 million, including a Canadian sub-limit of up to $60.0 million, a $75.0 million sub-limit for the issuance of letters of credit, a $60.0 million sub-limit for swing-loan advances for U.S. borrowings, and a $6.0 million sub-limit for swing-loan advances for Canadian borrowings. In addition, the ABL Revolver includes a first-in last-out term loan ("FILO Term Loan") with approximately $30.0 million borrowed. The FILO Term Loan may be repaid in full, but not in part, so long as certain payment conditions are satisfied. Once repaid, no portion of the FILO Term Loan may be reborrowed. The ABL Revolver may be used to provide funds for working capital, capital expenditures, share repurchases, other expenditures, and permitted acquisitions as defined by the credit facility agreement. The amount of credit available is limited to a borrowing base formulated on, among other things, a percentage of the book value of eligible inventory and credit card receivables, as reduced by certain reserves. The ABL Revolver matures on the earlier of the maturity date of the Term Loan (currently June 2028) or February 2031. As of January 31, 2026, the revolving line of credit (excluding the FILO Term Loan) had a borrowing base of $394.2 million, with $289.1 million in outstanding borrowings and $4.0 million in letters of credit issued, resulting in $101.1 million available for borrowings.

***Term Loan***- On June 23, 2023, we entered into the Term Loan and have since borrowed the maximum aggregate amount of $135.0 million. The Term Loan matures at the earliest of the date the ABL Revolver matures or June 2028.

***Debt Covenants-*** The ABL Revolver requires us to maintain a fixed charge coverage ratio covenant of not less than 1:1 when availability is less than the greater of $47.3 million or 10.0% of the maximum borrowing amount. At any time that liquidity is less than $100.0 million, the Term Loan requires a maximum consolidated net leverage ratio as of the last day of each fiscal month of 2.50 to 1.00, calculated on a trailing twelve-month basis. Testing of the consolidated net leverage ratio ends after liquidity has been greater than or equal to $100.0 million for a period of 45 consecutive days. The ABL Revolver and the Term Loan also contain customary covenants restricting certain activities, including limitations on our ability to sell assets, engage in acquisitions, enter into transactions involving related parties, incur additional debt, grant liens on assets, pay dividends or repurchase stock, and make certain other changes. There are specific exceptions to these covenants including, in some cases, upon satisfying specified payment conditions based on availability. As of January 31, 2026, we were in compliance with all financial covenants contained in the ABL Revolver and the Term Loan.

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Refer to Note 12, *Debt*, of the consolidated financial statements of this Form 10-K for further information about our debt arrangements.

***PLANS FOR CAPITALIZED COSTS***

During 2026, we expect to spend approximately $45.0 million to $55.0 million that will be capitalized for property and equipment and implementation costs for cloud computing arrangements accounted for as service contracts. Our future investments will depend primarily on the number of stores we open and remodel, infrastructure and IT projects that we undertake, and the timing of these expenditures.

**<u>RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS</u>**

The information related to recently issued accounting pronouncements as set forth in Note 1, *Description of Business and Significant Accounting Policies - Recently Issued Accounting Pronouncements*, of the consolidated financial statements included in this Form 10-K is incorporated herein by reference.

**<u>CRITICAL ACCOUNTING POLICIES AND ESTIMATES</u>**

As discussed in Note 1, *Description of Business and Significant Accounting Policies*, of the consolidated financial statements included in this Form 10-K, the preparation of our consolidated financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and disclosure of commitments and contingencies at the date of the consolidated financial statements and reported amounts of revenue and expenses during the reporting period. We base these estimates and judgments on factors we believe to be relevant, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. The process of determining significant estimates is fact-specific and takes into account factors such as historical experience, current and expected economic conditions, product mix, and, in some cases, actuarial and valuation techniques. We constantly reevaluate these significant factors and make adjustments where facts and circumstances dictate. While we believe that the factors considered provide a meaningful basis for the accounting policies applied in the preparation of the consolidated financial statements, we cannot guarantee that our estimates and assumptions will be accurate. As the determination of these estimates requires the exercise of judgment, actual results may differ from those estimates, and such differences may be material to our consolidated financial statements.

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We believe the following represent the most significant accounting policies, critical estimates and assumptions, among others, used in the preparation of our consolidated financial statements:

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| | | |
|:---|:---|:---|
| Policy | Judgments and Estimates | Effect if Actual Results <br>Differ from Assumptions |
| ***Inventories-*** The Retail segment inventory held in the U.S. is accounted for using the retail inventory method, which is stated at the lower of cost or market. Under the retail inventory method, the valuation of inventories at cost and the resulting gross profits are determined by applying a calculated cost-to-retail ratio to the retail value of inventories. The cost basis of inventories reflected on the balance sheet is decreased by charges to cost of sales at the time that the retail value of the inventory is lowered by markdowns. All other inventory is accounted for using the moving average cost method and is stated at the lower of cost or net realizable value. For all inventories, we also monitor excess and obsolete inventories that may need to be liquidated at amounts below cost. We perform physical inventory counts or cycle counts on all inventory on hand throughout the year and adjust the recorded balance to reflect the results. We record estimated shrink between physical inventory counts, based on historical experience and recent results, less amounts realized. | Inherent in the calculation of inventories are certain significant judgments and estimates, including setting the original merchandise retail value, markdowns, shrink, and liquidation values. The shrink reserve is calculated as a percentage of net sales from the last physical inventory date, based on both historical experience and recent physical inventory results, less amounts realized. Aged inventory may be written down using estimated liquidation values and cost of disposal based on historical experience. | If the reduction to inventories for markdowns, shrink, and aged inventories were to increase by 10%, cost of sales would increase by approximately $4.0 million. |
| ***Asset Impairment of Long-Lived Assets-*** We periodically evaluate the carrying amount of our long-lived assets, primarily property and equipment and operating lease assets, when events and circumstances warrant such a review to ascertain if any assets have been impaired. The carrying amount of a long-lived asset or asset group is considered impaired when the carrying value of the asset or asset group exceeds the expected future cash flows from the asset or asset group. The impairment loss recognized is the excess of the carrying value of the asset or asset group over its fair value.  | Our reviews are conducted at the lowest identifiable level, which typically is at the store level for the majority of our long-lived assets. Fair value at the store level is typically based on projected discounted cash flows over the remaining lease term. We also review construction-in-progress projects, including internal-use software under development, for recoverability when we have a strategic shift in our plans. | A 10% change in our projected cash flows for our store fleet would not result in a material amount of additional impairment charges. To the extent that these future projections or our strategies change, the conclusion regarding impairment may differ from our current estimates. |

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| | | |
|:---|:---|:---|
| Policy | Judgments and Estimates | Effect if Actual Results <br>Differ from Assumptions |
| ***Impairment of Goodwill and Other Indefinite-Lived Intangible Assets-*** We evaluate goodwill and other indefinite-lived intangible assets for impairment annually during our fourth quarter, or more frequently if an event occurs or circumstances change, such as material deterioration in performance or a significant and sustained decline in our stock price, that would indicate that impairment may exist. When evaluating for impairment, we may first perform a qualitative assessment to determine whether it is more likely than not that there is an impairment. If we do not perform a qualitative assessment, or if we determine that it is more likely than not that the carrying value exceeds its fair value, we will calculate the estimated fair value. Fair value is the price a willing buyer would pay and is typically calculated using a discounted cash flow analysis. Where deemed appropriate, we may also utilize a market approach for estimating fair value. Impairment charges are calculated as the amount by which the carrying amount exceeds its fair value, but not to exceed the carrying value. | When assessing goodwill and other indefinite-lived intangible assets for impairment, our decision to perform a qualitative impairment assessment is influenced by a number of factors, including the significance of the excess of the estimated fair value over carrying value at the last assessment date and the amount of time since the last quantitative fair value assessments. Our quantitative impairment calculations contain uncertainties, as we are required to make assumptions and to apply judgment when estimating future cash flows, including projected revenue and operating results, as well as selecting appropriate discount rates and an assumed royalty rate. Estimates of revenue and operating results are based on internal projections considering past performance and forecasted changes, strategic initiatives, and the business environment impacting performance. Discount rates and a royalty rate are selected based on market participant assumptions. These estimates are highly subjective, and our ability to realize the future cash flows used in our fair value calculations is affected by factors such as the success of strategic initiatives, changes in economic conditions, changes in our operating performance and changes in our business strategies. | As of January 31, 2026, we had goodwill of $93.7 million, $25.8 million, $7.0 million, and $4.3 million for the U.S. Retail, Keds, Rubino, and Topo reporting units, respectively. As of the fourth quarter measurement date, we performed a qualitative impairment assessment for the goodwill in the U.S. Retail and Topo reporting units and determined it is not more likely than not that there is an impairment for either reporting unit. Also, we determined for the Keds and Rubino reporting units that the fair values were in excess of their carrying values and a 10% decrease in fair value would not result in an impairment charge.<br>As of January 31, 2026, we had indefinite-lived tradenames of $19.8 million and $44.2 million within the Retail segment and Brand Portfolio segment, respectively. The Retail segment includes the indefinite-lived tradenames of The Shoe Co. and Rubino and the Brand Portfolio segment includes the indefinite-lived tradename of Keds. We have determined that the fair value of each of the indefinite-lived tradenames was in excess of the carrying value and a 10% decrease in fair value would not result in an impairment charge.<br>As we periodically reassess estimated future cash flows and asset fair values, changes in our estimates and assumptions may cause us to realize material impairment charges in the future. |

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| | | |
|:---|:---|:---|
| Policy | Judgments and Estimates | Effect if Actual Results <br>Differ from Assumptions |
| ***Income Taxes-*** We determine the aggregate amount of income tax provision or benefit to accrue and the amount that will be currently receivable or payable based upon tax statutes of each jurisdiction in which we do business. Deferred tax assets and liabilities, as a result of these timing differences, are reflected on our balance sheet for temporary differences that are expected to reverse in subsequent years. A valuation allowance is established against deferred tax assets when it is more likely than not that some or all of the deferred tax assets will not be realized. We review and update our tax positions as necessary to add any new uncertain tax positions taken, or to remove previously identified uncertain positions that have been adequately resolved. Additionally, uncertain positions may be remeasured as warranted by changes in facts or law. | Our ability to recover deferred tax assets depends on several factors, including the amount of net operating losses we can carry back and our ability to project future taxable income. In evaluating future taxable income, significant weight is given to positive and negative evidence that is objectively verifiable. In addition, tax laws, regulations, and policies in various jurisdictions may be subject to significant change due to economic, political and other conditions, and significant judgment is required in estimating amounts for income taxes. There may be transactions that occur during the ordinary course of business for which the ultimate tax determination is uncertain. The U.S. Treasury Department, the U.S. Internal Revenue Service, and other standard-setting bodies could interpret or issue guidance on how provisions of tax laws, regulations, and policies will be applied or otherwise administered that is different from our interpretation. In addition, state, local or foreign jurisdictions may enact tax laws that could result in further changes to taxation and materially affect our financial position and results of operations. | As of January 31, 2026, we had a valuation allowance of $13.8 million primarily related to state deferred tax assets. We also had gross unrecognized tax benefits of $9.3 million. However, we may have material adjustments in the future that may impact our income tax amounts based on additional information, additional guidance or revised interpretations.  |

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**ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

We have market risk exposure related to interest rates and foreign currency exchange rates. Market risk is measured as the potential negative impact on earnings, cash flows, or fair values resulting from a hypothetical change in interest rates or foreign currency exchange rates over the next year. We currently do not utilize hedging instruments to mitigate these market risks.

**<u>INTEREST RATE RISK</u>**

As of January 31, 2026, we had $319.1 million and $119.6 million outstanding on our ABL Revolver and Term Loan, respectively. Borrowings and letters of credit issued under the ABL Revolver and Term Loan accrue interest based on variable rates of interest, which expose us to interest rate market risks, particularly during a period of rising interest rates. The impact of a hypothetical 100 basis point increase in interest rates on our outstanding borrowings would result in approximately $4.0 million of additional expense over a 12-month period based on the balance as of January 31, 2026.

**<u>FOREIGN CURRENCY EXCHANGE RISK</u>** 

We are exposed to the impact of foreign exchange rate risk primarily through U.S. dollar denominated debt held by our Canadian legal entity where the functional currency is the Canadian dollar. A hypothetical 10% movement in the exchange rate would result in an immaterial impact of foreign currency revaluation recorded to non-operating expenses, net, within the consolidated statements of operations.

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**ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA**

**<u>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

To the shareholders and the Board of Directors of Designer Brands Inc.

**Opinions on the Financial Statements and Internal Control over Financial Reporting**

We have audited the accompanying consolidated balance sheets of Designer Brands Inc. and subsidiaries (the "Company") as of January 31, 2026 and February 1, 2025, the related consolidated statements of operations, comprehensive income (loss), shareholders' equity, and cash flows, for each of the three years in the period ended January 31, 2026, and the related notes (collectively referred to as the "financial statements"). We also have audited the Company's internal control over financial reporting as of January 31, 2026, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company as of January 31, 2026 and February 1, 2025, and the results of its operations and its cash flows for each of the three years in the period ended January 31, 2026, in conformity with accounting principles generally accepted in the United States of America. Also, in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of January 31, 2026, based on criteria established in Internal Control — Integrated Framework (2013) issued by COSO.

**Basis for Opinions**

The Company's management is responsible for these financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on these financial statements and an opinion on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the financial statements included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures to respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

**Definition and Limitations of Internal Control over Financial Reporting**

A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

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Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

**Critical Audit Matter**

The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

**Valuation of the Retail Segment Inventory Held in the U.S. – Refer to Note 1 to the financial statements**

*Critical Audit Matter Description*

The U.S. DSW Designer Shoe Warehouse ("DSW") banner, included within the Retail Segment, accounts for inventory using the retail inventory method and is stated at the lower of cost or market. Under the retail inventory method, the valuation of inventories at cost and the resulting gross profits are determined by applying a calculated cost-to-retail ratio to the retail value of inventories. The cost basis of inventories reflected on the balance sheet is decreased by charges to cost of sales at the time the retail value of the inventory is lowered by markdowns. Earnings are negatively impacted as the merchandise is marked down prior to sale.

Inherent in the valuation of inventories are certain significant judgments and estimates, including estimating inventory markdowns, which can significantly impact the ending inventory valuation and the resulting gross profit.

Given the significant estimates and assumptions management utilizes to measure inventory markdowns at period end, a high degree of auditor judgment and an increased extent of effort is required when performing audit procedures to evaluate the reasonableness of estimates and assumptions. Such estimates rely on the completeness of recorded markdowns.

*How the Critical Audit Matter Was Addressed in the Audit*

Our audit procedures related to the completeness of estimated inventory markdowns included the following, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We tested the design and effectiveness of controls over the completeness of estimated inventory markdowns, including management's controls over the valuation of the estimated inventory markdown reserves, and the monitoring of aged inventory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We evaluated management's ability to accurately estimate inventory markdowns by comparing estimated inventory markdowns as of January 31, 2026 to subsequent sales of inventory that had been marked down.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We observed physical inventory counts throughout the fiscal year, including merchandise designated for markdown.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We assessed inventory aging as of January 31, 2026, and subsequent sell through of inventory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We tested the amount of estimated inventory markdowns by evaluating management's calculation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We developed an independent expectation for estimated inventory markdowns based on historical inventory balances and compared our expectation to the amount recorded by management.

/s/ DELOITTE & TOUCHE LLP

Columbus, Ohio

March 30, 2026

We have served as the Company's auditor since 1997.

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**<u>CONSOLIDATED STATEMENTS OF OPERATIONS</u>**

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| | | | |
|:---|:---|:---|:---|
| *(in thousands, except per share amounts)* | **2025** | 2024 | 2023 |
| Net sales | $**2892671** | $3009262 | $3074976 |
| Cost of sales | **(1632281)** | (1723304) | (1750981) |
| Gross profit | **1260390** | 1285958 | 1323995 |
| Operating expenses | **(1219233)** | (1245834) | (1256150) |
| Income from equity investments | **11026** | 13145 | 9390 |
| Impairment charges | **(4419)** | (18336) | (4834) |
| Operating profit | **47764** | 34933 | 72401 |
| Interest expense, net | **(45338)** | (45291) | (32171) |
| Non-operating expenses, net | **(192)** | (372) | (33) |
| Income (loss) before income taxes and loss from equity investment | **2234** | (10730) | 40197 |
| Income tax benefit (provision) | **(6958)** | 755 | (10981) |
| Loss from equity investment | **(847)** |  |  |
| Net income (loss) | **(5571)** | (9975) | 29216 |
| Net income attributable to redeemable noncontrolling interest | **(2803)** | (574) | (154) |
| Net income (loss) attributable to Designer Brands Inc. | $**(8374)** | $(10549) | $29062 |
| Earnings (loss) per share attributable to Designer Brands Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic earnings (loss) per share | $**(0.17)** | $(0.20) | $0.47 |
| &nbsp;&nbsp;&nbsp;Diluted earnings (loss) per share | $**(0.17)** | $(0.20) | $0.46 |
| Weighted average shares used in per share calculations: |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic shares | **49136** | 53657 | 61296 |
| &nbsp;&nbsp;&nbsp;Diluted shares | **49136** | 53657 | 63375 |

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The accompanying notes are an integral part of the consolidated financial statements.

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**<u>CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)</u>**

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| | | | |
|:---|:---|:---|:---|
| *(in thousands)* | **2025** | 2024 | 2023 |
| Net income (loss) | $**(5571)** | $(9975) | $29216 |
| Other comprehensive income (loss) - Foreign currency translation gain (loss) | **5062** | (5412) | (289) |
| Comprehensive income (loss) | **(509)** | (15387) | 28927 |
| Comprehensive income attributable to redeemable noncontrolling interest | **(2803)** | (574) | (154) |
| Comprehensive income (loss) attributable to Designer Brands Inc. | $**(3312)** | $(15961) | $28773 |

---

The accompanying notes are an integral part of the consolidated financial statements.

------

*<u>[Table of contents](#i10cd9007d7a748fd9e0809c562a46cf2_7)</u>*

**<u>CONSOLIDATED BALANCE SHEETS</u>**

---

| | | |
|:---|:---|:---|
| *(in thousands)* | **January 31, 2026** | February 1, 2025 |
| ASSETS |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $**50871** | $44752 |
| &nbsp;&nbsp;Receivables, net | **59444** | 50371 |
| &nbsp;&nbsp;Inventories | **563547** | 599751 |
| &nbsp;&nbsp;Prepaid expenses and other current assets | **34286** | 39950 |
| &nbsp;&nbsp;Total current assets | **708148** | 734824 |
| Property and equipment, net | **213291** | 208199 |
| Operating lease assets | **675648** | 701621 |
| Goodwill | **130837** | 130386 |
| Intangible assets, net | **81242** | 84639 |
| Deferred tax assets | **35882** | 43324 |
| Equity investments | **56260** | 56761 |
| Other assets | **46325** | 49470 |
| Total assets | $**1947633** | $2009224 |
| LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST, AND SHAREHOLDERS' EQUITY |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;Accounts payable | $**236195** | $271524 |
| &nbsp;&nbsp;Accrued expenses | **170014** | 152153 |
| &nbsp;&nbsp;Current maturities of long-term debt | **6750** | 6750 |
| &nbsp;&nbsp;Current operating lease liabilities | **175515** | 159924 |
| &nbsp;&nbsp;Total current liabilities | **588474** | 590351 |
| Long-term debt | **428206** | 484285 |
| Non-current operating lease liabilities | **596587** | 635076 |
| Other non-current liabilities | **46606** | 17737 |
| Total liabilities | **1659873** | 1727449 |
| Commitments and contingencies |  |  |
| Redeemable noncontrolling interest | **5274** | 3284 |
| Shareholders' equity: |  |  |
| &nbsp;&nbsp;Common shares paid in-capital, no par value | **1061957** | 1045002 |
| &nbsp;&nbsp;Treasury shares, at cost | **(833351)** | (833355) |
| &nbsp;&nbsp;Retained earnings | **59869** | 77895 |
| &nbsp;&nbsp;Accumulated other comprehensive loss | **(5989)** | (11051) |
| &nbsp;&nbsp;Total shareholders' equity | **282486** | 278491 |
| Total liabilities, redeemable noncontrolling interest, and shareholders' equity | $**1947633** | $2009224 |

---

The accompanying notes are an integral part of the consolidated financial statements.

------

*<u>[Table of contents](#i10cd9007d7a748fd9e0809c562a46cf2_7)</u>*

**<u>CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY</u>**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Number of Shares | Number of Shares | Number of Shares | Amounts | Amounts | Amounts | Amounts | Amounts |
| *(in thousands, except per share amounts)* | Class A<br>Common<br>Shares | Class B<br>Common<br>Shares | Treasury Shares | Common Shares Paid in Capital | Treasury Shares | Retained Earnings | Accumulated Other Comprehensive Loss | <br>Total |
| Balance, January 28, 2023 | 55921 | 7733 | 32882 | $1018872 | $(662614) | $81993 | $(5350) | $432901 |
| Net income attributable to Designer Brands Inc. |  |  |  |  |  | 29062 |  | 29062 |
| Stock-based compensation activity | 3248 |  |  | 11893 |  |  |  | 11893 |
| Repurchase of Class A common shares | (9678) |  | 9678 |  | (102188) |  |  | (102188) |
| Dividends paid ($0.20 per share) |  |  |  |  |  | (12159) |  | (12159) |
| Foreign currency translation adjustment |  |  |  |  |  |  | (289) | (289) |
| Balance, February 3, 2024 | 49491 | 7733 | 42560 | 1030765 | (764802) | 98896 | (5639) | 359220 |
| Net loss attributable to Designer Brands Inc. |  |  |  |  |  | (10549) |  | (10549) |
| Stock-based compensation activity | 1062 |  |  | 14237 |  |  |  | 14237 |
| Repurchase of Class A common shares | (10342) |  | 10342 |  | (68553) |  |  | (68553) |
| Dividends paid ($0.20 per share) |  |  |  |  |  | (10452) |  | (10452) |
| Foreign currency translation adjustment |  |  |  |  |  |  | (5412) | (5412) |
| Balance, February 1, 2025 | 40211 | 7733 | 52902 | 1045002 | (833355) | 77895 | (11051) | 278491 |
| Net loss attributable to Designer Brands Inc. | **—** | **—** | **—** | **—** | **—** | **(8374)** | **—** | **(8374)** |
| Stock-based compensation activity | **1851** | **—** | **—** | **16955** | **—** | **—** | **—** | **16955** |
| Dividends paid ($0.20 per share) | **—** | **—** | **—** | **—** | **—** | **(9652)** | **—** | **(9652)** |
| Foreign currency translation adjustment | **—** | **—** | **—** | **—** | **—** | **—** | **5062** | **5062** |
| Other | **—** | **—** | **—** | **—** | **4** | **—** | **—** | **4** |
| **Balance, January 31, 2026** | **42062** | **7733** | **52902** | $**1061957** | $**(833351)** | $**59869** | $**(5989)** | $**282486** |

---

The accompanying notes are an integral part of the consolidated financial statements.

------

*<u>[Table of contents](#i10cd9007d7a748fd9e0809c562a46cf2_7)</u>*

**<u>CONSOLIDATED STATEMENTS OF CASH FLOWS</u>**

---

| | | | |
|:---|:---|:---|:---|
| *(in thousands)* | **2025** | 2024 | 2023 |
| Cash flows from operating activities: |  |  |  |
| &nbsp;&nbsp;Net income (loss) | $**(5571)** | $(9975) | $29216 |
| &nbsp;&nbsp;Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | **59079** | 63821 | 66140 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | **18990** | 18658 | 29374 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | **7442** | (4313) | 9124 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from equity investments | **(10179)** | (13145) | (9390) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions received from equity investments | **15328** | 12254 | 10353 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment charges | **4419** | 18336 | 4834 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | **(93)** | 1423 | 333 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in operating assets and liabilities, net of acquired amounts: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivables | **(8969)** | (15392) | 3345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax receivable | **—** | 44476 | (455) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | **39212** | (24773) | 76223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | **9791** | 34868 | (29203) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | **(34531)** | (20903) | 36113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | **14008** | (15245) | (29884) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease assets and liabilities, net | **934** | (7854) | (33724) |
| &nbsp;&nbsp;Net cash provided by operating activities | **109860** | 82236 | 162399 |
| Cash flows from investing activities: |  |  |  |
| &nbsp;&nbsp;Cash paid for property and equipment | **(31605)** | (50891) | (54997) |
| &nbsp;&nbsp;Cash paid for business acquisitions | **—** | (16144) | (127496) |
| &nbsp;&nbsp;Other | **(1916)** | 4362 |  |
| &nbsp;&nbsp;Net cash used in investing activities | **(33521)** | (62673) | (182493) |
| Cash flows from financing activities: |  |  |  |
| &nbsp;&nbsp;Borrowing on revolving credit facility | **887391** | 1337556 | 1232013 |
| &nbsp;&nbsp;Payments on revolving credit facility | **(938418)** | (1268536) | (1211978) |
| &nbsp;&nbsp;Proceeds from the issuance of the Term Loan | **—** |  | 135000 |
| &nbsp;&nbsp;Payments for borrowings under the Term Loan | **(6750)** | (6750) | (1875) |
| &nbsp;&nbsp;Payments of debt issuance costs | **—** |  | (10701) |
| &nbsp;&nbsp;Cash paid for treasury shares | **—** | (68553) | (102188) |
| &nbsp;&nbsp;Dividends paid | **(9652)** | (10452) | (12159) |
| &nbsp;&nbsp;Cash paid for taxes for stock-based compensation shares withheld | **(2035)** | (4421) | (17481) |
| &nbsp;&nbsp;Other | **(3068)** | (938) | (152) |
| &nbsp;&nbsp;Net cash provided by (used in) financing activities | **(72532)** | (22094) | 10479 |
| Effect of exchange rate changes on cash balances | **2312** | (1890) | 22 |
| Net increase (decrease) in cash and cash equivalents | **6119** | (4421) | (9593) |
| Cash and cash equivalents, beginning of period | **44752** | 49173 | 58766 |
| Cash and cash equivalents, end of period | $**50871** | $44752 | $49173 |
| Supplemental disclosures of cash flow information: |  |  |  |
| &nbsp;&nbsp;Cash paid for interest on debt | $**39083** | $40443 | $29564 |
| &nbsp;&nbsp;Property and equipment purchases not yet paid | $**2762** | $5038 | $5056 |
| &nbsp;&nbsp;Contribution of intangible asset to equity investment | $**2700** | $— | $— |

---

The accompanying notes are an integral part of the consolidated financial statements.

------

*<u>[Table of contents](#i10cd9007d7a748fd9e0809c562a46cf2_7)</u>*

**<u>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</u>**

---

| | | |
|:---|:---|:---|
| <u>[Note 1](#i10cd9007d7a748fd9e0809c562a46cf2_94)</u> | <u>[Description of Business and Significant Accounting Policies](#i10cd9007d7a748fd9e0809c562a46cf2_94)</u> | <u>[41](#i10cd9007d7a748fd9e0809c562a46cf2_94)</u> |
| <u>[Note 2](#i10cd9007d7a748fd9e0809c562a46cf2_97)</u> | <u>[Acquisition](#i10cd9007d7a748fd9e0809c562a46cf2_97)</u> | <u>[46](#i10cd9007d7a748fd9e0809c562a46cf2_97)</u> |
| <u>[Note 3](#i10cd9007d7a748fd9e0809c562a46cf2_100)</u> | <u>[Revenue](#i10cd9007d7a748fd9e0809c562a46cf2_100)</u> | <u>[47](#i10cd9007d7a748fd9e0809c562a46cf2_100)</u> |
| <u>[Note 4](#i10cd9007d7a748fd9e0809c562a46cf2_103)</u> | <u>[Related Party Transactions](#i10cd9007d7a748fd9e0809c562a46cf2_103)</u> | <u>[48](#i10cd9007d7a748fd9e0809c562a46cf2_103)</u> |
| <u>[Note 5](#i10cd9007d7a748fd9e0809c562a46cf2_106)</u> | <u>[Earnings (Loss) Per Share](#i10cd9007d7a748fd9e0809c562a46cf2_106)</u> | <u>[48](#i10cd9007d7a748fd9e0809c562a46cf2_106)</u> |
| <u>[Note 6](#i10cd9007d7a748fd9e0809c562a46cf2_109)</u> | <u>[Stock-Based Compensation](#i10cd9007d7a748fd9e0809c562a46cf2_109)</u> | <u>[49](#i10cd9007d7a748fd9e0809c562a46cf2_109)</u> |
| <u>[Note 7](#i10cd9007d7a748fd9e0809c562a46cf2_112)</u> | <u>[Shareholders' Equity](#i10cd9007d7a748fd9e0809c562a46cf2_112)</u> | <u>[49](#i10cd9007d7a748fd9e0809c562a46cf2_112)</u> |
| <u>[Note 8](#i10cd9007d7a748fd9e0809c562a46cf2_115)</u> | <u>[Receivables](#i10cd9007d7a748fd9e0809c562a46cf2_115)</u> | <u>[50](#i10cd9007d7a748fd9e0809c562a46cf2_115)</u> |
| <u>[Note 9](#i10cd9007d7a748fd9e0809c562a46cf2_118)</u> | <u>[Property and Leases](#i10cd9007d7a748fd9e0809c562a46cf2_118)</u> | <u>[50](#i10cd9007d7a748fd9e0809c562a46cf2_118)</u> |
| <u>[Note 10](#i10cd9007d7a748fd9e0809c562a46cf2_121)</u> | <u>[Goodwill and Intangible Assets](#i10cd9007d7a748fd9e0809c562a46cf2_121)</u> | <u>[53](#i10cd9007d7a748fd9e0809c562a46cf2_121)</u> |
| <u>[Note 11](#i10cd9007d7a748fd9e0809c562a46cf2_124)</u> | <u>[Accrued Expenses](#i10cd9007d7a748fd9e0809c562a46cf2_124)</u> | <u>[53](#i10cd9007d7a748fd9e0809c562a46cf2_124)</u> |
| <u>[Note 12](#i10cd9007d7a748fd9e0809c562a46cf2_127)</u> | <u>[Debt](#i10cd9007d7a748fd9e0809c562a46cf2_127)</u> | <u>[54](#i10cd9007d7a748fd9e0809c562a46cf2_127)</u> |
| <u>[Note 13](#i10cd9007d7a748fd9e0809c562a46cf2_133)</u> | <u>[Commitments and Contingencies](#i10cd9007d7a748fd9e0809c562a46cf2_133)</u> | <u>[55](#i10cd9007d7a748fd9e0809c562a46cf2_133)</u> |
| <u>[Note 14](#i10cd9007d7a748fd9e0809c562a46cf2_136)</u> | <u>[Income Taxes](#i10cd9007d7a748fd9e0809c562a46cf2_136)</u> | <u>[56](#i10cd9007d7a748fd9e0809c562a46cf2_136)</u> |
| <u>[Note 15](#i10cd9007d7a748fd9e0809c562a46cf2_139)</u> | <u>[Segment Reporting](#i10cd9007d7a748fd9e0809c562a46cf2_139)</u> | <u>[59](#i10cd9007d7a748fd9e0809c562a46cf2_139)</u> |
| <u>[Note 16](#i10cd9007d7a748fd9e0809c562a46cf2_145)</u> | <u>[Subsequent Events](#i10cd9007d7a748fd9e0809c562a46cf2_145)</u> | <u>[62](#i10cd9007d7a748fd9e0809c562a46cf2_145)</u> |

---

------

*<u>[Table of contents](#i10cd9007d7a748fd9e0809c562a46cf2_7)</u>*

**<u>1. DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES</u>**

***DESCRIPTION OF BUSINESS***

***Business Operations-*** Designer Brands Inc. ("we," "us," "our," and the "Company") is one of the world's largest designers, producers, and retailers of footwear and accessories. We operate in two reportable segments: the Retail segment and the Brand Portfolio segment. The Retail segment operates the DSW Designer Shoe Warehouse ("DSW") banner through its direct-to-consumer stores and e-commerce sites in the United States ("U.S.") and Canada and The Shoe Co. and Rubino banners through its direct-to-consumer stores and e-commerce sites in Canada. The Brand Portfolio segment primarily earns revenue from the wholesale of our exclusive and licensed brands to retailers, our Retail segment, and international distributors and the sale of our Vince Camuto, Keds, and Topo brands through direct-to-consumer e-commerce sites.

On February 4, 2023, we completed the acquisition of the Keds business ("Keds"). This acquisition expanded the reach of our exclusive brands offerings within the Brand Portfolio segment into casual and athleisure footwear in the wholesale and direct-to-consumer e-commerce channels. On April 8, 2024, we completed the acquisition of Rubino Shoes Inc. ("Rubino"), a retailer of branded footwear, handbags, and accessories that operates Rubino banner stores and an e-commerce site in Quebec, Canada. The acquisition of Rubino has allowed our Retail segment to expand into the province of Quebec.

***Fiscal Year-*** Our fiscal year ends on the Saturday nearest to January 31. References to a fiscal year (e.g., "2025") refer to the calendar year in which the fiscal year begins. This reporting schedule is followed by many national retail companies and typically results in a 52-week fiscal year (including 2025 and 2024), but occasionally will contain an additional week resulting in a 53-week fiscal year (including 2023).

***SIGNIFICANT ACCOUNTING POLICIES***

***Principles of Consolidation-*** The consolidated financial statements include the accounts of Designer Brands Inc. and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. All amounts are in U.S. dollars.

***Use of Estimates-*** The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and reported amounts of net sales and expenses during the reporting periods. Certain estimates and assumptions use forecasted financial information based on information reasonably available to us. Significant estimates and assumptions are required as a part of accounting for customer returns and allowances, gift card breakage income, deferred revenue associated with reward programs, valuation of inventories, depreciation and amortization, impairments of long-lived assets, intangibles, goodwill and equity investments, lease accounting, redeemable noncontrolling interest, income taxes and valuation allowances on deferred tax assets, self-insurance reserves, and acquisitions. Although we believe that these estimates and assumptions are reasonable, they are based on management's knowledge of current events and actions we may undertake in the future. Changes in facts and circumstances may result in revised estimates and assumptions, and actual results could differ from these estimates.

***Revenue Recognition-*** Sales from the Retail segment are recognized upon customer receipt of merchandise, net of estimated returns and exclude sales tax. For products shipped directly to our customers, we recognize the sale upon the estimated customer receipt date based on historical delivery transit times. Revenue from shipping and handling is recorded in net sales while the related costs are included in cost of sales on the consolidated statements of operations. For products shipped directly to our customers from our suppliers (referred to as "drop ship"), we record gross sales upon customer receipt based on the price paid by the customers as we have determined that we are the principal party responsible for the sale transaction.

Sales from the Brand Portfolio segment are recognized upon transfer of control. Generally, our wholesale customers arrange their own transportation of merchandise and control is transferred at the time of shipment. Sales are recorded at the transaction price, excluding sales tax, net of estimated returns and allowances. Direct-to-consumer online sales are recognized upon the estimated customer receipt date based on historical delivery transit times and are net of estimated returns and exclude sales tax. Revenue from shipping and handling for direct-to-consumer online sales are recorded in net sales while the related costs are included in cost of sales on the consolidated statements of operations.

***Gift Cards-*** Amounts received from the sale of gift cards are recorded as a liability and are recognized as sales when the cards are redeemed for merchandise. Based on historical information, the likelihood of a gift card remaining unredeemed (referred to as "breakage") can be reasonably estimated at the time of gift card issuance. Breakage income is recognized over the estimated average redemption period of redeemed gift cards.

------

*<u>[Table of contents](#i10cd9007d7a748fd9e0809c562a46cf2_7)</u>*

***Reward Programs-*** We offer reward programs to our Retail segment customers. Members earn points based on their level of spending, as well as for various other activities. Upon reaching a specified point threshold, members receive reward certificates that may be redeemed for purchases made within the stated expiration date. We record a reduction of net sales when points are awarded based on an allocation of the initial customer purchase and the stand-alone value of the points earned. We maintain a deferred liability for the outstanding points and certificates based on historical conversion and redemption rates. The deferred liability is reduced and sales are recognized when certificates are redeemed or when points and certificates expire.

***Cost of Sales-*** Cost of sales consists primarily of the cost of merchandise sold, including freight and the impact of inventory valuation adjustments, net of estimated returns, and royalty expenses for licensed brands. Cost of sales excludes depreciation and amortization expenses, which are included in operating expenses.

***Operating Expenses-*** Operating expenses include expenses related to distribution and fulfillment, rent (net of sublease income) and other occupancy costs, store selling operations, marketing, design, sourcing, buying, customer service center, depreciation and amortization, and corporate expenses. Corporate expenses include expenses related to administration, information technology ("IT"), finance, human resources, legal, real estate, and other shared services performing corporate-level activities.

***Stock-Based Compensation-*** We recognize compensation expense for awards of restricted stock units ("RSUs") and director stock units based on the fair value on the grant date and on a straight-line basis over the requisite service period for the awards that are expected to vest, with forfeitures estimated based on our historical experience and future expectations. Stock-based compensation is included in operating expenses on the consolidated statements of operations.

***Chief Executive Officer Transition-*** In 2023, we completed the transition of the Company's Chief Executive Officer ("CEO") role. During 2023, we recognized CEO transition costs of $4.4 million in operating expenses on the consolidated statements of operations. There were no CEO transition costs for 2024 and 2025.

***Severance-*** During 2025, 2024 and 2023, we incurred severance costs, excluding the severance related to the CEO transition, of $9.8 million, $5.8 million and $5.1 million, respectively. These costs are included in operating expenses on the consolidated statements of operations and no amounts were material to any individual reportable segment. As of January 31, 2026 and February 1, 2025, we had $5.8 million and $1.3 million, respectively, of severance liability included in accrued expenses on the consolidated balance sheets.

***Marketing Expense-*** The cost of advertising is generally expensed when the advertising first takes place or when mailed. During 2025, 2024 and 2023, marketing costs were $163.7 million, $173.0 million and $176.4 million, respectively.

***Income Taxes-*** We account for income taxes under the asset and liability method. We determine the aggregate amount of income tax expense to accrue and the amount that will be currently payable based upon tax statutes of each jurisdiction in which we do business. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and respective tax bases and operating loss and tax credit carryforwards, as measured using enacted tax rates expected to be in effect in the periods when temporary differences are expected to be realized or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become realizable.

We review and update our tax positions as necessary to add any new uncertain tax positions taken, or to remove previously identified uncertain positions that have been adequately resolved. Additionally, uncertain positions may be remeasured as warranted by changes in facts or law. Accounting for uncertain tax positions requires estimating the amount, timing and likelihood of ultimate settlement. Although we believe that these estimates are reasonable, actual results could differ from these estimates.

On July 4, 2025, new U.S. tax legislation H.R.1, referred to as the One Big Beautiful Bill ("OBBB"), was signed into law. OBBB contains several changes to corporate taxation including accelerated fixed asset depreciation, limitations on deductions of interest expense, and modifications to capitalization of research and development expenses. We have determined that the impact of OBBB on our 2025 annual effective tax rate did not have a material impact on our financial statements.

------

*<u>[Table of contents](#i10cd9007d7a748fd9e0809c562a46cf2_7)</u>*

***Cash and Cash Equivalents-*** Cash and cash equivalents represent cash, money market funds, and credit card receivables that generally settle within three days.

***Investments*-** We determine the balance sheet classification of investments at the time of purchase and evaluate the classification at each balance sheet date. For the balance sheet dates presented, we did not hold any investments in securities other than cash equivalents. We account for investments using the equity method of accounting when we exercise significant influence over the investment. If we do not exercise significant influence, we account for the investment using the cost method of accounting. Cost method investments are included in other assets on the consolidated balance sheets. We evaluate our investments for impairment and whether impairment is other-than-temporary at each balance sheet date.

We have a 40% ownership interest in ABG-Camuto, LLC ("ABG-Camuto"), a joint venture that owns the intellectual property rights of Vince Camuto and other brands, and a 33.3% ownership interest in Le Tigre 360 Global LLC ("Le Tigre"), which manages the Le Tigre brand. On July 28, 2025, we contributed cash of $1.9 million and the Pro-Keds tradename at a fair value of $2.7 million in exchange for a 45.0% interest in Pro-Keds International S.r.l. ("Pro-Keds JV"), which manages the Pro-Keds brand. We account for our investments in ABG-Camuto, Le Tigre, and Pro-Keds JV using the equity method. Our equity investments in ABG-Camuto and Le Tigre are an integral part of the Brand Portfolio segment.

The following table presents activity related to our equity investments:

---

| | | | |
|:---|:---|:---|:---|
| *(in thousands)* | **2025** | 2024 | 2023 |
| Balance at beginning of period | $**56761** | $62857 | $63820 |
| Investment in Pro-Keds JV | **4616** |  |  |
| Impairment of Le Tigre equity investment | **—** | (6987) |  |
| Share of net earnings | **10179** | 13145 | 9390 |
| Distributions received | **(15328)** | (12254) | (10353) |
| Other | **32** |  |  |
| Balance at end of period | $**56260** | $56761 | $62857 |

---

During 2025, we recorded an impairment charge of $2.0 million of an equity security without a readily determinable fair value held at cost, which resulted in no remaining value due to the lack of liquidity and the deterioration in the business prospects of the investee. During 2024, we recorded an impairment charge of $7.0 million of our ownership interest in the Le Tigre equity investment resulting in no remaining value due to the inability of Le Tigre to generate earnings with expected future losses.

***Receivables, net*-** Receivables are classified as current assets because the average collection period is generally shorter than one year. We monitor our exposure for credit losses based upon specific receivable balances and we record related allowances for credit losses for estimated losses resulting from the inability of our customers to make required payments. We utilize an unrelated third-party provider for credit and collection services for receivables from the sale of wholesale products to certain retailers. This third-party provider guarantees payment for the majority of the serviced receivables.

***Inventories-*** All of our inventory is made up of finished goods. Inventory in the Retail segment held in the U.S. is accounted for using the retail inventory method and is stated at the lower of cost or market. Under the retail inventory method, the valuation of inventories at cost and the resulting gross profits are determined by applying a calculated cost-to-retail ratio to the retail value of inventories. The cost basis of inventories is decreased by charges to cost of sales at the time the retail value of the inventory is lowered by markdowns. As a result, earnings are negatively impacted as the merchandise is marked down prior to sale. Inventory in the Retail segment held in Canada and in the Brand Portfolio segment is accounted for using the moving average cost method and is stated at the lower of cost or net realizable value. We monitor aged inventory for obsolete and slow-moving inventory that may need to be liquidated in the future at amounts below cost. Reductions to inventory values establish a new cost basis. Favorable changes in facts or circumstances do not result in an increase in the newly established cost basis.

We perform physical inventory counts or cycle counts on all inventory on hand throughout the year and adjust the recorded balance to reflect the results. We record estimated shrink between physical inventory counts, based on historical experience and recent results, less amounts realized.

Inherent in the calculation of inventories are certain significant judgments and estimates, including setting the original merchandise retail value, markdowns, shrink, and liquidation values. The ultimate amount realized from the sale of inventory and write-offs from counts could differ from management estimates.

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*<u>[Table of contents](#i10cd9007d7a748fd9e0809c562a46cf2_7)</u>*

***Concentration of Risks-*** We are subject to risks due to concentration of our merchandise coming from China. All of the products manufactured through the Brand Portfolio segment come from third-party facilities outside of the U.S., with 60% of units sourced from China during 2025. In addition to the merchandise sourced through our Brand Portfolio segment, our Retail segment also sources merchandise from third-party suppliers with many of these suppliers importing a large portion of their merchandise from China.

We are also subject to risks due to the concentration of suppliers within the Retail segment. During 2025, three key national brand suppliers together supplied approximately 24% of our Retail segment merchandise, with no individual supplier providing more than 10% of our Retail segment merchandise.

Financial instruments, which principally subject us to concentration of credit risk, consist of cash and cash equivalents. We invest excess cash when available through financial institutions in money market accounts. At times, such amounts invested through banks may be in excess of Federal Deposit Insurance Corporation insurance limits, and we mitigate the risk by utilizing multiple banks.

***Fair Value-*** Fair value is defined as the price that would be received in the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities recorded at fair value are categorized using defined hierarchical levels related to the subjectivity associated with the inputs to fair value measurements as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Level 1 - Quoted prices in active markets for identical assets or liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Level 2 - Quoted prices for similar assets or liabilities in active markets or inputs that are observable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Level 3 - Unobservable inputs in which little or no market activity exists.

The carrying value of cash and cash equivalents, receivables, and accounts payable approximated their fair values due to their short-term nature. The carrying value of borrowings under our senior secured asset-based revolving credit facility ("ABL Revolver") and our senior secured term loan credit agreement, as amended, ("Term Loan") approximated fair value based on the terms and variable interest rates.

***Property and Equipment, net-*** Property and equipment, net, is stated at cost less accumulated depreciation determined by the straight-line method over the expected useful life of assets. The net book value of property or equipment sold or retired is removed from the asset and related accumulated depreciation accounts with any resulting net gain or loss included in results of operations.

***Internal Use Software Costs-*** Costs related to software developed or obtained for internal use are expensed as incurred until the application development stage has been reached. Once the application development stage has been reached, certain qualifying costs are capitalized until the software is ready for its intended use. Capitalized software costs and the related accumulated amortization are included in property and equipment, net, on the consolidated balance sheets.

***Cloud Computing Arrangements-*** Capitalized implementation costs, net of accumulated amortization, for cloud computing arrangements accounted for as service contracts are included in other assets on the consolidated balance sheets. Capitalized implementation costs are amortized, once the implementation is complete, over the term of the service contract to operating expenses on the consolidated statements of operations. As of January 31, 2026 and February 1, 2025, we had $22.5 million and $21.3 million, respectively, of unamortized capitalized costs, and $13.3 million and $7.5 million, respectively, of accumulated amortization related to the capitalized costs. During 2025, 2024 and 2023, we had amortization expense related to capitalized costs of $7.3 million, $5.2 million and $2.4 million, respectively.

***Leases-*** A lease liability for new and modified leases is recorded based on the present value of future fixed lease commitments with a corresponding lease asset. For leases classified as operating leases, we recognize a single lease cost on a straight-line basis based on the combined amortization of the lease liability and the lease asset. Other leases will be accounted for as finance arrangements. For real estate leases, we are generally required to pay base rent, real estate taxes, and insurance, which are considered lease components, and maintenance, which is a non-lease component. We have elected to not separate non-lease payment components from the associated lease component for all new and modified real estate leases. We determine the discount rate for each lease by estimating the rate that we would be required to pay on a secured borrowing for an amount equal to the lease payments over the lease term when the rate implicit in the lease cannot be readily determined. The majority of our real estate leases provide for renewal options, which are typically not included in the lease term used for measuring the lease assets and lease liabilities as it is not reasonably certain we will exercise renewal options. We monitor for events or changes in circumstances that may require a reassessment of our leases and determine if a remeasurement is required.

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*<u>[Table of contents](#i10cd9007d7a748fd9e0809c562a46cf2_7)</u>*

***Impairment of Long-Lived Assets-*** We periodically evaluate the carrying amount of our long-lived assets, primarily operating lease assets, property and equipment and definite-lived intangible assets, when events and circumstances warrant such a review to ascertain if any assets have been impaired. The reviews are conducted at the lowest identifiable level. The carrying amount of a long-lived asset or asset group is considered impaired when the carrying value of the asset or asset group exceeds the expected future cash flows from the asset or asset group. The impairment loss recognized is the excess of the carrying value of the asset or asset group over its fair value (categorized as Level 3 under the fair value hierarchy). Fair value at the store level is primarily based on projected discounted cash flows over the remaining lease term.

During 2025, we recorded impairment charges to long-lived assets of $2.4 million due to underperforming stores in the Retail segment. During 2024, we recorded impairment charges of $9.4 million due to a vacated leased corporate office and other corporate assets, and $1.9 million due to underperforming Retail segment stores. During 2023, we recorded impairment charges of $4.8 million, primarily due to a vacated corporate leased space.

***Goodwill and Other Indefinite-Lived Intangible Assets-*** We evaluate goodwill and other indefinite-lived intangible assets for impairment annually during our fourth quarter, or more frequently if an event occurs or circumstances change that would indicate that impairment may exist. When evaluating for impairment, we may first perform a qualitative assessment to determine whether it is more likely than not that there is an impairment. If we do not perform a qualitative assessment, or if we determine that it is more likely than not that the carrying value exceeds its fair value, we will calculate the estimated fair value. Fair value is typically calculated using a discounted cash flow analysis. Where deemed appropriate, we may also utilize a market approach for estimating fair value. Impairment charges are calculated as the amount by which the carrying amount exceeds its fair value, but not to exceed the carrying value for goodwill.

***Self-Insurance Reserves-*** We record estimates for certain health and welfare, workers' compensation and casualty insurance costs that are self-insured programs. Self-insurance reserves include actuarial estimates of both claims filed, carried at their expected ultimate settlement value, and claims incurred but not yet reported. The liability represents an estimate of the ultimate cost of claims incurred as of the balance sheet date. Estimates for self-insurance reserves are calculated utilizing claims development estimates based on historical experience and other factors. We have purchased stop loss insurance to limit our exposure on a per person basis for health and welfare and on a per claim basis for workers' compensation and general liability, as well as on an aggregate annual basis.

***Redeemable noncontrolling interest-*** We have an exclusive call option and the noncontrolling interest holders have a put option with respect to our purchase of the remaining 20.6% ownership interest in Topo. The redemption price is based on the future performance of Topo. As a result of the redemption feature, we record the remaining interest in Topo as a redeemable noncontrolling interest in temporary equity on the consolidated balance sheets. The noncontrolling interest is adjusted each reporting period for the net income (loss) attributable to the noncontrolling interest. Each reporting period, a measurement period adjustment, if any, is then recorded to adjust the noncontrolling interest to the higher of either the redemption value, assuming it was redeemable at the reporting date, or its carrying value. Any adjustments are also recorded as net income (loss) attributable to the noncontrolling interest.

The following table presents activity related to our redeemable noncontrolling interest:

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| | | | |
|:---|:---|:---|:---|
| *(in thousands)* | **2025** | 2024 | 2023 |
| Balance at beginning of period | $**3284** | $3288 | $3155 |
| Net income attributable to redeemable noncontrolling interest | **2803** | 574 | 154 |
| Distributions attributable to redeemable noncontrolling interest | **(813)** | (578) | (21) |
| Balance at end of period | $**5274** | $3284 | $3288 |

---

***Foreign Currency Translation and Transactions-*** Our wholly owned Canadian subsidiary has Canadian dollars as its functional currency. Assets and liabilities of this business are translated into U.S. dollars at exchange rates in effect at the balance sheet date or historical rates as appropriate. Each quarter, amounts included in the consolidated statements of operations from this business are translated at the average exchange rate for the period. The cumulative translation adjustments resulting from changes in exchange rates are included as a component of accumulated other comprehensive loss on the consolidated balance sheets. Transaction gains and losses are included in non-operating expenses, net, on the consolidated statements of operations.

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*<u>[Table of contents](#i10cd9007d7a748fd9e0809c562a46cf2_7)</u>*

***Deferred Compensation Plans****-* We provide defined contribution plans to eligible associates where participants may elect to defer and contribute a portion of their eligible compensation to the plans up to limits stated in the plan documents, not to exceed the dollar amounts set by applicable laws. During 2025, 2024 and 2023, we recognized costs associated with matching contributions of $7.2 million, $7.0 million and $6.9 million, respectively.

***Recently Issued Accounting Pronouncements-*** In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2024-03, *Income Statement Expense Disaggregation Disclosures,* which requires disaggregated disclosures for specific cost and expense categories such as inventory purchases, employee compensation, depreciation, and amortization, as well as other disclosures. ASU 2024-03 is effective either on a retrospective basis to all prior periods presented or on a prospective basis beginning with our 2027 Annual Report on Form 10-K and subsequent interim periods. We are currently evaluating the impact of adopting ASU 2024-03 to the notes of the consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, *Intangibles - Goodwill and Other - Internal Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software,* which eliminates accounting consideration of software project development stages and instead requires capitalization to begin when management authorizes and commits to funding the project and it is probable the software will be completed and used as intended. ASU 2025-06 is effective for us in the first quarter of 2028 and early adoption is permitted either on a retrospective, prospective, or modified prospective approach. We are currently evaluating the impact of ASU 2025-06 on the consolidated financial statements and related disclosures.

**<u>2. ACQUISITION</u>**

***ACQUISITION OF RUBINO***

On April 8, 2024, we acquired Rubino for $16.1 million in cash, which was funded with available cash and borrowings on the ABL Revolver. The purchase price also included a contingent consideration with a maximum potential payment of $1.5 million, subject to Rubino's achievement of a defined average annual financial performance target for the 24-month period following the acquisition. Based on Rubino's projected performance, we have estimated at fair value no contingent consideration to be recorded.

The final purchase price and the allocation of the total consideration to the fair values of the assets and liabilities was finalized as of November 2, 2024, and consisted of the following:

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| | |
|:---|:---|
| *(in thousands)* | Final Purchase Price and Allocation |
| Purchase price cash consideration | $16144 |
| Fair value of assets and liabilities acquired: |  |
| &nbsp;&nbsp;Inventories | $7245 |
| &nbsp;&nbsp;Operating lease assets | 9334 |
| &nbsp;&nbsp;Goodwill | 7067 |
| &nbsp;&nbsp;Intangible assets | 5116 |
| &nbsp;&nbsp;Other assets | 2443 |
| &nbsp;&nbsp;Accounts payable and other current liabilities | (5727) |
| &nbsp;&nbsp;Operating lease liabilities | (9334) |
|  | $16144 |

---

The fair value of the intangible asset relates to an indefinite-lived tradename and was estimated using the relief from royalty method of the income approach. The fair value measurements are based on significant unobservable inputs, including discounted future cash flows and an assumed royalty rate. The fair value of the operating lease assets was determined based on the market valuation approach. The goodwill, included within the Retail segment, represents the excess of the purchase price over the fair value of the net assets acquired and was primarily attributable to acquiring an established retail banner in a province in Canada we did not previously have a presence in. Goodwill is not deductible for income tax purposes.

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*<u>[Table of contents](#i10cd9007d7a748fd9e0809c562a46cf2_7)</u>*

**<u>3. REVENUE</u>**

***DISAGGREGATION OF NET SALES***

The following table presents net sales disaggregated by product and service categories for the Retail segment and sales channel for the Brand Portfolio segment:

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| | | | |
|:---|:---|:---|:---|
| *(in thousands)* | **2025** | 2024 | 2023 |
| Net sales: |  |  |  |
| &nbsp;&nbsp;&nbsp;Retail segment: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-athletic footwear: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Women's | $**1219143** | $1293965 | $1407446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Men's | **365752** | 376045 | 426098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kids' | **112866** | 120202 | 100156 |
| &nbsp;&nbsp;&nbsp;&nbsp;Athletic footwear | **784997** | 809019 | 717462 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accessories and other | **174051** | 149893 | 146916 |
|  | **2656809** | 2749124 | 2798078 |
| &nbsp;&nbsp;&nbsp;Brand Portfolio segment: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Wholesale | **313024** | 335586 | 271655 |
| &nbsp;&nbsp;&nbsp;&nbsp;Direct-to-consumer | **45058** | 57610 | 65724 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | **4779** | 5685 | 11597 |
|  | **362861** | 398881 | 348976 |
| &nbsp;&nbsp;&nbsp;Total segment net sales | **3019670** | 3148005 | 3147054 |
| &nbsp;&nbsp;&nbsp;Elimination of intersegment sales | **(126999)** | (138743) | (72078) |
|  | $**2892671** | $3009262 | $3074976 |

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***DEFERRED REVENUE LIABILITIES***

We record deferred revenue liabilities, included in accrued expenses on the consolidated balance sheets, for remaining obligations we have to our customers. The following table presents the activity related to gift cards and reward programs:

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| | | | |
|:---|:---|:---|:---|
| *(in thousands)* | **2025** | 2024 | 2023 |
| Gift cards: |  |  |  |
| &nbsp;&nbsp;&nbsp;Balance at beginning of period | $**28963** | $31662 | $35121 |
| &nbsp;&nbsp;&nbsp;Gift cards redeemed and breakage recognized to net sales | **(59361)** | (62379) | (66466) |
| &nbsp;&nbsp;&nbsp;Gift cards issued | **58128** | 59680 | 63007 |
| &nbsp;&nbsp;&nbsp;Balance at end of period | $**27730** | $28963 | $31662 |
| Reward programs: |  |  |  |
| &nbsp;&nbsp;&nbsp;Balance at beginning of period | $**14126** | $15971 | $16900 |
| &nbsp;&nbsp;&nbsp;Reward certificates redeemed and expired and other adjustments recognized to net sales | **(26451)** | (30326) | (31712) |
| &nbsp;&nbsp;&nbsp;Deferred revenue for reward points issued | **25170** | 28481 | 30783 |
| &nbsp;&nbsp;&nbsp;Balance at end of period | $**12845** | $14126 | $15971 |

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***CUSTOMER RETURNS AND ALLOWANCES***

We reduce sales by the amount of actual and remaining expected customer returns and allowances, and cost of sales by the amount of merchandise we expect to recover. Customer allowances may be provided to our wholesale customers for margin assistance, advertising support, and various other deductions. Customer returns and allowances are estimated based on anticipated future activity using historical experience and trends and existing arrangements with customers.

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*<u>[Table of contents](#i10cd9007d7a748fd9e0809c562a46cf2_7)</u>*

The following table presents the activity related to customer returns and allowances:

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| | | | |
|:---|:---|:---|:---|
| *(in thousands)* | **2025** | 2024 | 2023 |
| Balance at beginning of period | $**18053** | $19569 | $19337 |
| Net sales reduced for estimated returns and allowances | **435225** | 477516 | 489375 |
| Actual returns and allowances during the period | **(436984)** | (479032) | (489143) |
| Balance at end of period | $**16294** | $18053 | $19569 |

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As of January 31, 2026 and February 1, 2025, the asset for recovery of merchandise returns was $7.9 million and $8.9 million, respectively, and is included in prepaid expenses and other current assets on the consolidated balance sheets.

**<u>4. RELATED PARTY TRANSACTIONS</u>**

***SCHOTTENSTEIN AFFILIATES***

We have transactions with entities owned or controlled by Jay L. Schottenstein, the executive chairman of our Board, and members of his family (the "Schottenstein Affiliates"). As of January 31, 2026, the Schottenstein Affiliates beneficially owned approximately 30% of the Company's outstanding common shares, representing approximately 66% of the combined voting power, consisting of, in the aggregate, 7.4 million Class A common shares and 7.7 million Class B common shares. The following summarizes the related party transactions with the Schottenstein Affiliates for the relevant periods:

***Operating and Variable Leases-*** We lease certain store and office locations that are owned by the Schottenstein Affiliates under operating and variable leases. See Note 9, *Property and Leases*, for rent expense and future minimum lease payment requirements associated with the Schottenstein Affiliates.

***Other Purchases and Services-*** During 2025, 2024 and 2023, we had other purchases and services we incurred from the Schottenstein Affiliates of $1.4 million, $2.8 million and $2.7 million, respectively.

***Amounts Due to Related Parties***- Amounts due to the Schottenstein Affiliates, other than operating lease liabilities, were immaterial for all periods presented.

***ABG-CAMUTO***

We have a 40.0% ownership interest in ABG-Camuto. We have a licensing agreement with ABG-Camuto, pursuant to which we pay royalties on the net sales of the brands owned by ABG-Camuto, subject to guaranteed minimums. For 2025, 2024 and 2023, we recorded royalty expense for amounts paid to ABG-Camuto of $19.2 million, $19.2 million and $18.1 million, respectively.

**<u>5. EARNINGS (LOSS) PER SHARE</u>**

Basic earnings (loss) per share is based on net income (loss) attributable to Designer Brands Inc. and the weighted average of Class A and Class B common shares outstanding. Diluted earnings per share reflects the potential dilution of common shares adjusted for outstanding stock-based compensation awards calculated using the treasury stock method.

The following is a reconciliation between basic and diluted weighted average shares outstanding, as used in the calculation of earnings (loss) per share attributable to Designer Brands Inc., and the anti-dilutive shares excluded from the calculation of diluted earnings (loss) per share attributable to Designer Brands Inc.:

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| | | | |
|:---|:---|:---|:---|
| *(in thousands)* | **2025** | 2024 | 2023 |
| Weighted average basic shares outstanding | **49136** | 53657 | 61296 |
| Dilutive effect of stock-based compensation awards | **—** |  | 2079 |
| Weighted average diluted shares outstanding | **49136** | 53657 | 63375 |
| Anti-dilutive shares | **5358** | 5304 | 2646 |

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*<u>[Table of contents](#i10cd9007d7a748fd9e0809c562a46cf2_7)</u>*

**<u>6. STOCK-BASED COMPENSATION</u>**

The Designer Brands Inc. 2014 Long-Term Incentive Plan, as amended and restated (the "Plan"), provides for the issuance of stock-based compensation awards to eligible recipients. Eligible recipients include associates, including executive officers, and non-employee directors. The maximum number of shares of Class A common shares underlying awards that may be issued over the term of the Plan cannot exceed 43.5 million shares. As of January 31, 2026, 23.9 million Class A common shares remain available for future stock-based compensation grants under the Plan. During 2025, 2024 and 2023, we recorded stock-based compensation expense of $19.0 million, $18.7 million and $29.4 million, respectively.

***RESTRICTED STOCK UNITS***

Grants of time-based RSUs generally cliff vest after three years, and performance-based RSUs generally vest based upon the achievement of pre-established goals and over the defined period of service. RSUs receive dividend equivalents in the form of additional RSUs, which are subject to the same restrictions and forfeiture provisions as the original award. The grant date fair value of RSUs is based on the closing market price of the Class A common shares on the date of the grant.

The following table presents activity related to RSUs for 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| | Time-Based RSUs | Time-Based RSUs | Performance-Based RSUs | Performance-Based RSUs |
| *(shares in thousands)* | Number of Shares | Weighted Average Grant Date Fair Value | Number of Shares | Weighted Average Grant Date Fair Value |
| Outstanding at beginning of period | **4743** | $**10.57** | **1013** | $**11.75** |
| Granted | **6638** | $**4.10** | **904** | $**4.05** |
| Vested | **(1233)** | $**13.23** | **(269)** | $**14.02** |
| Forfeited | **(1739)** | $**6.18** | **(564)** | $**6.55** |
| Outstanding at end of period | **8409** | $**5.98** | **1084** | $**7.47** |

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The total fair value of time-based RSUs that vested during 2025, 2024 and 2023, was $16.3 million, $14.2 million and $35.5 million, respectively. As of January 31, 2026, the total compensation cost related to unvested time-based RSUs not yet recognized was $15.8 million, with a weighted average expense recognition period remaining of 1.7 years.

The total fair value of performance-based RSUs that vested during 2025, 2024 and 2023 was $3.8 million, $4.4 million and $4.6 million, respectively. As of January 31, 2026, the total compensation cost related to unvested performance-based RSUs not yet recognized was approximately $2.0 million, with a weighted average expense recognition period remaining of 1.8 years.

***DIRECTOR STOCK UNITS***

We issue stock units to non-employee directors. Stock units are granted to each director on the date of each annual meeting of shareholders based on the closing market price of the Class A common shares. In addition, each director that is eligible to receive compensation for board service may elect to have the cash portion of such compensation paid in the form of stock units. Director stock units vest immediately, and directors are given the option to settle their units 30 days after the grant date, at a specified date more than 30 days following the grant date, or defer receipt until completion of board service. Director stock units not yet settled, which are not subject to forfeiture, are considered to be outstanding for the purposes of computing basic earnings per share. As of January 31, 2026, we had 1.1 million director stock units not yet settled.

**<u>7. SHAREHOLDERS' EQUITY</u>**

***SHARES***

Our Class A common shares are listed for trading under the ticker symbol "DBI" on the New York Stock Exchange. There is currently no public market for the Company's Class B common shares, but the Class B common shares can be converted into the Company's Class A common shares at the election of the holder on a share for share basis. Holders of Class A common shares are entitled to one vote per share and holders of Class B common shares are entitled to eight votes per share on matters submitted to shareholders for approval.

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*<u>[Table of contents](#i10cd9007d7a748fd9e0809c562a46cf2_7)</u>*

The following table provides additional information for our common shares:

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| | | | | |
|:---|:---|:---|:---|:---|
| *(in thousands)* | **January 31, 2026** | **January 31, 2026** | February 1, 2025 | February 1, 2025 |
|  | **Class A** | **Class B** | Class A | Class B |
| Authorized shares | **250000** | **100000** | 250000 | 100000 |
| Issued shares | **94964** | **7733** | 93113 | 7733 |
| Outstanding shares | **42062** | **7733** | 40211 | 7733 |
| Treasury shares | **52902** | **—** | 52902 |  |

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We have authorized 100 million shares of no par value preferred shares, with no shares issued for any of the periods presented.

**<u>8. RECEIVABLES</u>**

Receivables, net, consisted of the following:

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| | | |
|:---|:---|:---|
| *(in thousands)* | **January 31, 2026** | February 1, 2025 |
| Customer accounts receivables: |  |  |
| &nbsp;&nbsp;&nbsp;Receivables with payment guarantee by third-party provider | $**22514** | $25030 |
| &nbsp;&nbsp;&nbsp;Receivables without payment guarantee | **14101** | 11213 |
| Other receivables | **23417** | 14579 |
| Total receivables | **60032** | 50822 |
| Allowance for credit losses | **(588)** | (451) |
|  | $**59444** | $50371 |

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Activity for the allowance for credit losses was immaterial for all periods presented.

**<u>9. PROPERTY AND LEASES</u>**

***PROPERTY AND EQUIPMENT***

Property and equipment, net, consisted of the following:

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| | | | |
|:---|:---|:---|:---|
| *(dollars in thousands)* | Useful Life (years) | **January 31, 2026** | February 1, 2025 |
| Land | Indefinite | $**1110** | $1110 |
| Buildings | 39 | **12485** | 12485 |
| Building and leasehold improvements | 3-20 or the lease term if shorter | **471814** | 457795 |
| Furniture, fixtures and equipment | 3-15 | **467734** | 463120 |
| Software | 3-5 | **209598** | 203415 |
| Finance leased equipment | 3-10 or the lease term if shorter | **32836** |  |
| Construction-in-progress |  | **6547** | 11222 |
| Total property and equipment |  | **1202124** | 1149147 |
| Accumulated depreciation and amortization |  | **(988833)** | (940948) |
|  |  | $**213291** | $208199 |

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***LEASES***

We lease our stores, our distribution center located in New Jersey, and other facilities under operating lease arrangements with unrelated parties and related parties owned by the Schottenstein Affiliates. We pay variable amounts for certain lease and non-lease components, contingent rent based on sales for certain leases where the sales are in excess of specified levels, and leases that have certain contingent triggering events that are in effect. We also lease equipment under operating leases. We receive operating sublease income from unrelated third parties for leasing portions or all of certain properties. In addition, during 2025, we commenced operations of a new distribution center, which resulted in an additional operating lease of $22.4 million and additional finance leases for equipment of $32.8 million.

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*<u>[Table of contents](#i10cd9007d7a748fd9e0809c562a46cf2_7)</u>*

The following table presents the classification and amounts for operating and finance leases on the consolidated balance sheets:

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| | | | |
|:---|:---|:---|:---|
| *(in thousands)* | Classification | **January 31, 2026** | February 1, 2025 |
| Assets: |  |  |  |
| &nbsp;&nbsp;Operating lease assets | Operating lease assets | $**675648** | $701621 |
| &nbsp;&nbsp;Finance lease assets | Property and equipment, net | $**29521** | $— |
| Liabilities: |  |  |  |
| &nbsp;&nbsp;Current: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | Current operating lease liabilities | $**175515** | $159924 |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance lease liabilities | Accrued expenses | $**2946** | $— |
| &nbsp;&nbsp;Non-current: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | Non-current operating lease liabilities | $**596587** | $635076 |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance lease liabilities | Other non-current liabilities | $**27845** | $— |

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Lease expense, net, includes the following:

---

| | | | |
|:---|:---|:---|:---|
| *(in thousands)* | **2025** | 2024 | 2023 |
| Operating lease expense: |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrelated parties | $**202515** | $191134 | $190497 |
| &nbsp;&nbsp;&nbsp;Related parties | **5645** | 5727 | 6622 |
| Variable lease expense: |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrelated parties | **62080** | 67822 | 69324 |
| &nbsp;&nbsp;&nbsp;Related parties | **1366** | 1503 | 1460 |
| Finance lease expense: |  |  |  |
| &nbsp;&nbsp;Amortization of leased assets | **3315** |  |  |
| &nbsp;&nbsp;Interest on lease liabilities | **2593** |  |  |
| Operating sublease income | **(1846)** | (5636) | (7916) |
| Total lease expense, net | $**275668** | $260550 | $259987 |

---

Lease term and discount rate for our leases were as follows:

---

| | | |
|:---|:---|:---|
| | **January 31, 2026** | February 1, 2025 |
| Weighted-average remaining lease term (years): |  |  |
| &nbsp;&nbsp;&nbsp;Operating leases | **5.3** | 5.8 |
| &nbsp;&nbsp;&nbsp;Finance leases | **8.7** |  |
| Weighted-average discount rate: |  |  |
| &nbsp;&nbsp;&nbsp;Operating leases | **6.3%** | 5.9% |
| &nbsp;&nbsp;&nbsp;Finance leases | **9.0%** | —% |

---

------

*<u>[Table of contents](#i10cd9007d7a748fd9e0809c562a46cf2_7)</u>*

As of January 31, 2026, our future fixed minimum lease payments are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Operating Leases | Operating Leases | Operating Leases | |
| *(in thousands)* | Unrelated Parties | Related Parties | Total | Finance Leases |
| 2026 | $208370 | $5054 | $213424 | $5818 |
| 2027 | 186994 | 4899 | 191893 | 5370 |
| 2028 | 146755 | 3232 | 149987 | 5091 |
| 2029 | 108351 | 1812 | 110163 | 5041 |
| 2030 | 75627 | 1065 | 76692 | 4749 |
| Future fiscal years thereafter | 187358 | 2392 | 189750 | 18527 |
|  | 913455 | 18454 | 931909 | 44596 |
| Less discounting impact on leases | (157064) | (2743) | (159807) | (13805) |
| Total lease liabilities | 756391 | 15711 | 772102 | 30791 |
| Less current lease liabilities | (171008) | (4507) | (175515) | (2946) |
| Non-current lease liabilities | $585383 | $11204 | $596587 | $27845 |

---

As of January 31, 2026, we had entered into lease commitments for ten new store locations and one store relocation, where the leases have not yet commenced, and therefore the lease liabilities have not yet been recorded. We anticipate recording additional operating lease liabilities of approximately $15.0 million for these lease commitments, with approximately $11.0 million in 2026 and the remaining in 2027.

The following table presents supplemental cash flow information related to leases:

---

| | | | |
|:---|:---|:---|:---|
| *(in thousands)* | **2025** | 2024 | 2023 |
| Cash paid for lease liabilities: |  |  |  |
| &nbsp;&nbsp;Operating cash flows for operating leases | $**199961** | $205226 | $230059 |
| &nbsp;&nbsp;Operating cash flows for finance leases | $**2363** | $— | $— |
| &nbsp;&nbsp;Financing cash flows for finance leases | $**2045** | $— | $— |
| Non-cash activities: |  |  |  |
| &nbsp;&nbsp;Operating lease liabilities arising from lease asset additions | $**42923** | $13703 | $22826 |
| &nbsp;&nbsp;Finance lease liabilities arising from lease asset additions | $**32836** | $— | $— |
| &nbsp;&nbsp;Net increase to operating lease assets and lease liabilities for modifications | $**84189** | $133284 | $166992 |

---

------

*<u>[Table of contents](#i10cd9007d7a748fd9e0809c562a46cf2_7)</u>*

**<u>10. GOODWILL AND INTANGIBLE ASSETS</u>**

***GOODWILL***

The following table presents activity related to goodwill by segment:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(in thousands)* | **January 31, 2026** | **January 31, 2026** | **January 31, 2026** | February 1, 2025 | February 1, 2025 | February 1, 2025 |
|  | **Goodwill** | **Accumulated Impairments** | **Net** | Goodwill | Accumulated Impairments | Net |
| Balance at beginning of period: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Retail | $**138297** | $**(38015)** | $**100282** | $134583 | $(40928) | $93655 |
| &nbsp;&nbsp;&nbsp;Brand Portfolio | **50093** | **(19989)** | **30104** | 50093 | (19989) | 30104 |
|  | **188390** | **(58004)** | **130386** | 184676 | (60917) | 123759 |
| Retail segment activity: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquired Rubino goodwill | **—** | **—** | **—** | 7067 |  | 7067 |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency translation adjustment | **3039** | **(2588)** | **451** | (3353) | 2913 | (440) |
|  | **3039** | **(2588)** | **451** | 3714 | 2913 | 6627 |
| Balance at end of period: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Retail | **141336** | **(40603)** | **100733** | 138297 | (38015) | 100282 |
| &nbsp;&nbsp;&nbsp;Brand Portfolio | **50093** | **(19989)** | **30104** | 50093 | (19989) | 30104 |
|  | $**191429** | $**(60592)** | $**130837** | $188390 | $(58004) | $130386 |

---

***INTANGIBLE ASSETS***

Intangible assets, net, consisted of the following:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(in thousands)* | **January 31, 2026** | **January 31, 2026** | **January 31, 2026** | February 1, 2025 | February 1, 2025 | February 1, 2025 |
|  | **Cost** | **Accumulated Amortization** | **Net** | Cost | Accumulated Amortization | Net |
| Definite-lived customer relationships | $**14327** | $**(6339)** | $**7988** | $14243 | $(5104) | $9139 |
| Definite-lived tradename | **11953** | **(2692)** | **9261** | 11953 | (1895) | 10058 |
| Indefinite-lived trademarks and tradenames | **63993** | **—** | **63993** | 65442 |  | 65442 |
|  | $**90273** | $**(9031)** | $**81242** | $91638 | $(6999) | $84639 |

---

Definite-lived customer relationships and tradenames have a useful life of 10 and 15 years, respectively. During each of 2025, 2024 and 2023, amortization expense for intangible assets was $1.9 million and included within operating expenses on the consolidated statements of operations. As of January 31, 2026, the estimated future annual amortization expense for the intangible assets is $1.9 million for each of the next five years.

**<u>11. ACCRUED EXPENSES</u>**

Accrued expenses consisted of the following:

---

| | | |
|:---|:---|:---|
| *(in thousands)* | **January 31, 2026** | February 1, 2025 |
| Gift cards | $**27730** | $28963 |
| Accrued compensation and related expenses | **29294** | 16969 |
| Accrued taxes | **21096** | 22843 |
| Reward programs deferred revenue | **12845** | 14126 |
| Customer returns and allowances | **16294** | 18053 |
| Other | **62755** | 51199 |
|  | $**170014** | $152153 |

---

------

*<u>[Table of contents](#i10cd9007d7a748fd9e0809c562a46cf2_7)</u>*

**<u>12. DEBT</u>**

Debt consisted of the following:

---

| | | |
|:---|:---|:---|
| *(in thousands)* | **January 31, 2026** | February 1, 2025 |
| ABL Revolver | $**319063** | $370090 |
| Term Loan | **119625** | 126375 |
| Total debt | **438688** | 496465 |
| Less unamortized Term Loan debt issuance costs | **(3732)** | (5430) |
| Less current maturities of long-term debt | **(6750)** | (6750) |
| Long-term debt | $**428206** | $484285 |

---

As of January 31, 2026, future maturities of debt are as follows:

---

| | |
|:---|:---|
| *(in thousands)* |  |
| 2026 | $6750 |
| 2027 | 431938 |
|  | $438688 |

---

***ABL REVOLVER***

On March 30, 2022, we replaced our previous senior secured asset-based revolving credit facility with our current ABL Revolver, which was subsequently amended on February 28, 2023, June 23, 2023, and February 27, 2026. The amended ABL Revolver provides a revolving line of credit of up to $600.0 million, including a Canadian sub-limit of up to $60.0 million, a $75.0 million sub-limit for the issuance of letters of credit, a $60.0 million sub-limit for swing-loan advances for U.S. borrowings, and a $6.0 million sub-limit for swing-loan advances for Canadian borrowings. In addition, the ABL Revolver includes a first-in last-out term loan ("FILO Term Loan") with $30.0 million borrowed. The FILO Term Loan may be repaid in full, but not in part, so long as certain payment conditions are satisfied. Once repaid, no portion of the FILO Term Loan may be reborrowed. Our ABL Revolver is secured by a first-priority lien on substantially all of our personal property assets, including credit card receivables and inventory. The ABL Revolver may be used to provide funds for working capital, capital expenditures, share repurchases, other expenditures, and permitted acquisitions as defined by the credit facility agreement. The amount of credit available is limited to a borrowing base formulated on, among other things, a percentage of the book value of eligible inventory and credit card receivables, as reduced by certain reserves. As of January 31, 2026, the revolving line of credit (excluding the FILO Term Loan) had a borrowing base of $394.2 million, with $289.1 million in outstanding borrowings and $4.0 million in letters of credit issued, resulting in $101.1 million available for borrowings. See Note 16, *Subsequent Events*, for the subsequent changes to the ABL Revolver due to the amendment entered into on February 27, 2026.

Borrowings under the revolving line of credit and letters of credit issued under the ABL Revolver accrue interest, at our option, at a rate equal to: (A) a base rate per annum equal to the greatest of (i) the prime rate, (ii) the Fed Funds Rate (as defined in the credit facility agreement and subject to a floor of 0%) plus 0.5%, and (iii) Adjusted Term SOFR (as defined in the credit facility agreement) plus 1.0%; or (B) a one-month, three-month or six-month Adjusted Term SOFR per annum (subject to a floor of 0%), plus, in each instance, an applicable rate to be determined based on average availability. The FILO Term Loan accrues interest, at our option, at a rate equal to: (A) a fluctuating interest rate per annum equal to the greatest of (i) the prime rate, (ii) the Fed Funds Rate plus 0.5%, or (iii) Adjusted Term SOFR plus 1.0%, plus 2.5%; or (B) Adjusted Term SOFR for the interest period in effect for such borrowing plus 3.5%. Commitment fees are based on the unused portion of the ABL Revolver available for borrowings. Interest expense related to the ABL Revolver includes interest on borrowings and letters of credit, with an interest rate of 6.1% as of January 31, 2026, commitment fees, and the amortization of debt issuance costs.

------

*<u>[Table of contents](#i10cd9007d7a748fd9e0809c562a46cf2_7)</u>*

***TERM LOAN*** 

On June 23, 2023, we entered into the Term Loan and have since borrowed the maximum aggregate amount of $135.0 million during 2023, consisting of $121.5 million in U.S. loans and $13.5 million in Canadian loans (denominated in USD). The Term Loan matures at the earliest of the date the ABL Revolver matures or June 2028. The Term Loan is collateralized by a first-priority lien on substantially all of our real and intellectual property and by a second-priority lien on the assets used as collateral for the ABL revolver, primarily credit card receivables and inventory.

Borrowings under the Term Loan bear interest at a per annum rate equal to: (A) an adjusted three-month SOFR per annum (subject to a floor of 2.0%), plus 7.0%; or if (A) is not available, then (B) a base rate per annum equal to the greater of (i) 2.0%, (ii) the prime rate, (iii) the Fed Funds Rate plus 0.5%, and (iv) the Adjusted Term SOFR plus 1.0%; plus, in each instance, 6.0%, with an interest rate of 10.8% (effective interest rate of 12.1% when including the amortization of debt issuance costs) as of January 31, 2026.

***DEBT COVENANTS***

The ABL Revolver requires us to maintain a fixed charge coverage ratio covenant of not less than 1:1 when availability is less than the greater of $47.3 million or 10.0% of the maximum borrowing amount. At any time that liquidity is less than $100.0 million, the Term Loan requires the consolidated net leverage ratio to be no greater than 2.50 to 1.00, calculated on a trailing twelve-month basis and measured on the last day of each fiscal month. Testing of the consolidated net leverage ratio ends after liquidity has been greater than or equal to $100.0 million for a period of 45 consecutive days. The ABL Revolver and Term Loan also contain customary covenants restricting certain activities, including limitations on our ability to sell assets, engage in acquisitions, enter into transactions involving related parties, incur additional debt, grant liens on assets, pay dividends or repurchase stock, and make certain other changes. There are specific exceptions to these covenants including, in some cases, upon satisfying specified payment conditions based on availability. The ABL Revolver and Term Loan contain customary events of default, including failure to comply with certain financial and other covenants. Upon an event of default that is not cured or waived within the applicable cure period, in addition to other remedies that may be available to the lenders, our obligations may be accelerated, outstanding letters of credit may be required to be cash collateralized, and remedies may be exercised against the collateral. As of January 31, 2026, we were in compliance with all financial covenants contained in the ABL Revolver and the Term Loan.

**<u>13. COMMITMENTS AND CONTINGENCIES</u>**

***LEGAL PROCEEDINGS***

We are involved in various legal proceedings that are incidental to the conduct of our business. Although it is not possible to predict with certainty the eventual outcome of any litigation, we believe the amount of any potential liability with respect to current legal proceedings will not be material to our results of operations or financial condition. However, legal proceedings are inherently uncertain. As a result, the outcome of a particular matter or a combination of matters may be material to our results of operations for a particular period. We are also involved in certain legal matters in which we have agreed to settlement terms with the plaintiffs, which remain subject to court approval, and such matters are fully covered under our insurance policies and accordingly all associated legal fees and settlement costs will be paid by the insurer. As a result, we have recorded accrued expenses for the estimated settlement obligations with corresponding receivables on the consolidated balance sheets. As additional information becomes available, we will assess any potential liabilities related to pending litigation and revise the estimates as needed.

***CONTRACTUAL OBLIGATIONS***

As of January 31, 2026, we had entered into various noncancelable purchase and service agreements, including agreements with remaining terms in excess of one year and construction commitments for capital items to be purchased for projects that were under construction or for which a lease has been signed. In addition, we have license agreements that allow us to use brands owned by third parties, including a license agreement with our related party ABG-Camuto, that have guaranteed minimum royalty payments.

------

*<u>[Table of contents](#i10cd9007d7a748fd9e0809c562a46cf2_7)</u>*

As of January 31, 2026, our noncancelable purchase obligations and future guaranteed minimum royalty payments are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Noncancelable Purchase Obligations | Guaranteed Minimum Royalties | Guaranteed Minimum Royalties | Guaranteed Minimum Royalties |
| *(in thousands)* | Noncancelable Purchase Obligations | Unrelated Parties | Related Parties | Total |
| 2026 | $9678 | $14184 | $19650 | $33834 |
| 2027 | 2879 | 14184 | 19650 | 33834 |
| 2028 | 1520 | 14184 | 19650 | 33834 |
|  | $14077 | $42552 | $58950 | $101502 |

---

**<u>14. INCOME TAXES</u>**

Income (loss) before income taxes and loss from equity investment consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
| *(in thousands)* | **2025** | 2024 | 2023 |
| Domestic income (loss) | $**(7768)** | $(23549) | $19499 |
| Foreign income | **10002** | 12819 | 20698 |
|  | $**2234** | $(10730) | $40197 |

---

Income tax provision (benefit) consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
| *(in thousands)* | **2025** | 2024 | 2023 |
| Current: |  |  |  |
| &nbsp;&nbsp;&nbsp;Federal | $**(2189)** | $2852 | $(594) |
| &nbsp;&nbsp;&nbsp;State and local | **(1091)** | 1774 | 547 |
| &nbsp;&nbsp;&nbsp;Foreign | **2134** | (1068) | 1904 |
|  | **(1146)** | 3558 | 1857 |
| Deferred: |  |  |  |
| &nbsp;&nbsp;&nbsp;Federal | **4933** | (5314) | 3766 |
| &nbsp;&nbsp;&nbsp;State and local | **2422** | (1758) | 5362 |
| &nbsp;&nbsp;&nbsp;Foreign | **749** | 2759 | (4) |
|  | **8104** | (4313) | 9124 |
| Income tax provision (benefit) | $**6958** | $(755) | $10981 |

---

------

*<u>[Table of contents](#i10cd9007d7a748fd9e0809c562a46cf2_7)</u>*

The following presents a reconciliation of the income tax provision (benefit) from the U.S. federal statutory tax rate to the total effective tax rate calculated based on income (loss) before income taxes and loss from equity investment:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(dollars in thousands)* | **2025** | **2025** | 2024 | 2024 | 2023 | 2023 |
|  | **Amount** | **%** | Amount | % | Amount | % |
| U.S. federal tax at statutory rate | $**469** | **21.0%** | $(2253) | 21.0% | $8441 | 21.0% |
| State and local income taxes, net of federal income tax effect | **1721** | **77.0** | (353) | 3.3 | (92) | (0.2) |
| Foreign tax effects: |  |  |  |  |  |  |
| &nbsp;&nbsp;Statutory tax rate difference between Canada and U.S. | **443** | **19.8** | 573 | (5.3) | 882 | 2.2 |
| &nbsp;&nbsp;Other | **120** | **5.4** | (333) | 3.1 | 190 | 0.5 |
| Nontaxable or nondeductible items: |  |  |  |  |  |  |
| &nbsp;&nbsp;Share-based payment awards | **3770** | **168.8** | 2576 | (24.0) | (2205) | (5.5) |
| &nbsp;&nbsp;Limitation on executive compensation | **937** | **41.9** | 1432 | (13.3) | 5783 | 14.4 |
| &nbsp;&nbsp;Federal interest income | **—** | **—** | (386) | 3.5 | (2474) | (6.2) |
| &nbsp;&nbsp;Other | **—** | **—** |  |  | (258) | (0.6) |
| Changes in unrecognized tax benefits | **(352)** | **(15.8)** | (3227) | 30.0 | 1540 | 3.8 |
| Other adjustments: |  |  |  |  |  |  |
| &nbsp;&nbsp;Return to provision | **(348)** | **(15.6)** | 980 | (9.1) |  |  |
| &nbsp;&nbsp;Other | **198** | **9.0** | 236 | (2.2) | (826) | (2.1) |
| Effective tax rate | $**6958** | **311.5%** | $(755) | 7.0% | $10981 | 27.3% |

---

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities are as follows:

---

| | | |
|:---|:---|:---|
| *(in thousands)* | **January 31, 2026** | February 1, 2025 |
| Deferred tax assets: |  |  |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities | $**201093** | $201167 |
| &nbsp;&nbsp;&nbsp;Net operating losses | **16416** | 17000 |
| &nbsp;&nbsp;&nbsp;Inventories | **8718** | 8502 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation | **5684** | 6696 |
| &nbsp;&nbsp;&nbsp;Accrued expenses | **4189** | 3570 |
| &nbsp;&nbsp;&nbsp;Interest | **3143** | 9706 |
| &nbsp;&nbsp;&nbsp;Reward programs deferred revenue | **2925** | 3288 |
| &nbsp;&nbsp;&nbsp;State bonus depreciation | **2373** | 2869 |
| &nbsp;&nbsp;&nbsp;Gift cards | **2219** | 2146 |
| &nbsp;&nbsp;&nbsp;Other | **3680** | 3229 |
|  | **250440** | 258173 |
| &nbsp;&nbsp;&nbsp;Less: valuation allowance | **(13832)** | (12478) |
| &nbsp;&nbsp;&nbsp;Total deferred tax assets, net of valuation allowance | **236608** | 245695 |
| Deferred tax liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Operating lease assets | **(183080)** | (182735) |
| &nbsp;&nbsp;&nbsp;Property and equipment | **(7670)** | (11284) |
| &nbsp;&nbsp;&nbsp;Intangible assets | **(4696)** | (1617) |
| &nbsp;&nbsp;&nbsp;Basis in subsidiary | **(4592)** | (4123) |
| &nbsp;&nbsp;&nbsp;Other | **(688)** | (2612) |
| &nbsp;&nbsp;&nbsp;Total deferred tax liabilities | **(200726)** | (202371) |
| Net deferred tax assets | $**35882** | $43324 |

---

------

*<u>[Table of contents](#i10cd9007d7a748fd9e0809c562a46cf2_7)</u>*

As of January 31, 2026, the remaining valuation allowance was primarily related to state deferred tax assets. Additionally, there were $15.3 million state, $0.9 million foreign, and $0.2 million federal net operating losses and credits, which, if not utilized, a portion of the carryovers will begin to expire in 2026, 2038 and 2036, respectively.

The following table presents activity related to the valuation allowance:

---

| | | | |
|:---|:---|:---|:---|
| *(in thousands)* | **2025** | 2024 | 2023 |
| Balance at beginning of period | $**12478** | $12131 | $14027 |
| Additions charged to income tax provision (benefit) | **1354** | 768 |  |
| Allowances taken or written off | **—** |  | (666) |
| Other adjustments | **—** | (421) | (1230) |
| Balance at end of period | $**13832** | $12478 | $12131 |

---

We intend to continue to invest all of the earnings of foreign subsidiaries, as well as our capital in these subsidiaries, outside of

the U.S. and we do not expect to incur any significant additional taxes related to such amounts.

Net cash paid (refunds received) for income taxes consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
| *(in thousands)* | **2025** | 2024 | 2023 |
| Federal | $**27** | $(62059) | $15500 |
| Aggregated state and local jurisdictions | **(330)** | (190) | 1853 |
| Disaggregated state and local jurisdictions: |  |  |  |
| &nbsp;&nbsp;&nbsp;California | **(2286)** |  | 941 |
| &nbsp;&nbsp;&nbsp;New York | **—** |  | (2534) |
| &nbsp;&nbsp;&nbsp;City of Columbus, Ohio | **—** |  | 1005 |
| Aggregated foreign jurisdictions | **242** | 334 | 307 |
| Disaggregated foreign jurisdiction - Canada | **1928** |  |  |
| Net cash paid (refunds received) for income taxes | $**(419)** | $(61915) | $17072 |

---

The following table presents the activity related to gross unrecognized tax benefits:

---

| | | | |
|:---|:---|:---|:---|
| *(in thousands)* | **2025** | 2024 | 2023 |
| Balance at beginning of period | $**10184** | $16433 | $15785 |
| Additions for tax positions taken in the current year | **450** | 740 | 3042 |
| Reductions for tax positions taken in prior years | **—** | (3531) |  |
| Changes in estimates | **—** | (1388) |  |
| Lapses of applicable statues of limitations | **(684)** | (1158) | (2323) |
| Settlements of tax positions taken in prior years | **(613)** | (912) | (71) |
| Balance at end of period | $**9337** | $10184 | $16433 |

---

We recognize interest and penalties related to unrecognized tax benefits as a component of the income tax provision (benefit). As of January 31, 2026, February 1, 2025 and February 3, 2024, interest and penalties were $5.8 million, $5.6 million and $5.6 million, respectively.

------

*<u>[Table of contents](#i10cd9007d7a748fd9e0809c562a46cf2_7)</u>*

**<u>15. SEGMENT REPORTING</u>**

Our two reportable segments are the Retail segment and the Brand Portfolio segment. Beginning with this 2025 Annual Report on Form 10-K, we aggregated our previously reported U.S. Retail operating segment and Canada Retail operating segment into a single reportable segment, the Retail segment, due to the similar nature of their operations and economic characteristics. All prior period segment information has been recast to conform to the current reporting segment presentation. We have determined that the Chief Operating Decision Maker ("CODM") is our CEO and we have identified such segments based on internal management reporting and responsibilities. The CODM uses segment operating profit (loss) predominantly in the annual budget and projection process and for considering variances with actual results when assessing performance and making decisions about the allocation of resources to each segment. Total assets by segment are not presented in the table below as the CODM does not evaluate, manage, or measure performance of segments using total assets.

The following table provides certain financial data by segment reconciled to the consolidated financial statements:

---

| | | | |
|:---|:---|:---|:---|
| *(in thousands)* | Retail | Brand Portfolio | Total |
| **2025** |  |  |  |
| Net sales: |  |  |  |
| &nbsp;&nbsp;&nbsp;External customer sales | $**2656809** | $**235862** | $**2892671** |
| &nbsp;&nbsp;&nbsp;Intersegment sales | **—** | **126999** | **126999** |
| &nbsp;&nbsp;&nbsp;Segment net sales | **2656809** | **362861** | **3019670** |
| &nbsp;&nbsp;Elimination of intersegment net sales |  |  | **(126999)** |
| &nbsp;&nbsp;Consolidated net sales |  |  | $**2892671** |
| Less segment expenses: |  |  |  |
| &nbsp;&nbsp;Cost of sales, exclusive of expenses shown below | **(1504104)** | **(260070)** |  |
| &nbsp;&nbsp;Store selling expenses | **(339954)** | **—** |  |
| &nbsp;&nbsp;Occupancy costs | **(302001)** | **(4742)** |  |
| &nbsp;&nbsp;Marketing | **(149034)** | **(14640)** |  |
| &nbsp;&nbsp;Distribution and fulfillment costs | **(53440)** | **(12603)** |  |
| &nbsp;&nbsp;Personnel overhead costs | **(52238)** | **(45504)** |  |
| &nbsp;&nbsp;Depreciation and amortization | **(36876)** | **(7122)** |  |
| &nbsp;&nbsp;Other expense items<sup>(1)</sup> | **(7610)** | **(18298)** |  |
| Plus income from equity investments | **—** | **11026** |  |
| Segment operating profit | $**211552** | $**10908** | **222460** |
| Net recognition of intersegment activity |  |  | **4894** |
| Corporate shared services costs<sup>(2)</sup> |  |  | **(175171)** |
| Impairment charges<sup>(2)</sup> |  |  | **(4419)** |
| Consolidated operating profit |  |  | **47764** |
| Interest expense, net |  |  | **(45338)** |
| Non-operating expenses, net |  |  | **(192)** |
| Income before income taxes and loss from equity investment |  |  | $**2234** |
| Cash paid for segment property and equipment | $**26429** | $**2038** | $**28467** |

---

------

*<u>[Table of contents](#i10cd9007d7a748fd9e0809c562a46cf2_7)</u>*

---

| | | | |
|:---|:---|:---|:---|
| *(in thousands)* | Retail | Brand Portfolio | Total |
| 2024 |  |  |  |
| Net sales: |  |  |  |
| &nbsp;&nbsp;&nbsp;External customer sales | $2749124 | $260138 | $3009262 |
| &nbsp;&nbsp;&nbsp;Intersegment sales |  | 138743 | 138743 |
| &nbsp;&nbsp;&nbsp;Segment net sales | 2749124 | 398881 | 3148005 |
| &nbsp;&nbsp;Elimination of intersegment net sales |  |  | (138743) |
| &nbsp;&nbsp;Consolidated net sales |  |  | $3009262 |
| Less segment expenses: |  |  |  |
| &nbsp;&nbsp;Cost of sales, exclusive of expenses shown below | (1562896) | (289067) |  |
| &nbsp;&nbsp;Store selling expenses | (346756) |  |  |
| &nbsp;&nbsp;Occupancy costs | (298645) | (6021) |  |
| &nbsp;&nbsp;Marketing | (149712) | (23251) |  |
| &nbsp;&nbsp;Distribution and fulfillment costs | (45785) | (13452) |  |
| &nbsp;&nbsp;Personnel overhead costs | (52078) | (49949) |  |
| &nbsp;&nbsp;Depreciation and amortization | (36468) | (6811) |  |
| &nbsp;&nbsp;Other expense items<sup>(1)</sup> | (7342) | (20250) |  |
| Plus income from equity investments |  | 13145 |  |
| Segment operating profit | $249442 | $3225 | 252667 |
| Net elimination of intersegment activity |  |  | (10084) |
| Corporate shared services costs<sup>(2)</sup> |  |  | (189314) |
| Impairment charges<sup>(2)</sup> |  |  | (18336) |
| Consolidated operating profit |  |  | 34933 |
| Interest expense, net |  |  | (45291) |
| Non-operating expenses, net |  |  | (372) |
| Loss before income taxes |  |  | $(10730) |
| Cash paid for segment property and equipment | $31911 | $2414 | $34325 |

---

------

*<u>[Table of contents](#i10cd9007d7a748fd9e0809c562a46cf2_7)</u>*

---

| | | | |
|:---|:---|:---|:---|
| *(in thousands)* | Retail | Brand Portfolio | Total |
| 2023 |  |  |  |
| Net sales: |  |  |  |
| &nbsp;&nbsp;&nbsp;External customer sales | $2798078 | $276898 | $3074976 |
| &nbsp;&nbsp;&nbsp;Intersegment sales |  | 72078 | 72078 |
| &nbsp;&nbsp;&nbsp;Segment net sales | 2798078 | 348976 | 3147054 |
| &nbsp;&nbsp;Elimination of intersegment net sales |  |  | (72078) |
| &nbsp;&nbsp;Consolidated net sales |  |  | $3074976 |
| Less segment expenses: |  |  |  |
| &nbsp;&nbsp;Cost of sales, exclusive of expenses shown below | (1569909) | (256431) |  |
| &nbsp;&nbsp;Store selling expenses | (347283) |  |  |
| &nbsp;&nbsp;Occupancy costs | (296686) | (7714) |  |
| &nbsp;&nbsp;Marketing | (148376) | (27987) |  |
| &nbsp;&nbsp;Distribution and fulfillment costs | (48523) | (15308) |  |
| &nbsp;&nbsp;Personnel overhead costs | (58350) | (47669) |  |
| &nbsp;&nbsp;Depreciation and amortization | (33428) | (7811) |  |
| &nbsp;&nbsp;Other expense items<sup>(1)</sup> | (9216) | (22169) |  |
| Plus income from equity investments |  | 9390 |  |
| Segment operating profit (loss) | $286307 | $(26723) | 259584 |
| Net recognition of intersegment activity |  |  | 3281 |
| Corporate shared services costs<sup>(2)</sup> |  |  | (185630) |
| Impairment charges<sup>(2)</sup> |  |  | (4834) |
| Consolidated operating profit |  |  | 72401 |
| Interest expense, net |  |  | (32171) |
| Non-operating expenses, net |  |  | (33) |
| Income before income taxes |  |  | $40197 |
| Cash paid for segment property and equipment | $33696 | $2211 | $35907 |

---

(1) &nbsp;&nbsp;&nbsp;&nbsp;Other expense items include professional services fees, payment service fees, supplies, travel, and other administrative segment expenses.

(2) &nbsp;&nbsp;&nbsp;&nbsp;Corporate shared services costs and impairment charges are not attributed to any of our segments. Corporate shared services costs primarily relate to corporate administration, IT, finance, human resources, legal, real estate, and other shared services performing corporate-level activities. We also do not allocate amounts related to restructuring and integration charges (including severance) and acquisition-related costs.

The following table provides net sales by geography:

---

| | | | |
|:---|:---|:---|:---|
| *(in thousands)* | **2025** | 2024 | 2023 |
| United States | $**2599401** | $2709443 | $2792593 |
| Canada and other international | **293270** | 299819 | 282383 |
|  | $**2892671** | $3009262 | $3074976 |

---

Beginning in 2024, we changed how the Brand Portfolio segment sources certain exclusive brands for the Retail segment by transacting using a wholesale model, where intersegment net sales and cost of sales are recorded, whereas in 2023 we transacted on a commission model, where intersegment net sales were based on a percentage of product cost. This change resulted in an increase in Brand Portfolio intersegment net sales, cost of sales, and gross profit and a corresponding increase in the amount of eliminated intersegment net sales, cost of sales, and gross profit with no impact to consolidated net sales, cost of sales, and gross profit when comparing 2025 and 2024 to 2023.

------

*<u>[Table of contents](#i10cd9007d7a748fd9e0809c562a46cf2_7)</u>*

As of January 31, 2026 and February 1, 2025, long-lived assets, consisting of property and equipment and leased assets, included $804.7 million and $837.6 million, respectively, in the U.S. and $84.0 million and $71.6 million, respectively, in Canada, with only an immaterial amount in other countries. No single customer accounted for 10% or more of consolidated total net sales. However, the Brand Portfolio segment has five customers that make up approximately 38% of its segment net sales, excluding intersegment net sales, and the loss of any or all of these customers could have a material adverse effect on the Brand Portfolio segment.

**<u>16. SUBSEQUENT EVENTS</u>**

***ABL Revolver Amendment-*** On February 27, 2026, the ABL Revolver was amended to, among other things, extend the maturity date such that the ABL Revolver matures at the earliest of the date the Term Loan matures (currently June 2028) or February 2031.

***Dividends-*** On March 12, 2026, the Board declared a quarterly cash dividend payment of $0.05 per share for both Class A and Class B common shares. The dividend will be paid on April 10, 2026 to shareholders of record as of the close of business on March 26, 2026.

------

*<u>[Table of contents](#i10cd9007d7a748fd9e0809c562a46cf2_7)</u>*

**ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE**

None.

**ITEM 9A. CONTROLS AND PROCEDURES**

**<u>EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES</u>**

We, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, performed an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")). Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded, as of the end of the period covered by this Form 10-K, that such disclosure controls and procedures were effective.

**<u>MANAGEMENT'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING</u>**

Management is responsible for establishing and maintaining adequate internal control over financial reporting for us (as defined in Rule 13a-15(f) under the Exchange Act). Our internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements in accordance with accounting principles generally accepted in the U.S. Management assessed the effectiveness of our internal control system as of January 31, 2026. In making its assessment, we used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in *Internal Control - Integrated Framework (2013).* Based on this assessment, management concluded that our internal control over financial reporting was effective to provide reasonable assurance regarding the reliability of financial reporting as of January 31, 2026.

Deloitte & Touche LLP (PCAOB ID No. 34), our independent registered public accounting firm, has issued an attestation report covering our internal control over financial reporting, as stated in its report which is included herein.

**<u>CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING</u>**

No change was made in our internal control over financial reporting, as such term is defined in Exchange Act Rule 13a-15(f), during our last fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

**ITEM 9B. OTHER INFORMATION**

During the three months ended January 31, 2026, none of our directors or executive officers adopted, modified, or terminated any contract, instruction, or written plan for the purchase or sale of the Company's securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any "non-Rule 10b5-1 trading arrangement" (as defined in Item 408(c) of Regulation S-K).

**ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS**

Not applicable.

------

*<u>[Table of contents](#i10cd9007d7a748fd9e0809c562a46cf2_7)</u>*

**PART III**

**ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE**

The applicable information contained under the captions "**INFORMATION ABOUT OUR EXECUTIVE OFFICERS**," "**PROPOSAL 1- ELECTION OF DIRECTORS**," and "**OTHER DIRECTOR INFORMATION, BOARD COMMITTEES, AND CORPORATE GOVERNANCE INFORMATION**" in our Definitive Proxy Statement on Schedule 14A for the 2026 Annual Meeting of Shareholders, to be filed with the Securities and Exchange Commission pursuant to Regulation 14A promulgated under the Exchange Act (the "Proxy Statement"), is incorporated herein by reference.

**ITEM 11. EXECUTIVE COMPENSATION**

The applicable information contained under the captions "**REPORT OF THE HUMAN CAPITAL AND COMPENSATION COMMITTEE**," "**OTHER DIRECTOR INFORMATION, BOARD COMMITTEES, AND CORPORATE GOVERNANCE INFORMATION**," "**COMPENSATION DISCUSSION AND ANALYSIS**" and "**COMPENSATION OF DIRECTORS**" and the related tabular disclosure under "**COMPENSATION TABLES**," and "**FISCAL 2025 DIRECTOR COMPENSATION**" in the Proxy Statement is incorporated herein by reference. Notwithstanding the foregoing, the information contained in the Proxy Statement under the caption "**REPORT OF THE HUMAN CAPITAL AND COMPENSATION COMMITTEE**" shall be deemed furnished, and not filed, in this Form 10-K and shall not be deemed incorporated by reference into any filing we make under the Securities Act of 1933, as amended, or the Exchange Act.

**ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS**

The applicable information contained under the caption "**SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT**" in the Proxy Statement is incorporated herein by reference.

**ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE**

The applicable information contained under the captions "**CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS**" and "**OTHER DIRECTOR INFORMATION, BOARD COMMITTEES, AND CORPORATE GOVERNANCE INFORMATION**" in the Proxy Statement is incorporated herein by reference.

**ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES**

The applicable information contained under the caption "**AUDIT AND OTHER SERVICE FEES**" in the Proxy Statement is incorporated herein by reference.

**PART IV**

**ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES**

**(a)** The following documents are filed as a part of this Form 10-K:

**<u>(1) CONSOLIDATED FINANCIAL STATEMENTS</u>** 

The following consolidated financial statements are included in Part II, Item 8 of this Form 10-K:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report of Independent Registered Public Accounting Firm

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consolidated Statements of Operations for the years ended January 31, 2026, February 1, 2025, and February 3, 2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consolidated Statements of Comprehensive Income (Loss) for the years ended January 31, 2026, February 1, 2025, and February 3, 2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consolidated Balance Sheets as of January 31, 2026 and February 1, 2025

------

*<u>[Table of contents](#i10cd9007d7a748fd9e0809c562a46cf2_7)</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consolidated Statements of Shareholders' Equity for the years ended January 31, 2026, February 1, 2025, and February 3, 2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consolidated Statements of Cash Flows for the years ended January 31, 2026, February 1, 2025, and February 3, 2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Notes to the Consolidated Financial Statements

**<u>(2) CONSOLIDATED FINANCIAL STATEMENT SCHEDULES</u>** 

Schedules not filed are omitted because of the absence of the conditions under which they are required or because the required information is included in the financial statements or the notes thereto.

**<u>(3) and (b) EXHIBITS</u>** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Incorporated by Reference | Incorporated by Reference | Incorporated by Reference | Incorporated by Reference |
| Exhibit Number | Exhibit Description | Form | File No. | Date of Filing | Exhibit Number |
| <u>[2.1](https://www.sec.gov/Archives/edgar/data/1319947/000095012311018710/c13108exv2w1.htm)</u> | Agreement and Plan of Merger, dated February 8, 2011, among DSW Inc., DSW MS LLC, and Retail Ventures, Inc.  | 8-K/A | 001-32545 | 2/25/2011 | 2.1 |
| <u>[2.2](https://www.sec.gov/Archives/edgar/data/1319947/000119312518297051/d636682dex21.htm)</u> | Securities Purchase Agreement, dated October 10, 2018, among DSW Shoe Warehouse, Inc., ABG-Camuto, LLC, Camuto Group LLC, Camuto Consulting, Inc., Camuto Owners (as defined therein), Clear Thinking Group LLC, in the person of Stuart H. Kessler, solely in its capacity as Sellers' Representative (as defined therein) and Buyer Parents (as defined therein), solely with respect to the Parent Specified Sections. | 8-K | 001-32545 | 10/11/2018 | 2.1 |
| <u>[2.2.1](https://www.sec.gov/Archives/edgar/data/1319947/000131994719000016/q4201810-kexhibit0241.htm)</u> | Amendment to Securities Purchase Agreement, dated October 10, 2018, among DSW Shoe Warehouse, Inc., ABG-Camuto, LLC, Camuto Group LLC, Camuto Consulting, Inc., Camuto Owners (as defined therein), Clear Thinking Group LLC, in the person of Stuart H. Kessler, solely in its capacity as Sellers' Representative (as defined therein) and Buyer Parents (as defined therein), solely with respect to the Parent Specified Sections.  | 10-K | 001-32545 | 03/26/2019 | 2.4.1 |
| <u>[2.2.2](https://www.sec.gov/Archives/edgar/data/1319947/000131994719000016/q4201810-kexhibit242.htm)</u> | Side Letter to Securities Purchase Agreement, dated January 31, 2019, among DSW Shoe Warehouse, Inc., ABG-Camuto, LLC, Camuto Group LLC, Camuto Consulting, Inc., Camuto Owners (as defined therein), Clear Thinking Group LLC, in the person of Stuart H. Kessler, solely in its capacity as Sellers' Representative (as defined therein) and Buyer Parents (as defined therein), solely with respect to the Parent Specified Sections. | 10-K | 001-32545 | 03/26/2019 | 2.4.2 |
| <u>[3.1](https://www.sec.gov/Archives/edgar/data/1319947/000131994719000016/dswcertifiedarticles.htm)</u> | Amended and Restated Articles of Incorporation of Designer Brands Inc. dated March 19, 2019. | 10-K | 001-32545 | 03/26/2019 | 3.1 |
| <u>[3.2](https://www.sec.gov/Archives/edgar/data/1319947/000095015206003177/l19155aexv3w2.htm)</u> | Amended and Restated Code of Regulations. | 10-K | 001-32545 | 04/13/2006 | 3.2 |
| <u>[4.1](https://www.sec.gov/Archives/edgar/data/1319947/000095015206003177/l19155aexv4w1.txt)</u> | Specimen Class A Common Shares Certificate. | 10-Q | 001-32545 | 06/4/2019 | 4.1 |
| <u>[4.2](https://www.sec.gov/Archives/edgar/data/1319947/000131994720000025/q4201910-kexhibit42.htm)</u> | Description of Designer Brands Inc.'s Securities Registered Under Section 12 of the Securities Exchange Act of 1934. | 10-K | 001-32545 | 5/1/2020 | 4.2 |
| <u>[10.1](https://www.sec.gov/Archives/edgar/data/874444/000095015202004890/l94848aexv10w6.txt)</u> | Corporate Services Agreement, dated June 11, 2002, between Retail Ventures, Inc. and Schottenstein Stores Corporation. | 10-Q | 001-10767 | 06/18/2002 | 10.6 |
| <u>[10.1.1](https://www.sec.gov/Archives/edgar/data/874444/000095015205005859/l14818aexv10w5.txt)</u> | Amendment to Corporate Services Agreement, dated July 5, 2005, among Retail Ventures, Inc., Schottenstein Stores Corporation and Schottenstein Management Company, together with Side Letter Agreement, dated July 5, 2005, among Schottenstein Stores Corporation, Retail Ventures, Inc., Schottenstein Management Company and DSW Inc. related thereto. | 8-K | 001-10767 | 07/11/2005 | 10.5 |
| <u>[10.2#](https://www.sec.gov/Archives/edgar/data/1319947/000095012305003029/y06593exv10w4.txt)</u> | Employment Agreement, dated March 24, 2005, between Deborah Ferrée and DSW Inc. | S-1 | 333-123289 | 03/14/2005 | 10.4 |
| <u>[10.2.1#](https://www.sec.gov/Archives/edgar/data/1319947/000095015208002818/l30952aexv10w2w1.htm)</u> | First Amendment to Employment Agreement, dated December 31, 2007, between Deborah Ferrée and DSW Inc. | 10-K | 001-32545 | 4/17/2008 | 10.2.1 |

---

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*<u>[Table of contents](#i10cd9007d7a748fd9e0809c562a46cf2_7)</u>*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Incorporated by Reference | Incorporated by Reference | Incorporated by Reference | Incorporated by Reference |
| Exhibit Number | Exhibit Description | Form | File No. | Date of Filing | Exhibit Number |
| &nbsp;&nbsp;<u>[10.2.2#](https://www.sec.gov/Archives/edgar/data/1319947/000131994716000053/exhibit1022.htm)</u> | Second Amendment to Employment Agreement, dated February 12, 2016, between Deborah Ferrée and DSW Inc. | 10-K | 001-32545 | 3/24/2016 | 10.2.2 |
| <u>[10.3#](https://www.sec.gov/ix?doc=/Archives/edgar/data/1319947/000131994724000019/dsw-20240501.htm)</u> | Designer Brands Inc. 2014 Long-Term Incentive Plan (as Amended and Restated). | Schedule 14A | 001-32545 | 5/3/2024 | Appendix A |
| <u>[10.3.1#](https://www.sec.gov/Archives/edgar/data/1319947/000131994723000014/q4202210-kexhibit1039.htm)</u> | Form of Director Stock Unit Agreement (2021). | 10-K | 001-32545 | 3/16/2023 | 10.3.9 |
| <u>[10.3.](https://www.sec.gov/Archives/edgar/data/1319947/000131994725000012/a1034-restrictedstockuni.htm)[2](https://www.sec.gov/Archives/edgar/data/1319947/000131994725000012/a1034-restrictedstockuni.htm)[#](https://www.sec.gov/Archives/edgar/data/1319947/000131994725000012/a1034-restrictedstockuni.htm)</u> | Form of Restricted Stock Units Agreement (2023). | 10-K | 001-32545 | 3/24/2025 | 10.3.4 |
| <u>[10.3.](https://www.sec.gov/Archives/edgar/data/1319947/000131994725000012/a1035-restrictedstockuni.htm)[3](https://www.sec.gov/Archives/edgar/data/1319947/000131994725000012/a1035-restrictedstockuni.htm)[#](https://www.sec.gov/Archives/edgar/data/1319947/000131994725000012/a1035-restrictedstockuni.htm)</u> | Form of Restricted Stock Units Agreement for Canada Employees (2023). | 10-K | 001-32545 | 3/24/2025 | 10.3.5 |
| <u>[10.3.](https://www.sec.gov/Archives/edgar/data/1319947/000131994725000012/a1036-performanceshareag.htm)[4](https://www.sec.gov/Archives/edgar/data/1319947/000131994725000012/a1036-performanceshareag.htm)[#](https://www.sec.gov/Archives/edgar/data/1319947/000131994725000012/a1036-performanceshareag.htm)</u> | Form of Performance Share Agreement (2023). | 10-K | 001-32545 | 3/24/2025 | 10.3.6 |
| <u>[10.3.](https://www.sec.gov/Archives/edgar/data/1319947/000131994725000012/a1037-performanceshareag.htm)[5](https://www.sec.gov/Archives/edgar/data/1319947/000131994725000012/a1037-performanceshareag.htm)[#](https://www.sec.gov/Archives/edgar/data/1319947/000131994725000012/a1037-performanceshareag.htm)</u> | Form of Performance Share Agreement for Canada Employees (2023). | 10-K | 001-32545 | 3/24/2025 | 10.3.7 |
| <u>[10.3.](https://www.sec.gov/Archives/edgar/data/1319947/000131994725000012/a1038-designerbrandsrest.htm)[6](https://www.sec.gov/Archives/edgar/data/1319947/000131994725000012/a1038-designerbrandsrest.htm)[#](https://www.sec.gov/Archives/edgar/data/1319947/000131994725000012/a1038-designerbrandsrest.htm)</u> | Form of Restricted Stock Units Agreement for Employees (2024). | 10-K | 001-32545 | 3/24/2025 | 10.3.8 |
| <u>[10.3.](https://www.sec.gov/Archives/edgar/data/1319947/000131994725000012/a1039-designerbrandsrest.htm)[7](https://www.sec.gov/Archives/edgar/data/1319947/000131994725000012/a1039-designerbrandsrest.htm)[#](https://www.sec.gov/Archives/edgar/data/1319947/000131994725000012/a1039-designerbrandsrest.htm)</u> | Form of Restricted Stock Units Agreement for Canada Employees (2024). | 10-K | 001-32545 | 3/24/2025 | 10.3.9 |
| <u>[10.3.](https://www.sec.gov/Archives/edgar/data/1319947/000131994725000012/a10310designerbrands-per.htm)[8](https://www.sec.gov/Archives/edgar/data/1319947/000131994725000012/a10310designerbrands-per.htm)[#](https://www.sec.gov/Archives/edgar/data/1319947/000131994725000012/a10310designerbrands-per.htm)</u> | Form of Performance Share Agreement for Employees (2024). | 10-K | 001-32545 | 3/24/2025 | 10.3.10 |
| <u>[10.3.](https://www.sec.gov/Archives/edgar/data/1319947/000131994725000012/a10311designerbrands-per.htm)[9](https://www.sec.gov/Archives/edgar/data/1319947/000131994725000012/a10311designerbrands-per.htm)[#](https://www.sec.gov/Archives/edgar/data/1319947/000131994725000012/a10311designerbrands-per.htm)</u> | Form of Performance Share Agreement for Canada Employees (2024). | 10-K | 001-32545 | 3/24/2025 | 10.3.11 |
| <u>[10.3.](https://www.sec.gov/Archives/edgar/data/1319947/000131994725000012/a10312designerbrands-dir.htm)[10](https://www.sec.gov/Archives/edgar/data/1319947/000131994725000012/a10312designerbrands-dir.htm)[#](https://www.sec.gov/Archives/edgar/data/1319947/000131994725000012/a10312designerbrands-dir.htm)</u> | Form of Director Stock Units Agreement (2024). | 10-K | 001-32545 | 3/24/2025 | 10.3.12 |
| <u>[10.3.11#\*](a10311-dbiltip2024restat.htm)</u> | Form of Restricted Stock Units Agreement for Employees (2025) | - | - | - | - |
| <u>[10.3.12#\*](a10312-dbiltip2024restat.htm)</u> | Form of Restricted Stock Units Agreement for Canada Employees (2025) | - | - | - | - |
| <u>[10.3.13#\*](a10313-fy2025designerbra.htm)</u> | Form of Performance Share Agreement for Employees (2025) | - | - | - | - |
| <u>[10.3.14#\*](a10314-fy2025psuagreemen.htm)</u> | Form of Performance Share Agreement for Canada Employees (2025) | - | - | - | - |
| <u>[10.4#](https://www.sec.gov/Archives/edgar/data/1319947/000131994723000014/q4202210-kexhibit104.htm)</u> | Designer Brands Inc. Cash Incentive Plan. | 10-K | 001-32545 | 3/16/2023 | 10.4 |
| <u>[10.5#](https://www.sec.gov/Archives/edgar/data/1319947/000131994720000025/q4201910-kexhibit107.htm)</u> | Form of Indemnification Agreement between Designer Brands Inc. and its officers and directors. | 10-K | 001-32545 | 5/1/2020 | 10.7 |
| <u>[10.6](https://www.sec.gov/Archives/edgar/data/1319947/000131994712000042/exhibit102management_agree.htm)</u> | Management Agreement, dated October 30, 2012, between Schottenstein Property Group, LLC and 810 AC LLC, a wholly owned subsidiary of DSW Inc. | 8-K | 001-32545 | 11/1/2012 | 10.2 |
| <u>[10.](https://www.sec.gov/Archives/edgar/data/1319947/000131994720000025/q4201910-kexhibit1021.htm)[7](https://www.sec.gov/Archives/edgar/data/1319947/000131994720000025/q4201910-kexhibit1021.htm)[#](https://www.sec.gov/Archives/edgar/data/1319947/000131994720000025/q4201910-kexhibit1021.htm)</u> | Standard Executive Severance Agreement, dated April 9, 2020, between Mary Turner and Designer Brands Inc. | 10-K | 001-32545 | 5/1/2020 | 10.21 |
| <u>[10.](https://www.sec.gov/Archives/edgar/data/1319947/000131994723000032/doughowe-amendedexecutiv.htm)[8](https://www.sec.gov/Archives/edgar/data/1319947/000131994723000032/doughowe-amendedexecutiv.htm)[#](https://www.sec.gov/Archives/edgar/data/1319947/000131994723000032/doughowe-amendedexecutiv.htm)</u> | Amended and Restated Standard Executive Agreement, dated January 5, 2023, between Douglas M. Howe and Designer Brands Inc. | 10-Q | 001-32545 | 6/8/2023 | 10.1 |
| <u>[10.](https://www.sec.gov/Archives/edgar/data/1319947/000131994723000043/executiveagreement_laura.htm)[9](https://www.sec.gov/Archives/edgar/data/1319947/000131994723000043/executiveagreement_laura.htm)[#](https://www.sec.gov/Archives/edgar/data/1319947/000131994723000043/executiveagreement_laura.htm)</u> | Standard Executive Agreement, dated August 4, 2023, between Laura Denk and Designer Brands Inc. | 10-Q | 001-32545 | 9/7/2023 | 10.1 |
| <u>[10.1](https://www.sec.gov/Archives/edgar/data/1319947/000131994724000011/executiveagreement_odonn.htm)[0](https://www.sec.gov/Archives/edgar/data/1319947/000131994724000011/executiveagreement_odonn.htm)[#](https://www.sec.gov/Archives/edgar/data/1319947/000131994724000011/executiveagreement_odonn.htm)</u> | Standard Executive Agreement, dated January 3, 2024, between Andrea O'Donnell and Designer Brands Inc. | 10-K | 001-32545 | 3/25/2024 | 10.14 |
| <u>[10.11#\*](a1011-executiveagreement.htm)</u> | Standard Executive Agreement, dated February 10, 2026, between Sheamus Toal and Designer Brands Inc. | - | - | - | - |
| <u>[10.1](https://www.sec.gov/Archives/edgar/data/1319947/000131994724000011/dbi-nonqualifieddeferred.htm)[2](https://www.sec.gov/Archives/edgar/data/1319947/000131994724000011/dbi-nonqualifieddeferred.htm)[#](https://www.sec.gov/Archives/edgar/data/1319947/000131994724000011/dbi-nonqualifieddeferred.htm)</u> | Amended and Restated Nonqualified Deferred Compensation Plan. | 10-K | 001-32545 | 3/25/2024 | 10.15 |
| <u>[10.12.1#](https://www.sec.gov/Archives/edgar/data/1319947/000131994725000047/dbi-xamendmenttonqdcplan.htm)</u> | Amendment, dated as of September 4, 2025, to the Nonqualified Deferred Compensation Plan (as Amended and Restated). | 10-Q | 001-32545 | 9/9/2025 | 10.1 |

---

------

*<u>[Table of contents](#i10cd9007d7a748fd9e0809c562a46cf2_7)</u>*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Incorporated by Reference | Incorporated by Reference | Incorporated by Reference | Incorporated by Reference |
| Exhibit Number | Exhibit Description | Form | File No. | Date of Filing | Exhibit Number |
| <u>[10.13+](https://www.sec.gov/Archives/edgar/data/1319947/000131994722000013/dbi-creditagreementexecu.htm)</u> | Credit Agreement, dated March 30, 2022, among Designer Brands Inc., Designer Brands Canada Inc., certain domestic and Canadian subsidiaries as borrowers, other loan parties thereto, the lenders party thereto, The Huntington National Bank, as Administrative Agent, The Huntington National Bank, Bank of Montreal and Bank of America, N.A., as Joint Bookrunners and Joint Lead Arrangers, and PNC Bank, National Association, as Documentation Agent. | 8-K | 001-32545 | 4/5/2022 | 10.1 |
| <u>[10.13.1+](https://www.sec.gov/Archives/edgar/data/1319947/000131994723000009/exhibit101.htm)</u> | First Amendment to Credit Agreement, dated February 28, 2023, among Designer Brands Inc., Designer Brands Canada Inc., certain domestic and Canadian subsidiaries as borrowers, other loan parties thereto, the lenders party thereto, The Huntington National Bank, as Administrative Agent, The Huntington National Bank, Bank of Montreal and Bank of America, N.A., as Joint Bookrunners and Joint Lead Arrangers, and PNC Bank, National Association, as Documentation Agent. | 8-K | 001-32545 | 3/3/2023 | 10.1 |
| <u>[10.13.2+](https://www.sec.gov/Archives/edgar/data/1319947/000131994723000043/joinderandsecondamendmen.htm)</u> | Joinder and Second Amendment to Credit Agreement, dated June 23, 2023, among Designer Brand Inc., Designer Brands Canada Inc., certain domestic and Canadian subsidiaries as borrowers, other loan parties thereto, the lenders party thereto, The Huntington National Bank, as Administrative Agent, The Huntington National Bank, Bank of Montreal and Bank of America, N.A., as Joint Bookrunners and Joint Lead Arrangers, and PNC Bank, National Association, as Documentation Agent. | 10-Q | 001-32545 | 9/7/2023 | 10.3 |
| <u>[10.13.3+](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001319947/000131994726000012/dbi-20260227.htm)</u> | Third Amendment to Credit Agreement dated as of February 27, 2026 among Designer Brands Inc., Designer Brands Canada Inc., certain of domestic and Canadian subsidiaries as borrowers, other loan parties thereto, the lenders party thereto, The Huntington National Bank, as Administrative Agent, The Huntington National Bank, Bank of Montreal and Bank of America, N.A., as Joint Bookrunners and Joint Lead Arrangers, and PNC Bank, National Association, as Documentation Agent. | 8-K | 001-32545 | 3/4/2026 | 10.1 |
| <u>[10.14+](https://www.sec.gov/Archives/edgar/data/1319947/000119312523173727/d520796dex101.htm)</u> | Term Credit Agreement, dated June 23, 2023, among Designer Brands Inc., Designer Brands Canada Inc., certain domestic subsidiaries as guarantors, the lenders party thereto, and PLC Agent LLC, as Administrative Agent and Lead Arranger. | 8-K | 001-32545 | 6/23/2023 | 10.1 |
| <u>[10.14.1+](https://www.sec.gov/Archives/edgar/data/1319947/000131994723000052/pathlight_xdbi-firstamen.htm)</u> | First Amendment to Term Credit Agreement, dated September 21, 2023, among Designer Brands Inc., Designer Brands Canada Inc., certain domestic subsidiaries as guarantors, the lenders party thereto, and PLC Agent LLC, as Administrative Agent and Lead Arranger. | 10-Q | 001-32545 | 12/5/2023 | 10.1 |
| <u>[10.14.2+](https://www.sec.gov/Archives/edgar/data/1319947/000131994725000012/pathlight_xdbi-secondame.htm)</u> | Second Amendment to Term Credit Agreement, dated March 3, 2025, among Designer Brands Inc., Designer Brands Canada Inc., certain domestic subsidiaries as guarantors, the lenders party thereto, and PLC Agent LLC, as Administrative Agent and Lead Arranger. | 10-K | 001-32545 | 3/24/2025 | 10.14.2 |
| <u>[19\*](dbi-insidertradingpolicy.htm)</u> | Designer Brands Inc. Insider Trading Policy. | - | - | - | - |
| <u>[21.1\*](q4202510-kexhibit211.htm)</u> | List of Subsidiaries. | - | - | - | - |
| <u>[23.1\*](q4202510-kexhibit231.htm)</u> | Consent of Independent Registered Public Accounting Firm. | - | - | - | - |
| <u>[24.1\*](q4202510-kexhibit241.htm)</u> | Powers of Attorney. | - | - | - | - |

---

------

*<u>[Table of contents](#i10cd9007d7a748fd9e0809c562a46cf2_7)</u>*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Incorporated by Reference | Incorporated by Reference | Incorporated by Reference | Incorporated by Reference |
| Exhibit Number | Exhibit Description | Form | File No. | Date of Filing | Exhibit Number |
| <u>[31.1\*](q42025exhibit311.htm)</u> | Rule 13a-14(a)/15d-14(a) Certification - Principal Executive Officer. | - | - | - | - |
| <u>[31.2\*](q42025exhibit312.htm)</u> | Rule 13a-14(a)/15d-14(a) Certification - Principal Financial Officer. | - | - | - | - |
| <u>[32.1\*\*](q42025exhibit321.htm)</u> | Section 1350 Certification - Principal Executive Officer. | - | - | - | - |
| <u>[32.2\*\*](q42025exhibit322.htm)</u> | Section 1350 Certification - Principal Financial Officer. | - | - | - | - |
| <u>[97](https://www.sec.gov/Archives/edgar/data/1319947/000131994724000011/dbi-clawbackpolicydoddxf.htm)</u> | Designer Brands Inc. Compensation Recoupment Policy. | 10-K | 001-32545 | 3/25/2024 | 97 |
| 101\* | The following materials from the Designer Brands Inc. Annual Report on Form 10-K for the year ended January 31, 2026, formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) Consolidated Statements of Operations; (ii) Consolidated Statements of Comprehensive Income (Loss); (iii) Consolidated Balance Sheets; (iv) Consolidated Statements of Shareholders' Equity; (v) Consolidated Statements of Cash Flows; and (vi) Notes to the Consolidated Financial Statements. | - | - | - | - |
| 104\* | Cover Page Interactive Data File, formatted in iXBRL and contained in Exhibit 101. | - | - | - | - |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Filed herewith

\*\*&nbsp;&nbsp;&nbsp;&nbsp;Furnished herewith

#&nbsp;&nbsp;&nbsp;&nbsp;Management contract or compensatory plan or arrangement

+&nbsp;&nbsp;&nbsp;&nbsp;Certain of the exhibits and schedules to this exhibit have been omitted in accordance with Regulation S-K Item 601(a)(5). The Company agrees to furnish a copy of all omitted exhibits and schedules to the SEC upon its request.

**(c) Additional Financial Statement Schedules** 

None.

**ITEM 16. FORM 10-K SUMMARY**

None.

------

*<u>[Table of contents](#i10cd9007d7a748fd9e0809c562a46cf2_7)</u>*

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) of the Exchange Act, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | **DESIGNER BRANDS INC.** | **DESIGNER BRANDS INC.** |
| March 30, 2026 | By: | /s/ Sheamus Toal |
|  |  | Sheamus Toal<br>Executive Vice President and Chief Financial Officer |

---

Pursuant to the requirements of the Exchange Act, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| Signature | Title | Date |
| /s/ Douglas M. Howe | Chief Executive Officer and Director | March 30, 2026 |
| Douglas M. Howe | (Principal Executive Officer) |  |
| /s/ Sheamus Toal | Executive Vice President and Chief Financial Officer | March 30, 2026 |
| Sheamus Toal | (Principal Financial Officer) |  |
| /s/ Mark A. Haley | Senior Vice President and Controller | March 30, 2026 |
| Mark A. Haley | (Principal Accounting Officer) |  |
| \* | Executive Chairman of the Board and Director | March 30, 2026 |
| Jay L. Schottenstein |  |  |
| \* | Director | March 30, 2026 |
| John W. Atkinson |  |  |
| \* | Director | March 30, 2026 |
| Peter S. Cobb |  |  |
| \* | Director | March 30, 2026 |
| Elaine J. Eisenman |  |  |
| \* | Vice Chair, Chief Product Officer and Director | March 30, 2026 |
| Deborah L. Ferree |  |  |
| \* | Director | March 30, 2026 |
| Joanna T. Lau |  |  |
| \* | Director | March 30, 2026 |
| Richard A. Paul |  |  |
| \* | Director | March 30, 2026 |
| Joseph A. Schottenstein |  |  |
| \* | Director | March 30, 2026 |
| Harvey L. Sonnenberg |  |  |
| \* | Director | March 30, 2026 |
| Allan J. Tanenbaum |  |  |
| \* | Director | March 30, 2026 |
| Joanne Zaiac |  |  |

---

---

| | |
|:---|:---|
| \*By: | /s/ Sheamus Toal |
|  | Sheamus Toal (Attorney-in-fact) |

---

## Exhibit 10.3

![](a10311-dbiltip2024restat001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;24024249v2 DB1/ 128391824.1 DESIGNER BRANDS INC. RESTRICTED STOCK UNITS AGREEMENT This Agreement is entered into in Franklin County, Ohio. On the Grant Date, Designer Brands Inc., an Ohio corporation (the "Company"), has awarded to the Participant Restricted Stock Units (the "Restricted Stock Units" or "Award"), representing an unfunded unsecured promise of the Company to deliver Class A Common Shares, without par value, of the Company (the "Shares") to the Participant as set forth herein. The Restricted Stock Units have been granted pursuant to the Designer Brands Inc. 2014 Long-Term Incentive Plan, as amended and restated (the "Plan"), and shall be subject to all provisions of the Plan, which are incorporated herein by reference, and shall be subject to the provisions of this Restricted Stock Units Agreement (this "Agreement"). Capitalized terms used in this Agreement which are not specifically defined shall have the meanings ascribed to such terms in the Plan. To the extent the terms and conditions set forth in this Agreement differ in any way from the terms and conditions set forth in the Plan, the terms of the Plan shall govern. 1. Vesting. The Restricted Stock Units shall vest [on the third anniversary of the Grant Date (the "Vesting Date") / fifty percent per year on the first and second anniversary of the Grant Date (the "First Vesting Date" and "Second Vesting Date," respectively], subject to the Participant's continued employment through the [Vesting Date / First and Second Vesting Dates], except as otherwise set forth below. 2. Non-Transferable and Unsecured Rights. Except as otherwise provided under this Agreement and the Plan, the Restricted Stock Units and the rights and privileges conferred hereby may not be sold, transferred, pledged, assigned, or otherwise alienated, other than by will or the laws of descent and distribution. Any attempted transfer in violation of the provisions of this paragraph shall be void, and the purported transferee shall obtain no rights with respect to such Restricted Stock Units. The right of the Participant or his or her beneficiary to receive a distribution hereunder shall be an unsecured claim against the general assets of the Company, and neither the Participant nor his or her beneficiary shall have any rights in or against any specific assets of the Company. The Restricted Stock Units granted herein shall constitute general assets of the Company and may be disposed of by the Company at such time and for such purposes, as it may deem appropriate. 3. Termination of Employment. (a) General. Except as set forth below or as otherwise provided for in an Employment Arrangement (as defined below in Section 14), if the Participant's employment terminates prior to the Vesting Date, then the Participant's Award will be cancelled and all Restricted Stock Units shall be forfeited by the Participant. The Participant will thereupon cease to have any right or entitlement to receive any Shares with respect to those cancelled Restricted Stock Units. For the avoidance of doubt, a change in the capacity in which the Participant renders services to the Company and its Subsidiaries from an Employee to a Consultant, Director or other service provider shall not be considered continuous employment for purposes of this Agreement and such change in capacity shall result in cancellation and forfeiture of the Award. (b) Death and Disability. If the Participant's employment terminates by reason of the Participant's death or Disability prior to the vesting in full of the Restricted Stock Units, then any unvested Restricted Stock Units shall, except as otherwise provided in this Agreement, immediately vest in full and shall not be forfeited. (c) Termination in Connection with a Change in Control. In the event of a Change in Control, if the Award is assumed or replaced by a successor corporation (or an affiliate thereto) or other successor or person, or otherwise continues following the Change in Control, and the Participant's employment is terminated upon or within two years following the Change in Control on account of a termination of employment by the Company other than for Cause, or by the Participant for Good Reason, the Restricted Stock Units will vest on the date of such termination of employment. 4. Payment. Once Restricted Stock Units have vested under this Agreement, the Company will determine the number of Shares represented by the Restricted Stock Units and deliver the total number of

------

![](a10311-dbiltip2024restat002.jpg)

DB1/ 128391824.1 2 whole Shares (and cash for any fractional Share interest) due to the Participant as soon as administratively possible after such date (but in no event later than the 15th day of the third month after such date). In the event of the Participant's death, payment shall be made to the Participant's designated beneficiary, or absent such designation, in accordance with the laws of descent and distribution. The delivery of the Shares shall be subject to payment of the applicable withholding tax liability and the forfeiture provisions of this Agreement. 5. Dividend Equivalents. To the extent that cash dividends are paid on Shares after the Grant Date and before the date the Participant receives the Shares subject to Restricted Stock Units subject to this Agreement, the Restricted Stock Units hereunder will be credited with an additional number of Restricted Stock Units to reflect reinvested dividend equivalents with respect to the period of time between the Grant Date and the delivery of Shares under this Agreement. Such dividend equivalent credits will be equal in value (based on the reported dividend rate on the date dividends were paid) to the amount of dividends paid on the Shares represented by the Restricted Stock Units under this Agreement. The Restricted Stock Units will be credited with whole Restricted Stock Units equal to the dollar amount of the reinvested dividend equivalents based on the Fair Market Value on the dividend payment dates. The Participant shall vest in the additional Restricted Stock Units in accordance with Sections 1 and 3 of this Agreement in the same manner that the Participant vests in the original grant of Restricted Stock Units. These additional Restricted Stock Units will be distributed in whole Shares in accordance with Section 4 of this Agreement. If and to the extent the underlying Restricted Stock Units are forfeited, all related Restricted Stock Units added to reflect reinvested dividend equivalents in accordance with this Section 5 shall also be forfeited. 6. Right of Set-Off. By accepting these Restricted Stock Units, the Participant consents to a deduction from, and set-off against, any amounts owed to the Participant by the Company or a Subsidiary from time to time (including, but not limited to, amounts owed to the Participant as wages, severance payments or other fringe benefits) to the extent of the amounts owed to the Company or a Subsidiary by the Participant under this Agreement. 7. No Shareholder Rights. The Participant shall have no rights of a shareholder with respect to the Restricted Stock Units, including, without limitation, voting rights and actual dividend rights with respect to the Shares represented by the Restricted Stock Units. 8. Withholding Tax. (a) Generally. The Participant is liable and responsible for all taxes owed in connection with the Restricted Stock Units regardless of any action the Company takes with respect to any tax withholding obligations that arise in connection with the Restricted Stock Units. The Company does not make any representation or undertaking regarding the tax treatment or the treatment of any tax withholding in connection with the grant or vesting of the Restricted Stock Units or the subsequent sale of Shares issuable pursuant to the Restricted Stock Units. The Company does not commit and is under no obligation to structure the Restricted Stock Units to reduce or eliminate the Participant's tax liability. (b) Payment of Withholding Taxes. Prior to any event in connection with the Restricted Stock Units (e.g., vesting or settlement) that the Company determines may result in any domestic or foreign tax withholding obligation, whether national, federal, state or local, including any employment tax obligation (the "Tax Withholding Obligation"), the Participant is required to arrange for the satisfaction of the amount of such Tax Withholding Obligation in a manner acceptable to the Company. Unless the Participant elects to satisfy the Tax Withholding Obligation by an alternative means that is then permitted by the Company, the Company shall withhold on the Participant's behalf the number of shares from those Shares issuable to the Participant at the time when the Restricted Stock Units become vested and payable as the Company determines to be sufficient to satisfy the Tax Withholding Obligation. In the case of any amounts withheld for taxes pursuant to this provision in the form of Shares, the amount withheld shall be determined in accordance with the procedures approved by the Committee. The Committee may direct the Company's transfer agent or any other party that the Company determines necessary to execute a Sell-to-Cover procedure described in the Plan to sell such number of Shares and remit the cash proceeds to the Company. The Company will then make a cash payment equal to the required tax withholding from the cash proceeds of such sale directly to the appropriate taxing authorities.

------

![](a10311-dbiltip2024restat003.jpg)

DB1/ 128391824.1 3 9. Governing Law/Venue for Dispute Resolution. This Agreement shall be governed by the laws of the State of Ohio, without regard to principles of conflicts of law, except to the extent superseded by the laws of the United States of America. The parties agree and acknowledge that the laws of the State of Ohio bear a substantial relationship to the parties and/or this Agreement and that the Restricted Stock Units and benefits granted herein would not be granted without the governance of this Agreement by the laws of the State of Ohio. In addition, all legal actions or proceedings relating to this Agreement shall be brought exclusively in state or federal courts located in Franklin County, Ohio and the parties executing this Agreement hereby consent to the personal jurisdiction of such courts. Any provision of this Agreement which is determined by a court of competent jurisdiction to be invalid or unenforceable should be construed or limited in a manner that is valid and enforceable and that comes closest to the business objectives intended by such provision, without invalidating or rendering unenforceable the remaining provisions of this Agreement. 10. Action by the Committee. The parties agree that the interpretation of this Agreement shall rest exclusively and completely within the sole discretion of the Committee. The parties agree to be bound by the decisions of the Committee with regard to the interpretation of this Agreement and with regard to any and all matters set forth in this Agreement. The Committee may delegate its functions under this Agreement to an officer of the Company designated by the Committee (hereinafter the "Designee") to the extent permitted by applicable law. In fulfilling its responsibilities hereunder, the Committee or its Designee may rely upon documents, written statements of the parties or such other material as the Committee or its Designee deems appropriate. The parties agree that there is no right to be heard or to appear before the Committee or its Designee and that any decision of the Committee or its Designee relating to this Agreement shall be final and binding. 11. Prompt Acceptance of Agreement. The Restricted Stock Units grant evidenced by this Agreement shall, at the discretion of the Committee, be forfeited if this Agreement is not manually executed and returned to the Company, or electronically executed by the Participant by indicating the Participant's acceptance of this Agreement in accordance with the acceptance procedures set forth on the Company's third-party equity plan administrator's web site, within 90 days of the Grant Date. 12. Electronic Delivery and Consent to Electronic Participation. The Company may, in its sole discretion, decide to deliver any documents related to the Restricted Stock Units grant under and participation in the Plan or future Restricted Stock Units that may be granted under the Plan by electronic means or to request the Participant's consent to participate in the Plan by electronic means. The Participant hereby consents to receive such documents by electronic delivery and to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company, including the acceptance of the Award and the execution of this Agreement through electronic signature. 13. Notices. All notices, requests, consents and other communications required or provided under this Agreement to be delivered by the Participant to the Company will be in writing and will be deemed sufficient if delivered by hand, facsimile, nationally recognized overnight courier, or certified or registered mail, return receipt requested, postage prepaid, and will be effective upon delivery to the Company at the address set forth below: Designer Brands Inc. 810 DSW Drive Columbus, Ohio 43219 Attention: SVP Human Resources Facsimile: (614) 872-1475 With a copy to: Designer Brands Inc. 810 DSW Drive Columbus, Ohio 43219 Attention: Corporate Secretary

------

![](a10311-dbiltip2024restat004.jpg)

DB1/ 128391824.1 4 Facsimile: (614) 872-1475 All notices, requests, consents and other communications required or provided under this Agreement to be delivered by the Company to the Participant may be delivered by e-mail or in writing and will be deemed sufficient if delivered by e-mail, hand, facsimile, nationally recognized overnight courier, or certified or registered mail, return receipt requested, postage prepaid, and will be effective upon delivery to the Participant. 14. Employment Agreement, Offer Letter or Other Arrangement. To the extent a written employment agreement, offer letter or other arrangement ("Employment Arrangement") that was approved by the Committee or the Board of Directors or that was approved in writing by an officer of the Company pursuant to delegated authority of the Committee provides for greater benefits to the Participant with respect to vesting of the Award on termination of employment, than provided in this Agreement or in the Plan, then the terms of such Employment Arrangement with respect to vesting of the Award upon the termination of the Participant's employment by reason of such specified events shall supersede the terms hereof to the extent permitted by the terms of the Plan. 15. Code Section 409A. This Agreement shall be interpreted in accordance with Code Section 409A so as to comply with an exception to Code Section 409A, or to the extent that this Agreement provides deferred compensation, to be in compliance with Code Section 409A. This Agreement is intended to be exempt from Code Section 409A under the "short term deferral" exception. References to termination of employment, and similar terms shall be interpreted in a manner consistent with the definition of "separation from service" under Code Section 409A, to the extent required by Code Section 409A. Notwithstanding anything to the contrary in this Agreement, if the Participant is a "specified employee" for purposes of Code Section 409A, then if necessary to avoid the imposition of additional taxes or interest under Code Section 409A, the Company shall not deliver the corresponding Shares otherwise payable upon the Participant's termination of employment until the first business day after the date that is six months after the Participant's "separation from service" under Code Section 409A. This Agreement shall be deemed to be modified to the maximum extent necessary to be in compliance with Code Section 409A's rules. If the Participant is unexpectedly required to include in the Participant's current year's income any amount of compensation relating to this Award because of a failure to meet the requirements of Code Section 409A, then to the extent permitted by Code Section 409A, the Participant may receive a distribution of cash or Shares in an amount not to exceed the amount required to be included in income as a result of the failure to comply with Code Section 409A. In no event may the Participant directly or indirectly designate the calendar year of a payment, except as expressly permitted by Code Section 409A. Notwithstanding the foregoing, the Participant recognizes and acknowledges that Code Section 409A may impose certain taxes or interest charges upon the Participant for which the Participant is and shall remain solely responsible. 16. Entire Agreement. Except as otherwise provided in this Agreement, this Agreement and the Plan are: (a) intended to be the final, complete, and exclusive statement of the terms of the agreement between the Participant and the Company with regard to the subject matter of this Agreement; (b) supersede all other prior agreements, communications and statements, whether written or oral, express or implied, pertaining to that subject matter; and (c) may not be contradicted by evidence of any prior or contemporaneous statements or agreements, oral or written, and not be explained or supplemented by evidence of consistent additional terms. 17. No Employment Rights. Nothing in this Agreement will provide the Participant with any right to continue in the Company's and its affiliates' employ for any period of specific duration or interfere with or otherwise restrict in any way the rights of the Company and its affiliates to terminate the Participant's service at any time for any reason, with or without cause. 18. Nature of Award. The Participant acknowledges that (a) the future value of the underlying Shares is unknown and cannot be predicted with certainty and (b) in consideration of the grant of the Restricted Stock Units, no claim or entitlement to compensation or damages shall arise from termination of the Restricted Stock Units or diminution in value of the Shares received upon settlement including (without limitation) any claim or entitlement resulting from termination of the Participant's active employment by the Company or a Subsidiary (for any reason whatsoever and whether or not in breach of local labor laws) and

------

![](a10311-dbiltip2024restat005.jpg)

DB1/ 128391824.1 5 the Participant hereby releases the Company and its Subsidiaries from any such claim that may arise; if, notwithstanding the foregoing, any such claim is found by a court of competent jurisdiction to have arisen, then, by accepting the Restricted Stock Units and this Agreement, the Participant shall be deemed irrevocably to have waived his or her entitlement to pursue such claim. 19. Clawback. Notwithstanding any provisions in this Agreement to the contrary, any compensation, benefits or payments provided hereunder (or profits realized from the sale of Shares delivered hereunder), shall be subject to recoupment and recapture to the extent necessary to comply with the requirements of Section 7.01 of the Plan, any Company-adopted policy and/or laws or regulations, including, but not limited to, the Designer Brands Inc. Compensation Recoupment Policy, or any successor or other clawback policy adopted consistent with Section 303A.14 of the Listed Company Manual of the NYSE, Section 10D of the Exchange Act, Rule 10D-1 under the Exchange Act, Section 304 of the Sarbanes Oxley Act of 2002, and any other applicable Exchange Act, stock exchange listing requirement, or any other rules and regulations promulgated thereunder from time-to-time with respect to such laws, regulations and/or securities exchange listing requirements, and which may operate to create additional rights for the Company with respect to this grant and recovery of amounts relating thereto. By accepting this Award, the Participant agrees and acknowledges that the Participant is obligated to cooperate with, and provide any and all assistance necessary to, the Company to recover, recoup or recapture this Award or amounts paid under this Award pursuant to such law, government regulation, stock exchange listing requirement or Company policy. Such cooperation and assistance shall include, but is not limited to, executing, completing and submitting any documentation necessary to recover, recoup or recapture this Award or amounts paid under this Award from a Participant's accounts, or pending or future compensation or other grants. DESIGNER BRANDS INC. By: Name: David Giesman Its: Vice President, Global Total Rewards

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24024249v3 DB1/ 128391824.1 ACCEPTANCE OF AGREEMENT The Participant hereby: (a) acknowledges that he or she has received a copy of the Plan, and a copy of the Plan description (Prospectus) pertaining to the Plan; (b) accepts this Agreement and the Restricted Stock Units granted to him or her under this Agreement subject to all provisions of the Plan and this Agreement; (c) represents that he or she understands that the acceptance of this Agreement through an on-line or electronic system, if applicable, carries the same legal significance as if he or she manually signed the Agreement; and (d) agrees that no transfer of the Shares delivered in respect of the Restricted Stock Units shall be made unless the Shares have been duly registered under all applicable Federal and state securities laws pursuant to a then-effective registration which contemplates the proposed transfer or unless the Company has received a written opinion of, or satisfactory to, its legal counsel that the proposed transfer is exempt from such registration. ###REQUIRED_SIGNATURE### Participant's Signature ###ACCEPTANCE_DATE### Date

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## Exhibit 10.3

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CANADA 24024343v2 DB1/ 119919534.3 DESIGNER BRANDS INC. RESTRICTED STOCK UNITS AGREEMENT This Agreement is entered into in Franklin County, Ohio. On the Grant Date, Designer Brands Inc., an Ohio corporation (the "Company"), has awarded to the Participant Restricted Stock Units (the "Restricted Stock Units" or "Award"), representing an unfunded unsecured promise of the Company to deliver Class A Common Shares, without par value, of the Company (the "Shares") to the Participant as set forth herein. The Restricted Stock Units have been granted pursuant to the Designer Brands Inc. 2014 Long-Term Incentive Plan, as amended and restated (the "Plan"), and shall be subject to all provisions of the Plan, which are incorporated herein by reference, and shall be subject to the provisions of this Restricted Stock Units Agreement (this "Agreement"). Restricted Stock Units granted under the Plan are awarded as an incentive to contribute to the Company's future success over a three-year period starting in the year of the Grant Date, with the amount of the payment determined based on performance over such period. By contrast, the Company and its subsidiaries have separate short-term incentive programs which are intended to reward recent past performance. Restricted Stock Units allocated to Participants hereunder are therefore awarded in respect of services rendered by the Participant following the date of the Award. In no event may Restricted Stock Units be awarded to a Participant for or in respect of services rendered in any period prior to the commencement of the calendar year in which the Restricted Stock Units are awarded. Capitalized terms used in this Agreement which are not specifically defined shall have the meanings ascribed to such terms in the Plan. To the extent the terms and conditions set forth in this Agreement differ in any way from the terms and conditions set forth in the Plan, the terms of the Plan shall govern. 1. Vesting. The Restricted Stock Units shall vest [on the third anniversary of the Grant Date (the "Vesting Date") / fifty percent per year on the first and second anniversary of the Grant Date (the "First Vesting Date" and "Second Vesting Date," respectively)], subject to the Participant's continued employment through the [Vesting Date / First and Second Vesting Dates], except as otherwise set forth below. 2. Non-Transferable and Unsecured Rights. Except as otherwise provided under this Agreement and the Plan, the Restricted Stock Units and the rights and privileges conferred hereby may not be sold, transferred, pledged, assigned, or otherwise alienated, other than by will or the laws of descent and distribution. Any attempted transfer in violation of the provisions of this paragraph shall be void, and the purported transferee shall obtain no rights with respect to such Restricted Stock Units. The right of the Participant or his or her beneficiary to receive a distribution hereunder shall be an unsecured claim against the general assets of the Company, and neither the Participant nor his or her beneficiary shall have any rights in or against any specific assets of the Company. The Restricted Stock Units granted herein shall constitute general assets of the Company and may be disposed of by the Company at such time and for such purposes, as it may deem appropriate. 3. Termination of Employment. (a) General. Except as set forth below or as otherwise provided for in an Employment Arrangement (as defined below in Section 14), if the Participant's employment terminates prior to the Vesting Date, then the Participant's Award will be cancelled and all Restricted Stock Units shall be forfeited by the Participant effective as of the Termination Date. The Participant will thereupon cease to have any right or entitlement to receive any Shares with respect to those cancelled Restricted Stock Units. For the avoidance of doubt, a change in the capacity in which the Participant renders services to the Company and its Subsidiaries from an Employee to a Consultant, Director or other service provider shall not be considered continuous employment for purposes of this Agreement and such change in capacity shall result in cancellation and forfeiture of the Award. For purposes of this Agreement, "Termination Date" means the later of (i) the date that is the last day of any minimum statutory notice period applicable to the Participant pursuant to applicable employment standards legislation, (ii) the date designated by the Participant and the Company or an affiliate in a written Employment Arrangement, and (iii) if no written Employment Arrangement exists, the Participant's last day of active and actual employment with the Company or any affiliate, whether that day is selected by agreement with the Participant, unilaterally by the Company or its affiliate or otherwise and whether advance notice (pursuant to contract, common or civil law) is or is not given to the Participant;

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DB1/ 119919534.3 2 and, in the case of (i), (ii) or (iii) above, without regard to or extension by any contractual, common law or civil law period of notice of termination, pay in lieu of notice of termination, severance pay or other damages paid or payable to the Participant, under contract or common or civil law, in or in respect of a period which follows the last day that the Participant actually and actively provides services to the Company. Accordingly, the right to vest in the Restricted Stock Units will terminate on the Termination Date. The Committee shall have the exclusive discretion to determine when the Participant is no longer actively providing services for purposes of the Participant's Restricted Stock Units. (b) Death and Disability. If the Participant's employment terminates by reason of the Participant's death or Disability prior to the vesting in full of the Restricted Stock Units, then any unvested Restricted Stock Units shall, except as otherwise provided in this Agreement, immediately vest in full and shall not be forfeited. (c) Termination in Connection with a Change in Control. In the event of a Change in Control, if the Award is assumed or replaced by a successor corporation (or an affiliate thereto) or other successor or person, or otherwise continues following the Change in Control, and the Participant's employment is terminated upon or within two years following the Change in Control on account of a termination of employment by the Company other than for Cause, or by the Participant for Good Reason, the Restricted Stock Units will vest on the date of such termination of employment. For purposes of this Agreement "Cause" has the meaning prescribed under applicable employment standards legislation notwithstanding section 2.05 of the Plan. 4. Payment. Once Restricted Stock Units have vested under this Agreement, the Company will determine the number of Shares represented by the Restricted Stock Units and deliver the total number of whole Shares (and cash for any fractional Share interest) due to the Participant as soon as administratively possible after such date (but in no event later than the 15th day of the third month after such date). In the event of the Participant's death, payment shall be made to the Participant's designated beneficiary, or absent such designation, in accordance with the laws of descent and distribution. The delivery of the Shares shall be subject to payment of the applicable withholding tax liability and the forfeiture provisions of this Agreement. Notwithstanding any discretion in the Plan or anything to the contrary in this Agreement, the grant of the Restricted Stock Units does not provide the Participant any right to receive a cash payment and the Restricted Stock Units may be settled only in Shares. 5. Dividend Equivalents. To the extent that cash dividends are paid on Shares after the Grant Date and before the date the Participant receives the Shares subject to Restricted Stock Units subject to this Agreement, the Restricted Stock Units hereunder will be credited with an additional number of Restricted Stock Units to reflect reinvested dividend equivalents with respect to the period of time between the Grant Date and the delivery of Shares under this Agreement. Such dividend equivalent credits will be equal in value (based on the reported dividend rate on the date dividends were paid) to the amount of dividends paid on the Shares represented by the Restricted Stock Units under this Agreement. The Restricted Stock Units will be credited with whole Restricted Stock Units equal to the dollar amount of the reinvested dividend equivalents based on the Fair Market Value on the dividend payment dates. The Participant shall vest in the additional Restricted Stock Units in accordance with Sections 1 and 3 of this Agreement in the same manner that the Participant vests in the original grant of Restricted Stock Units. These additional Restricted Stock Units will be distributed in whole Shares in accordance with Section 4 of this Agreement. If and to the extent the underlying Restricted Stock Units are forfeited, all related Restricted Stock Units added to reflect reinvested dividend equivalents in accordance with this Section 5 shall also be forfeited. 6. Right of Set-Off. By accepting these Restricted Stock Units, the Participant consents to a deduction from, and set-off against, any amounts owed to the Participant by the Company or a Subsidiary from time to time (including, but not limited to, amounts owed to the Participant as wages, severance payments or other fringe benefits) to the extent of the amounts owed to the Company or a Subsidiary by the Participant under this Agreement. 7. No Shareholder Rights. The Participant shall have no rights of a shareholder with respect to the Restricted Stock Units, including, without limitation, voting rights and actual dividend rights with respect to the Shares represented by the Restricted Stock Units.

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DB1/ 119919534.3 3 8. Withholding Tax. (a) Generally. The Participant is liable and responsible for all taxes owed in connection with the Restricted Stock Units regardless of any action the Company and its Subsidiaries takes with respect to any tax withholding obligations that arise in connection with the Restricted Stock Units. The Company does not make any representation or undertaking regarding the tax treatment or the treatment of any tax withholding in connection with the grant or vesting of the Restricted Stock Units or the subsequent sale of Shares issuable pursuant to the Restricted Stock Units. The Company does not commit and is under no obligation to structure the Restricted Stock Units to reduce or eliminate the Participant's tax liability. (b) Payment of Withholding Taxes. Prior to any event in connection with the Restricted Stock Units (e.g., vesting or settlement) that the Company or employing Subsidiary determines may result in any domestic or foreign tax withholding obligation, whether national, federal, state, provincial or local, including any employment, payroll, social insurance tax, contribution, payment on account obligation or other amount required to be withheld or accounted for with respect to the Award (the "Tax Withholding Obligation"), the Participant is required to arrange for the satisfaction of the minimum amount of such Tax Withholding Obligation in a manner acceptable to the Company or employing Subsidiary. Unless the Participant elects to satisfy the Tax Withholding Obligation by an alternative means that is then permitted by the Company or employing Subsidiary, the Participant's acceptance of this Agreement constitutes the Participant's instruction and authorization to the Company to surrender and cancel a portion of the Participant's Restricted Stock Units at the time when the Restricted Stock Units become vested and payable as the Company or employing Subsidiary determines to be sufficient to satisfy the Tax Withholding Obligation. To the extent the portion of the Participant's Restricted Stock Units which were surrendered and cancelled in accordance with this Section 8 or to the extent the portion of the Participant's Restricted Stock Units which were surrendered and cancelled is not sufficient to cover the Tax Withholding Obligation, the Participant shall be required to pay to the Company or employing Subsidiary, or make other arrangements satisfactory to the Company or employing Subsidiary to provide for the payment of, any Tax Withholding Obligation required to be withheld, collected or accounted for with respect to the Restricted Stock Units and the Participant hereby authorizes the Company or employing Subsidiary to deduct an amount to satisfy the Tax Withholding Obligation from other compensation payable to the Participant. (c) Participant Liability. Regardless of any action the Company or employing Subsidiary takes with respect to any Tax Withholding Obligation, the Participant acknowledges that the ultimate liability for all taxes legally due by the Participant is and remains the Participant's responsibility and may exceed the amount actually withheld by the Company or employing Subsidiary. The Participant further acknowledges that the Company and its Subsidiaries (i) make no representations or undertakings regarding the treatment of any Tax Withholding Obligation in connection with any aspect of the Restricted Stock Units, including the grant, vesting or settlement of the Restricted Stock Units and the subsequent sale of any Shares acquired at settlement; and (ii) does not commit to structure the terms of the grant or any aspect of the Restricted Stock Units to reduce or eliminate the Participant's tax liability. Further, if the Participant has become subject to tax in more than one jurisdiction between the Grant Date and the date of any relevant taxable event, the Participant acknowledges that the Company and its Subsidiaries may be required to collect, withhold or account for taxes in more than one jurisdiction. 9. Governing Law/Venue for Dispute Resolution. This Agreement shall be governed by the laws of the State of Ohio, without regard to principles of conflicts of law, except to the extent superseded by the laws of the United States of America. The parties agree and acknowledge that the laws of the State of Ohio bear a substantial relationship to the parties and/or this Agreement and that the Restricted Stock Units and benefits granted herein would not be granted without the governance of this Agreement by the laws of the State of Ohio. In addition, all legal actions or proceedings relating to this Agreement are subject to the non-exclusive jurisdiction of the state or federal courts located in Franklin County, Ohio and the parties executing this Agreement hereby consent to the personal jurisdiction of such courts. Any provision of this Agreement which is determined by a court of competent jurisdiction to be invalid or unenforceable should be construed or limited in a manner that is valid and enforceable and that comes closest to the business objectives intended by such provision, without invalidating or rendering unenforceable the remaining provisions of this Agreement.

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DB1/ 119919534.3 4 10. Action by the Committee. The parties agree that the interpretation of this Agreement shall rest exclusively and completely within the sole discretion of the Committee. The parties agree to be bound by the decisions of the Committee with regard to the interpretation of this Agreement and with regard to any and all matters set forth in this Agreement. The Committee may delegate its functions under this Agreement to an officer of the Company designated by the Committee (hereinafter the "Designee") to the extent permitted by applicable law. In fulfilling its responsibilities hereunder, the Committee or its Designee may rely upon documents, written statements of the parties or such other material as the Committee or its Designee deems appropriate. The parties agree that there is no right to be heard or to appear before the Committee or its Designee and that any decision of the Committee or its Designee relating to this Agreement shall be final and binding. 11. Prompt Acceptance of Agreement. The Restricted Stock Units grant evidenced by this Agreement shall, at the discretion of the Committee, be forfeited if this Agreement is not manually executed and returned to the Company, or electronically executed by the Participant by indicating the Participant's acceptance of this Agreement in accordance with the acceptance procedures set forth on the Company's third-party equity plan administrator's web site, within 90 days of the Grant Date. 12. Electronic Delivery and Consent to Electronic Participation. The Company may, in its sole discretion, decide to deliver any documents related to the Restricted Stock Units grant under and participation in the Plan or future Restricted Stock Units that may be granted under the Plan by electronic means or to request the Participant's consent to participate in the Plan by electronic means. The Participant hereby consents to receive such documents by electronic delivery and to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company, including the acceptance of the Award and the execution of this Agreement through electronic signature. 13. Notices. All notices, requests, consents and other communications required or provided under this Agreement to be delivered by the Participant to the Company will be in writing and will be deemed sufficient if delivered by hand, facsimile, nationally recognized overnight courier, or certified or registered mail, return receipt requested, postage prepaid, and will be effective upon delivery to the Company at the address set forth below: Designer Brands Inc. 810 DSW Drive Columbus, Ohio 43219 Attention: SVP Human Resources Facsimile: (614) 872-1475 With a copy to: Designer Brands Inc. 810 DSW Drive Columbus, Ohio 43219 Attention: Corporate Secretary Facsimile: (614) 872-1475 All notices, requests, consents and other communications required or provided under this Agreement to be delivered by the Company to the Participant may be delivered by e-mail or in writing and will be deemed sufficient if delivered by e-mail, hand, facsimile, nationally recognized overnight courier, or certified or registered mail, return receipt requested, postage prepaid, and will be effective upon delivery to the Participant. 14. Employment Agreement, Offer Letter or Other Arrangement. To the extent a written employment agreement, offer letter or other arrangement ("Employment Arrangement") that was approved by the Committee or the Board of Directors or that was approved in writing by an officer of the Company pursuant to delegated authority of the Committee provides for greater benefits to the Participant with respect to vesting of the Award on termination of employment, than provided in this Agreement or in the Plan, then

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DB1/ 119919534.3 5 the terms of such Employment Arrangement with respect to vesting of the Award upon the termination of the Participant's employment by reason of such specified events shall supersede the terms hereof to the extent permitted by the terms of the Plan. 15. Employment Standards. It is understood and agreed that all provisions of this Agreement and the Plan are subject to all applicable minimum requirements of applicable employment standards legislation and it is the intention of the Company and its affiliates to comply with such minimum requirements. Accordingly, to the extent that any applicable minimum requirement contained in applicable employment standards legislation applies to the Participant, this Agreement and the Plan shall (a) not be interpreted as in any way waiving or contracting out of such requirement, and (b) be interpreted to achieve compliance with such requirement. In the event that applicable employment standards legislation provides for superior rights or entitlements upon termination of employment or otherwise ("statutory entitlements") than provided for under this Agreement and the Plan, the Company or affiliate, as applicable, shall provide the Participant with the Participant's minimum statutory entitlements in substitution for the Participant's rights under this Agreement and the Plan. 16. Code Section 409A. This Agreement shall be interpreted in accordance with Code Section 409A so as to comply with an exception to Code Section 409A, or to the extent that this Agreement provides deferred compensation, to be in compliance with Code Section 409A. This Agreement is intended to be exempt from Code Section 409A under the "short term deferral" exception. References to termination of employment, and similar terms shall be interpreted in a manner consistent with the definition of "separation from service" under Code Section 409A, to the extent required by Code Section 409A. Notwithstanding anything to the contrary in this Agreement, if the Participant is a "specified employee" for purposes of Code Section 409A, then if necessary to avoid the imposition of additional taxes or interest under Code Section 409A, the Company shall not deliver the corresponding Shares otherwise payable upon the Participant's termination of employment until the first business day after the date that is six months after the Participant's "separation from service" under Code Section 409A. This Agreement shall be deemed to be modified to the maximum extent necessary to be in compliance with Code Section 409A's rules. If the Participant is unexpectedly required to include in the Participant's current year's income any amount of compensation relating to this Award because of a failure to meet the requirements of Code Section 409A, then to the extent permitted by Code Section 409A, the Participant may receive a distribution of cash or Shares in an amount not to exceed the amount required to be included in income as a result of the failure to comply with Code Section 409A. In no event may the Participant directly or indirectly designate the calendar year of a payment, except as expressly permitted by Code Section 409A. Notwithstanding the foregoing, the Participant recognizes and acknowledges that Code Section 409A may impose certain taxes or interest charges upon the Participant for which the Participant is and shall remain solely responsible. 17. Entire Agreement. Except as otherwise provided in this Agreement, this Agreement and the Plan are: (a) intended to be the final, complete, and exclusive statement of the terms of the agreement between the Participant and the Company with regard to the subject matter of this Agreement; (b) supersede all other prior agreements, communications and statements, whether written or oral, express or implied, pertaining to that subject matter; and (c) may not be contradicted by evidence of any prior or contemporaneous statements or agreements, oral or written, and not be explained or supplemented by evidence of consistent additional terms. 18. No Entitlement or Claims for Compensation. In connection with the acceptance of the grant of the Restricted Stock Units under this Agreement, the Participant acknowledges the following: (a) the Plan is established voluntarily by the Company, the grant of the Restricted Stock Units under the Plan is made at the discretion of the Committee and the Plan may be modified, amended, suspended or terminated by the Company at any time; (b) the grant of the Restricted Stock Units under the Plan is voluntary and occasional and does not create any contractual or other right to receive future grants of Restricted Stock Units, or benefits in lieu of them, even if Restricted Stock Units have been granted repeatedly in the past;

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DB1/ 119919534.3 6 (c) all decisions with respect to future grants of Restricted Stock Units, if any, will be at the sole discretion of the Committee; (d) the Participant is voluntarily participating in the Plan; (e) the Restricted Stock Units and any Shares acquired under the Plan are extraordinary items that do not constitute compensation of any kind for services of any kind rendered to the Company and its Subsidiaries (including, as applicable, the Participant's employer) and which are outside the scope of the Participant's employment contract, if any; (f) the Restricted Stock Units and any Shares acquired under the Plan are not to be considered part of the Participant's normal or expected compensation or salary for any purpose, including, but not limited to, calculating any severance, resignation, termination, payment in lieu of notice, redundancy, end of service payments, bonuses, long-service awards, pension or retirement or welfare benefits or similar payments; (g) the Restricted Stock Units and the Shares subject to the award are not intended to replace any pension rights or compensation; (h) the grant of Restricted Stock Units and the Participant's participation in the Plan will not be interpreted to form an employment contract or relationship with the Company and its Subsidiaries; (i) the future value of the underlying Shares is unknown and cannot be predicted with certainty. If the Participant vests in the Restricted Stock Units and receives Shares, the value of the acquired Shares may increase or decrease. The Participant understands that the Company is not responsible for any foreign exchange fluctuation between the United States Dollar and the Participant's local currency that may affect the value of the Restricted Stock Units or the Shares; and (j) the Participant shall have no rights, claim or entitlement to compensation or damages as a result of the Participant's cessation of employment (for any reason whatsoever, whether or not in breach of contract or local labor law or the terms of the Participant's employment agreement, if any), insofar as these rights, claim or entitlement arise or may arise from the Participant's ceasing to have rights under or be entitled to receive Shares under or ceasing to have the opportunity to participate in the Plan as a result of such cessation or loss or diminution in value of the Restricted Stock Units or any of the Shares acquired thereunder as a result of such cessation, and the Participant irrevocably releases the Company and its Subsidiaries from any such rights, entitlement or claim that may arise. If, notwithstanding the foregoing, any such right or claim is found by a court of competent jurisdiction to have arisen, then the Participant shall be deemed to have irrevocably waived the Participant's entitlement to pursue such rights or claim. 19. Data Privacy. (a) The Participant hereby explicitly, willingly and unambiguously consents to the collection, systematization, accumulation, storage, blocking, destruction, use, disclosure and transfer, in electronic or other form, of the Participant's personal data as described in this Agreement by and among, as applicable, the Participant's employer, the Company or its Subsidiaries or affiliates for the exclusive purpose of implementing, administering and managing the Participant's participation in the Plan. (b) The Participant understands that the Participant's employer, the Company or its Subsidiaries or affiliates, as applicable, hold certain personal information and sensitive personal information about the Participant regarding the Participant's employment, the nature and amount of the Participant's compensation and the fact and conditions of the Participant's participation in the Plan, including, but not limited to, the Participant's name, home address and telephone number, date of birth, social insurance number or other identification number, salary, nationality, job title, any shares of stock or directorships held in the Company or its Subsidiaries or affiliates, details of

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DB1/ 119919534.3 7 all options, awards or any other entitlement to shares of stock awarded, canceled, exercised, vested, unvested or outstanding in the Participant's favor, for the purpose of implementing, administering and managing the Plan (the "Data"). (c) The Participant understands that the Data may be transferred, including any cross- border, transfer to the Company, its Subsidiaries and affiliates and, any third parties assisting in the implementation, administration and management of the Plan, that these recipients may be located in the Participant's country, or elsewhere, and that the recipient's country may have different data privacy laws and protections than the Participant's country. The Participant understands that the Participant may request a list with the names and addresses of any potential recipients of the Data by contacting the Participant's local human resources representative. The Participant authorizes the recipients to receive, possess, use, retain and transfer the Data, in electronic or other form, for the purposes of implementing, administering and managing the Participant's participation in the Plan, including any requisite transfer of such Data as may be required to a broker or other third party. The Participant understands that the Data will be held only as long as is necessary to implement, administer and manage the Participant's participation in the Plan. The Participant understands that the Participant may, at any time, view the Data, request additional information about the storage and processing of the Data, require any necessary amendments to the Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing the Participant's local human resources representative. The Participant understands, however, that refusing or withdrawing the Participant's consent may affect the Participant's ability to participate in the Plan. For more information on the consequences of refusal to consent or withdrawal of consent, the Participant understands that the Participant may contact the Participant's local human resources representative. 20. Clawback. Notwithstanding any provisions in this Agreement to the contrary, any compensation, benefits or payments provided hereunder (or profits realized from the sale of Shares delivered hereunder), shall be subject to recoupment and recapture to the extent necessary to comply with the requirements of Section 7.01 of the Plan, any Company-adopted policy and/or laws or regulations, including, but not limited to, the Designer Brands Inc. Compensation Recoupment Policy, or any successor or other clawback policy adopted consistent with Section 303A.14 of the Listed Company Manual of the NYSE, Section 10D of the Exchange Act, Rule 10D-1 under the Exchange Act, Section 304 of the Sarbanes Oxley Act of 2002, and any other applicable Exchange Act, stock exchange listing requirement, or any other rules and regulations promulgated thereunder from time-to-time with respect to such laws, regulations and/or securities exchange listing requirements, and which may operate to create additional rights for the Company with respect to this grant and recovery of amounts relating thereto. By accepting this Award, the Participant agrees and acknowledges that the Participant is obligated to cooperate with, and provide any and all assistance necessary to, the Company to recover, recoup or recapture this Award or amounts paid under this Award pursuant to such law, government regulation, stock exchange listing requirement or Company policy. Such cooperation and assistance shall include, but is not limited to, executing, completing and submitting any documentation necessary to recover, recoup or recapture this Award or amounts paid under this Award from a Participant's accounts, or pending or future compensation or other grants. 21. Securities Disclosure. (d) Prospectus Exemption. The participation of the Participant in the Plan is entirely voluntary and not obligatory. For the purposes of compliance with National Instrument 45-106 Prospectus Exemptions, the prospectus requirement does not apply to a distribution by an issuer in a security of its own issue with an employee, executive officer, director or consultant of the issuer or a related entity of the issuer, provided participation in the distribution is voluntary, and accordingly, the Common Stock acquired under the Plan are acquired pursuant to the prospectus exemptions under Canadian provincial and territorial securities laws, as applicable. (e) Resale Restrictions. Shares acquired under the Plan are subject to certain restrictions on resale imposed by Canadian provincial and territorial securities laws, as applicable. Notwithstanding any other provision of the Plan to the contrary, any transfer or resale of any Shares acquired by a Participant

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DB1/ 119919534.3 8 pursuant to the Plan must be in accordance with the resale rules under applicable Canadian provincial and territorial securities laws, including (a) Ontario Securities Commission Rule 72-503 Distributions Outside Canada ("72-503"), if the Participant is a resident in the Province of Ontario; (b) National Instrument 45-102 Resale of Securities ("45-102"), if the Participant is a resident in the Province of British Columbia; and (c) Alberta Securities Commission Rule 72-501 Distributions to Purchasers Outside Alberta ("72-501"), if the Participant is a resident in the Province of Alberta. In Ontario, the prospectus requirement does not apply to the first trade of shares issued in connection with the purchase rights, provided the conditions set forth in section 2.8 of 72-503 are satisfied. In British Columbia, the prospectus requirement does not apply to the first trade of shares issued in connection with the purchase rights, provided the conditions set forth in section 2.14 of 45-102 are satisfied. In Alberta, the prospectus requirement does not apply to the first trade of shares issued in connection with the purchase rights, provided the conditions set forth in section 2.10 of 72-501 are satisfied. The Shares acquired under the Plan may not be transferred or sold in Canada or to a Canadian resident other than in accordance with applicable provincial or territorial securities laws. The Company hereby advises the Participant to consult with his or her legal advisor prior to any resale of Shares. DESIGNER BRANDS INC. By: Name: David Giesman Its: Vice President, Global Total Rewards

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24024343v2 DB1/ 119919534.3 ACCEPTANCE OF AGREEMENT The Participant hereby: (a) acknowledges that he or she has received a copy of the Plan, and a copy of the Plan description (Prospectus) pertaining to the Plan; (b) accepts this Agreement and the Restricted Stock Units granted to him or her under this Agreement subject to all provisions of the Plan and this Agreement; (c) represents that he or she understands that the acceptance of this Agreement through an on-line or electronic system, if applicable, carries the same legal significance as if he or she manually signed this Agreement; and (d) agrees that no transfer of the Shares delivered in respect of the Restricted Stock Units shall be made unless the Shares have been duly registered under all applicable U.S. Federal and state securities laws pursuant to a then-effective registration which contemplates the proposed transfer or unless the Company has received a written opinion of, or satisfactory to, its legal counsel that the proposed transfer is exempt from such registration, and further agrees that additional restrictions on resale imposed by Canadian provincial and territorial securities laws may apply, as described in the Prospectus. The Participant acknowledges having read this Agreement and the Plan and, for the avoidance of any doubt: (a) confirms that the Participant has read and understood Section 3 of the Agreement, including the definition of "Termination Date"; (b) understands that Section 3 of the Agreement governs the Participant's rights pursuant to this Award upon termination of the Participant's employment; (c) understands that if the Participant's employment ends for any reason other than because of death or Disability or termination of employment following a Change in Control, any unvested portion of this Award will immediately expire and be cancelled on the Termination Date. The Participant hereby waives the right to assert or argue that the Participant either (i) did not read the Agreement and/or the Plan or (ii) did not understand the consequences of Section 3 of the Agreement. The Participant understands that the Participant may at any time ask questions about the Award (including the consequences of Section 3 of the Agreement), by contacting [the Human Resources Department] of the Participant's employer. The Participant acknowledges and agrees that the Participant has received good and sufficient consideration for entering into this Agreement, including the grant of the Restricted Stock Units which is fully conditional on the Participant entering into this Agreement. ###REQUIRED_SIGNATURE### Participant's Signature ###ACCEPTANCE_DATE### Date

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## Exhibit 10.3

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&nbsp;&nbsp;&nbsp;&nbsp;DESIGNER BRANDS INC. PERFORMANCE SHARE AGREEMENT This Agreement is entered into in Franklin County, Ohio. On the Grant Date, Designer Brands Inc., an Ohio corporation (the "Company"), has awarded to the Participant a Performance Award (the "Performance Shares" or "Award"), representing an unfunded unsecured promise of the Company to deliver Class A Common Shares, without par value, of the Company (the "Shares") to the Participant as set forth herein. The Performance Shares have been granted pursuant to the Designer Brands Inc. 2014 Long-Term Incentive Plan, as amended and restated (the "Plan"), and shall be subject to all provisions of the Plan, which are incorporated herein by reference, and shall be subject to the provisions of this Performance Share Agreement (this "Agreement"). Capitalized terms used in this Agreement which are not specifically defined shall have the meanings ascribed to such terms in the Plan. To the extent the terms and conditions set forth in this Agreement differ in any way from the terms and conditions set forth in the Plan, the terms of the Plan shall govern. 1. Vesting. (a) General. The right to receive the Shares underlying the Performance Shares shall be subject to the Company's achievement of the three one-year Performance Goals described in Section 1(b) below. In addition to the requirement of achieving the Performance Goals, the right to receive the Shares underlying the Performance Shares shall be subject to the Participant's satisfaction of the employment requirements described in Sections 1(d) and 3 of this Agreement. (b) Performance-Based Vesting. Subject to the service-based vesting and other terms in this Agreement, the number of Performance Shares that may become vested are based on the achievement of the Company's goals during the three (3) consecutive one-year performance periods for the Company's 2025, 2026, and 2027 fiscal years (the first period beginning February 2, 2025 and ending on January 31, 2026, the "First Performance Period", the second period beginning February 1, 2026 and ending on January 30, 2027, the "Second Performance Period", and the third period beginning January 31, 2027 and ending on January 29, 2028, the "Third Performance Period"). The number of Performance Shares that may vest for any Performance Period shall be based upon the level of achievement of the Performance Goals for that Performance Period. The Performance Goal and applicable payout range for the First Performance Period is set forth in the following table: Fiscal 2025 Performance Share Goal (first of three annual performance goals) Threshold Target Maximum DBI Adjusted Operating Income ($M) $51.31 $79.4 $88.7 Payout Range (as % of target) 50% 100% 200% 1 The Adjusted Operating Income threshold set forth in the table above is an estimate based on projected interest and tax expenses for fiscal 2025. The actual threshold will be determined after the completion of fiscal year 2025 based on two conditions: 1. The Adjusted Operating Income threshold will equal the minimum Adjusted Operating Income needed to cover the Company's interest and tax expenses for fiscal 2025, as determined by the Committee in its sole discretion. 2. The Company's Earnings per Share for fiscal 2025 must be positive. If the Company's Earnings per Share for fiscal year 2025 is negative, then the payout percentage for the Performance Shares allocated to that year shall be 0% (and without regard to performance relative to the Adjusted Operating Income goal).

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2 \* Adjusted Operating Income is a non-GAAP financial measure that means GAAP Operating Income as reported, adjusted to exclude any integration and restructuring expenses, impairment charges, and any other adjustments as separately identified in the Company's quarterly earnings releases. Adjusted Operating Income also excludes income or loss from the equity investment in Pro-Keds International S.R.L. and the effect of changes in foreign currency exchange rates from the budgeted exchange rate. If the Company's financial performance is between the Threshold and the Maximum goals, the Committee will interpolate to calculate the number of Shares achieved and will round to the nearest whole number. Achievement of the Performance Goal and whether the Participant has satisfied the performance-based criteria sufficiently to be entitled to an Award shall be determined by the Committee. The Company will set forth applicable Performance Goals and payout ranges for the Second Performance Period and Third Performance Period in future notices to the Participant. The number of Shares calculated in accordance with the tables setting forth the Performance Goals and payout percentages for any Performance Period will be multiplied by one-third. Such one-third weighted product will be the maximum amount of Shares that may vest for any particular Performance Period. (c) Change in Control during the Performance Period. Notwithstanding Section 1(b), in the event of a Change in Control prior to the last day of the Third Performance Period and subject to the Participant's continued employment through the date of the Change in Control, the Performance Goal for any remaining full or partial Performance Periods shall be deemed earned in full "at target" level as of the date of the Change in Control. If, however, the Change in Control occurs on or after the last day of a Performance Period, the number of Shares that may become vested for that completed Performance Period will be the number of Performance Shares determined by the Committee based on actual performance during the Performance Period, as calculated in accordance with Section 1(b) above. (d) Timing of Vesting. Except as otherwise provided in this Agreement, the number of Performance Shares previously calculated based on upon the achievement of the Performance Goals shall vest on the third anniversary of the Grant Date (the "Vesting Date") only if the Participant has remained continuously employed through the Vesting Date. Vesting is further subject to the provisions of this Agreement. 2. Transferability. The Award generally shall not be transferrable except as otherwise provided under this Agreement and the Plan. 3. Termination of Employment. (a) General. Except as set forth below or as otherwise provided for in an Employment Arrangement (as defined in Section 14), if the Participant's employment terminates prior to the Vesting Date, then the Participant's Award will be cancelled and the Award shall be forfeited by the Participant. The Participant will thereupon cease to have any right or entitlement to receive any Shares with respect to the cancelled Award. For the avoidance of doubt, a change in the capacity in which the Participant renders services to the Company and its Subsidiaries from an Employee to a Consultant, Director or other service provider shall not be considered continuous employment for purposes of this Agreement and such change in capacity shall result in cancellation and forfeiture of the Award. (b) Death and Disability. If the Participant's employment terminates by reason of Participant's death or Disability prior to the vesting in full of the Award, then any unvested portion of the Award shall, except as otherwise provided in this Agreement, immediately vest in full and shall not be forfeited so long as the Performance Goal is achieved or the Participant's termination of employment on account of death or Disability occurs during the Performance Period. If the

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3 Participant's death or Disability occurs before completion of a Performance Period, the Performance Shares for that Performance Period and any remaining full Performance Periods shall vest in full "at target" level as of the date of the Participant's death or Disability. If the Participant's death or Disability occurs after a Performance Period, the Performance Shares, if any, for that completed Performance Period will vest as of the later to occur of (i) the date that the Committee certifies performance in accordance with Section 1(b) above or (ii) the date of the Participant's termination of employment on account of death or Disability, in either case, based on actual performance during the Performance Period, as determined by the Committee in accordance with Section 1(b) above. (c) Termination in Connection with a Change in Control. In the event of a Change in Control, if the Award is assumed or replaced by a successor corporation (or an affiliate thereto) or other successor or person, or otherwise continues following the Change in Control, and the Participant's employment is terminated upon or within two years following the Change in Control on account of a termination of employment by the Company other than for Cause or by the Participant for Good Reason, the Performance Shares will vest on the date of such termination of employment. The number of Shares that vest will be the number determined in accordance with Section 1(c), and if applicable, Section 1(b), of this Agreement. 4. Payment. The Participant shall be entitled to receive from the Company (without any payment on behalf of the Participant other than as described in Section 8) the whole Shares represented by the Award (and cash for any fractional Share interest); provided, however, that in the event that such Award vests prior to the Vesting Date as a result of the death or Disability of the Participant or as a result of a termination by the Company without Cause or by the Participant for Good Reason upon or within two years following a Change in Control, the Participant shall be entitled to receive the corresponding Shares from the Company on the date of such vesting; provided further that once the Performance Shares have vested under this Agreement, the Committee will determine the number of Shares represented by the Performance Shares and deliver the total number of Shares (and cash for any fractional Share interest) due to the Participant as soon as administratively possible after the date of vesting (but in no event later than the 15th day of the third month after such date). In the event of the Participant's death, payment shall be made to the Participant's designated beneficiary, or absent such designation, in accordance with the laws of descent and distribution. 5. Dividend Equivalents. To the extent that cash dividends are paid on Shares after the Grant Date and before the date the Participant receives the Shares subject to Performance Shares subject to this Agreement, the Performance Shares hereunder will be credited with an additional number of Performance Shares to reflect reinvested dividend equivalents with respect to the period of time between the Grant Date and the delivery of Shares under this Agreement. Such dividend equivalent credits will be equal in value (based on the reported dividend rate on the date dividends were paid) to the amount of dividends paid on the Shares represented by the Performance Shares under this Agreement. The Performance Shares will be credited with whole Performance Shares equal to the dollar amount of the reinvested dividend equivalents based on the Fair Market Value on the dividend payment dates. The Participant shall vest in the additional Performance Shares in accordance with Sections 1 and 3 of this Agreement in the same manner that the Participant vests in the original grant of Performance Shares. These additional Performance Shares will be distributed in whole Shares in accordance with Section 4 of this Agreement. If and to the extent that the underlying Performance Shares are forfeited, all related Performance Shares added to reflect reinvested dividend equivalents in accordance with this Section 5 shall also be forfeited. 6. Right of Set-Off. By accepting these Performance Shares, the Participant consents to a deduction from, and set-off against, any amounts owed to the Participant by the Company or a Subsidiary from time to time (including, but not limited to, amounts owed to the Participant as wages, severance payments or other fringe benefits) to the extent of the amounts owed to the Company or a Subsidiary by the Participant under this Agreement.

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4 7. No Shareholder Rights. The Participant shall have no rights of a shareholder with respect to the Performance Shares, including, without limitation, voting rights and actual dividend rights with respect to the Shares represented by the Performance Shares. 8. Withholding Tax. (a) Generally. The Participant is liable and responsible for all taxes owed in connection with the Award regardless of any action the Company takes with respect to any tax withholding obligations that arise in connection with the Award. The Company does not make any representation or undertaking regarding the tax treatment or the treatment of any tax withholding in connection with the grant or vesting of the Award or the subsequent sale of Shares issuable pursuant to the Award. The Company does not commit and is under no obligation to structure the Award to reduce or eliminate the Participant's tax liability. (b) Payment of Withholding Taxes. Prior to any event in connection with the Award (e.g., vesting or settlement) that the Company determines may result in any domestic or foreign tax withholding obligation, whether national, federal, state or local, including any employment tax obligation (the "Tax Withholding Obligation"), the Participant is required to arrange for the satisfaction of the applicable amount of such Tax Withholding Obligation in a manner acceptable to the Company. Unless the Participant elects to satisfy the Tax Withholding Obligation by an alternative means that is then permitted by the Company, the Company shall withhold on the Participant's behalf the number of shares from those Shares issuable to the Participant at the time when the Award becomes vested and payable as the Company determines to be sufficient to satisfy the Tax Withholding Obligation. In the case of any amounts withheld for taxes pursuant to this provision in the form of Shares, the amount withheld shall be determined in accordance with the procedures approved by the Committee. The Committee may direct the Company's transfer agent or any other party that the Company determines necessary to execute a Sell-to-Cover procedure described in the Plan to sell such number of Shares and remit the cash proceeds to the Company. The Company will then make a cash payment equal to the required tax withholding from the cash proceeds of such sale directly to the appropriate taxing authorities. 9. Governing Law/Venue for Dispute Resolution. This Agreement shall be governed by the laws of the State of Ohio, without regard to principles of conflicts of law, except to the extent superseded by the laws of the United States of America. The parties agree and acknowledge that the laws of the State of Ohio bear a substantial relationship to the parties and/or this Agreement and that the Award and benefits granted herein would not be granted without the governance of this Agreement by the laws of the State of Ohio. In addition, all legal actions or proceedings relating to this Agreement must be brought exclusively in state or federal courts located in Franklin County, Ohio and the parties executing this Agreement hereby consent to the personal jurisdiction of such courts. Any provision of this Agreement which is determined by a court of competent jurisdiction to be invalid or unenforceable should be construed or limited in a manner that is valid and enforceable and that comes closest to the business objectives intended by such provision, without invalidating or rendering unenforceable the remaining provisions of this Agreement. 10. Action by the Committee. The parties agree that the interpretation of this Agreement shall rest exclusively and completely within the sole discretion of the Committee. The parties agree to be bound by the decisions of the Committee with regard to the interpretation of this Agreement and with regard to any and all matters set forth in this Agreement. The Committee may delegate its functions under this Agreement to an officer of the Company designated by the Committee (hereinafter the "Designee") to the extent permitted by applicable law. In fulfilling its responsibilities hereunder, the Committee or its Designee may rely upon documents, written statements of the parties or such other material as the Committee or its Designee deems appropriate. The parties agree that there is no right to be heard or to appear before the Committee or its Designee and that any decision of the Committee or its Designee relating to this Agreement shall be final and binding.

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5 11. Prompt Acceptance of Agreement. The Award evidenced by this Agreement shall, at the discretion of the Committee, be forfeited if this Agreement is not manually executed and returned to the Company, or electronically executed by the Participant by indicating the Participant's acceptance of this Agreement in accordance with the acceptance procedures set forth on the Company's third-party equity plan administrator's web site, within 90 days of the Grant Date. 12. Electronic Delivery and Consent to Electronic Participation. The Company may, in its sole discretion, decide to deliver any documents related to the Award under and participation in the Plan or future Awards that may be granted under the Plan by electronic means or to request the Participant's consent to participate in the Plan by electronic means. The Participant hereby consents to receive such documents by electronic delivery and to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company, including the acceptance of the Award and the execution of the Agreement through electronic signature. 13. Notices. All notices, requests, consents and other communications required or provided under this Agreement to be delivered by the Participant to the Company will be in writing and will be deemed sufficient if delivered by hand, facsimile, nationally recognized overnight courier, or certified or registered mail, return receipt requested, postage prepaid, and will be effective upon delivery to the Company at the address set forth below: Designer Brands Inc. 810 DSW Drive Columbus, Ohio 43219 Attention: SVP Human Resources Facsimile: (614) 872-1475 With a copy to: Designer Brands Inc. 810 DSW Drive Columbus, Ohio 43219 Attention: Corporate Secretary Facsimile: (614) 872-1475 All notices, requests, consents and other communications required or provided under this Agreement to be delivered by the Company to the Participant may be delivered by e-mail or in writing and will be deemed sufficient if delivered by e-mail, hand, facsimile, nationally recognized overnight courier, or certified or registered mail, return receipt requested, postage prepaid, and will be effective upon delivery to the Participant. 14. Employment Agreement, Offer Letter or Other Arrangement. To the extent a written employment agreement, offer letter or other arrangement ("Employment Arrangement") that was approved by the Committee or the Board of Directors or that was approved in writing by an officer of the Company pursuant to delegated authority of the Committee provides for greater benefits to the Participant with respect to vesting of the Award on termination of employment, than provided in this Agreement or in the Plan, then the terms of such Employment Arrangement with respect to vesting of the Award upon the termination of the Participant's employment by reason of such specified events shall supersede the terms hereof to the extent permitted by the terms of the Plan. 15. Code Section 409A. This Agreement shall be interpreted in accordance with Code Section 409A so as to comply with an exception to Code Section 409A, or to the extent that this Agreement provides deferred compensation, to be in compliance with Code Section 409A. This Agreement is intended to be exempt from Code Section 409A under the "short term deferral" exception. References to termination of employment, and similar terms shall be interpreted in a

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6 manner consistent with the definition of "separation from service" under Code Section 409A, to the extent required by Code Section 409A. Notwithstanding anything to the contrary in this Agreement, if the Participant is a "specified employee" for purposes of Code Section 409A, then if necessary to avoid the imposition of additional taxes or interest under Code Section 409A, the Company shall not deliver the corresponding Shares otherwise payable upon the Participant's termination of employment until the first business day after the date that is six months after the Participant's "separation from service" under Code Section 409A. This Agreement shall be deemed to be modified to the maximum extent necessary to be in compliance with Code Section 409A's rules. If the Participant is unexpectedly required to include in the Participant's current year's income any amount of compensation relating to this Award because of a failure to meet the requirements of Code Section 409A, then to the extent permitted by Code Section 409A, the Participant may receive a distribution of cash or Shares in an amount not to exceed the amount required to be included in income as a result of the failure to comply with Code Section 409A. In no event may the Participant directly or indirectly designate the calendar year of a payment, except as expressly permitted by Code Section 409A. Notwithstanding the foregoing, the Participant recognizes and acknowledges that Code Section 409A may impose certain taxes or interest charges upon the Participant for which the Participant is and shall remain solely responsible. 16. Entire Agreement. Except as otherwise provided in this Agreement, this Agreement and the Plan are: (a) intended to be the final, complete, and exclusive statement of the terms of the agreement between the Participant and the Company with regard to the subject matter of this Agreement; (b) supersede all other prior agreements, communications and statements, whether written or oral, express or implied, pertaining to that subject matter; and (c) may not be contradicted by evidence of any prior or contemporaneous statements or agreements, oral or written, and not be explained or supplemented by evidence of consistent additional terms. 17. No Employment Rights. Nothing in this Agreement will provide the Participant with any right to continue in the Company's and its affiliates' employ for any period of specific duration or interfere with or otherwise restrict in any way the rights of the Company and its affiliates to terminate the Participant's service at any time for any reason, with or without cause. 18. Nature of Award. The Participant acknowledges that (a) the future value of the underlying Shares is unknown and cannot be predicted with certainty and (b) in consideration of the grant of the Performance Shares, no claim or entitlement to compensation or damages shall arise from termination of the Performance Shares or diminution in value of the Shares received upon settlement including (without limitation) any claim or entitlement resulting from termination of the Participant's active employment by the Company or a Subsidiary (for any reason whatsoever and whether or not in breach of local labor laws) and the Participant hereby releases the Company and its Subsidiaries from any such claim that may arise; if, notwithstanding the foregoing, any such claim is found by a court of competent jurisdiction to have arisen, then, by accepting the Performance Shares and this Agreement, the Participant shall be deemed irrevocably to have waived his or her entitlement to pursue such claim. 19. Clawback. Notwithstanding any provisions in this Agreement to the contrary, any compensation, benefits or payments provided hereunder (or profits realized from the sale of Shares delivered hereunder), shall be subject to recoupment and recapture to the extent necessary to comply with the requirements of Section 7.01 of the Plan, any Company-adopted policy and/or laws or regulations, including, but not limited to, the Designer Brands Inc. Compensation Recoupment Policy, or any successor or other clawback policy adopted consistent with Section 303A.14 of the Listed Company Manual of the NYSE, Section 10D of the Exchange Act, Rule 10D-1 under the Exchange Act, Section 304 of the Sarbanes Oxley Act of 2002, and any other applicable Exchange Act, stock exchange listing requirement, or any other rules and regulations promulgated thereunder from time- to-time with respect to such laws, regulations and/or securities exchange listing requirements, and which may operate to create additional rights for the Company with respect to this grant and recovery of amounts relating thereto. By accepting this Award, the Participant agrees and acknowledges that the Participant is obligated to cooperate with, and provide any and all assistance necessary to, the

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7 Company to recover, recoup or recapture this Award or amounts paid under this Award pursuant to such law, government regulation, stock exchange listing requirement or Company policy. Such cooperation and assistance shall include, but is not limited to, executing, completing and submitting any documentation necessary to recover, recoup or recapture this Award or amounts paid under this Award from a Participant's accounts, or pending or future compensation or other grants. DESIGNER BRANDS INC. By: Name: David Giesman Its: Vice President, Global Total Rewards

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8 ACCEPTANCE OF AGREEMENT The Participant hereby: (a) acknowledges that he or she has received a copy of the Plan, and a copy of the Plan description (Prospectus) pertaining to the Plan; (b) accepts this Agreement and the Performance Shares granted to him or her under this Agreement subject to all provisions of the Plan and this Agreement; (c) represents that he or she understands that the acceptance of this Agreement through an on-line or electronic system, if applicable, carries the same legal significance as if he or she manually signed the Agreement; and (d) agrees that no transfer of the Shares delivered in respect of the Performance Shares shall be made unless the Shares have been duly registered under all applicable Federal and state securities laws pursuant to a then-effective registration which contemplates the proposed transfer or unless the Company has received a written opinion of, or satisfactory to, its legal counsel that the proposed transfer is exempt from such registration. ###REQUIRED_SIGNATURE### Participant's Signature ###ACCEPTANCE_DATE### Date

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9 NOTICE OF FISCAL 2025 PERFORMANCE SHARE GOAL UNDER THE DESIGNER BRANDS INC. 2024 PERFORMANCE SHARE AGREEMENT This Notice is provided to ###PARTICIPANT_NAME### (the "Participant") under the Designer Brands Inc. Performance Share Agreement for fiscal 2024 (the "Agreement"), between Designer Brands Inc. (the "Company") and the Participant. Terms not defined in this Notice will have the same meaning as under the Agreement. Section 1(b) of the Agreement provides that the performance-based vesting conditions applicable to the Performance Shares are based on the achievement of the Company's goals during the three (3) consecutive one-year performance periods for the Company's 2024, 2025, and 2026 fiscal years. It also provided the Performance Goal for the First Performance Period (i.e., for fiscal 2024) and added that the Company would set forth the applicable Performance Goals and payout ranges for the Second Performance Period and Third Performance Period (i.e., for Fiscal 2025 and Fiscal 2026, respectively) in future notices to the Participant. This Notice provides the Performance Goals and payout ranges for the Second Performance Period, beginning February 2, 2025, and ending January 31, 2026, under the Agreement. The number of Performance Shares that may vest for the Second Performance Period shall be based upon the level of achievement of the Performance Goals for this Performance Period. The Performance Goal and applicable payout range for the Second Performance Period is set forth in the following table: Fiscal 2025 Performance Share Goal (second of three annual performance goals) Threshold Target Maximum DBI Adjusted Operating Income ($M) $51.31 $79.4 $88.7 Payout Range (as % of target) 50% 100% 200% 1 The Adjusted Operating Income threshold set forth in the table above is an estimate based on projected interest and tax expenses for fiscal 2025. The actual threshold will be determined after the completion of fiscal year 2025 based on two conditions: 1. The Adjusted Operating Income threshold will equal the minimum Adjusted Operating Income needed to cover the Company's interest and tax expenses for fiscal 2025, as determined by the Committee in its sole discretion. 2. The Company's Earnings per Share for fiscal 2025 must be positive. If the Company's Earnings per Share for fiscal year 2025 is negative, then the payout percentage for the Performance Shares allocated to that year shall be 0% (and without regard to performance relative to the Adjusted Operating Income goal). \* Adjusted Operating Income is a non-GAAP financial measure that means GAAP Operating Income as reported, adjusted to exclude any integration and restructuring expenses, impairment charges, and any other adjustments as separately identified in the Company's quarterly earnings releases. Adjusted Operating Income also excludes income or loss from the equity investment in Pro-Keds International S.R.L. and the effect of changes in foreign currency exchange rates from the budgeted exchange rate. If the Company's financial performance is between the Threshold and the Maximum goals, the Committee will interpolate to calculate the number of Shares achieved and will round to the nearest whole number. Achievement of the Performance Goal and whether the Participant has satisfied the

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10 performance-based criteria sufficiently to be entitled to an Award shall be determined by the Committee. In all other respects, the Agreement is still in effect, and its terms continue to govern the Award. DESIGNER BRANDS INC. By: Name: David Giesman Its: Vice President, Global Total Rewards ACCEPTANCE OF AGREEMENT The Participant hereby: (a) accepts this Notice as a supplement to the Agreement and subject to all provisions of the Plan and this Agreement; (b) represents that he or she understands that the acceptance of this Notice through an on-line or electronic system, if applicable, carries the same legal significance as if he or she manually signed the Notice; and (c) agrees that no transfer of the Shares delivered in respect of the Performance Shares shall be made unless the Shares have been duly registered under all applicable Federal and state securities laws pursuant to a then-effective registration which contemplates the proposed transfer or unless the Company has received a written opinion of, or satisfactory to, its legal counsel that the proposed transfer is exempt from such registration. ###REQUIRED_SIGNATURE### Participant's Signature ###ACCEPTANCE_DATE### Date

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## Exhibit 10.3

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CANADA 1 DESIGNER BRANDS INC. PERFORMANCE SHARE AGREEMENT This Agreement is entered into in Franklin County, Ohio. On the Grant Date, Designer Brands Inc., an Ohio corporation (the "Company"), has awarded to the Participant a Performance Award (the "Performance Shares" or "Award"), representing an unfunded unsecured promise of the Company to deliver Class A Common Shares, without par value, of the Company (the "Shares") to the Participant as set forth herein. The Performance Shares have been granted pursuant to the Designer Brands Inc. 2014 Long-Term Incentive Plan, as amended and restated (the "Plan"), and shall be subject to all provisions of the Plan, which are incorporated herein by reference, and shall be subject to the provisions of this Performance Share Agreement (this "Agreement"). Performance Shares granted under the Plan are awarded as an incentive to contribute to the Company's future success over a three-year period starting in the year of the Grant Date, with the amount of the payment determined based on performance over such period. By contrast, the Company and its subsidiaries have separate short-term incentive programs which are intended to reward recent past performance. Performance Shares allocated to Participants hereunder are therefore awarded in respect of services rendered by the Participant following the date of the Award. In no event may Performance Shares be awarded to a Participant for or in respect of services rendered in any period prior to the commencement of the calendar year in which the Performance Shares are awarded. Capitalized terms used in this Agreement which are not specifically defined shall have the meanings ascribed to such terms in the Plan. To the extent the terms and conditions set forth in this Agreement differ in any way from the terms and conditions set forth in the Plan, the terms of the Plan shall govern. 1. Vesting. (a) General. The right to receive the Shares underlying the Performance Shares shall be subject to the Company's achievement of the three one-year Performance Goals described in Section 1(b) below. In addition to the requirement of achieving the Performance Goals, the right to receive the Shares underlying the Performance Shares shall be subject to the Participant's satisfaction of the employment requirements described in Sections 1(d) and 3 of this Agreement. (b) Performance-Based Vesting. Subject to the service-based vesting and other terms in this Agreement, the number of Performance Shares that may become vested are based on the achievement of the Company's goals during the three (3) consecutive one-year performance periods for the Company's 2025, 2026, and 2027 fiscal years (the first period beginning February 2, 2025 and ending on January 31, 2026, the "First Performance Period", the second period beginning February 1, 2026 and ending on January 30, 2027, the "Second Performance Period", and the third period beginning January 31, 2027 and ending on January 29, 2028, the "Third Performance Period"). The number of Performance Shares that may vest for any Performance Period shall be based upon the level of achievement of the Performance Goals for that Performance Period. The Performance Goal and applicable payout range for the First Performance Period is set forth in the following table: Fiscal 2025 Performance Share Goal (first of three annual performance goals) Threshold Target Maximum DBI Adjusted Operating Income ($M) $51.31 $79.4 $88.7 Payout Range (as % of target) 50% 100% 200% 1 The Adjusted Operating Income threshold set forth in the table above is an estimate based on projected interest and tax expenses for fiscal 2025. The actual threshold will be determined after the completion of fiscal year 2025 based on two conditions:

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&nbsp;&nbsp;&nbsp;&nbsp;2 1. The Adjusted Operating Income threshold will equal the minimum Adjusted Operating Income needed to cover the Company's interest and tax expenses for fiscal 2025, as determined by the Committee in its sole discretion. 2. The Company's Earnings per Share for fiscal 2025 must be positive. If the Company's Earnings per Share for fiscal year 2025 is negative, then the payout percentage for the Performance Shares allocated to that year shall be 0% (and without regard to performance relative to the Adjusted Operating Income goal). \*Adjusted Operating Income is a non-GAAP financial measure that means GAAP Operating Income as reported, adjusted to exclude any integration and restructuring expenses, impairment charges, acquisition costs, and any other adjustments as separately identified in the Company's quarterly earnings releases. Adjusted Operating Income also excludes the effect of changes in foreign currency exchange rates from the budgeted exchange rate. If the Company's financial performance is between the Threshold and the Maximum goals, the Committee will interpolate to calculate the number of Shares achieved and will round to the nearest whole number. Achievement of the Performance Goal and whether the Participant has satisfied the performance-based criteria sufficiently to be entitled to an Award shall be determined by the Committee. The Company will set forth applicable Performance Goals and payout ranges for the Second Performance Period and Third Performance Period in future notices to the Participant. The number of Shares calculated in accordance with the tables setting forth the Performance Goals and payout percentages for any Performance Period will be multiplied by one-third. Such one-third weighted product will be the maximum amount of Shares that may vest for any particular Performance Period. (c) Change in Control during the Performance Period. Notwithstanding Section 1(b), in the event of a Change in Control prior to the last day of the Third Performance Period and subject to the Participant's continued employment through the date of the Change in Control, the Performance Goal for any remaining full or partial Performance Periods shall be deemed earned in full "at target" level as of the date of the Change in Control. If, however, the Change in Control occurs on or after the last day of a Performance Period, the number of Shares that may become vested for that completed Performance Period will be the number of Performance Shares determined by the Committee based on actual performance during such Performance Period, as calculated in accordance with Section 1(b) above. (d) Timing of Vesting. Except as otherwise provided in this Agreement, the number of Performance Shares previously calculated based upon the achievement of the Performance Goals shall vest on the third anniversary of the Grant Date (the "Vesting Date") only if the Participant remains continuously employed through the Vesting Date. Vesting is further subject to the provisions of this Agreement. 2. Transferability. The Award generally shall not be transferrable except as otherwise provided under this Agreement and the Plan. 3. Termination of Employment. (a) General. Except as set forth below or as otherwise provided for in an Employment Arrangement (as defined in Section 14), if the Participant's employment terminates prior to the Vesting Date, then the Participant's Award will be cancelled and the Award shall be forfeited by the Participant effective as of the Termination Date. The Participant will thereupon cease to have any right or

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&nbsp;&nbsp;&nbsp;&nbsp;3 entitlement to receive any Shares with respect to the cancelled Award. For the avoidance of doubt, a change in the capacity in which the Participant renders services to the Company and its Subsidiaries from an Employee to a Consultant, Director or other service provider shall not be considered continuous employment for purposes of this Agreement and such change in capacity shall result in cancellation and forfeiture of the Award. For purposes of this Agreement, "Termination Date" means the later of (i) the date that is the last day of any minimum statutory notice period applicable to the Participant pursuant to applicable employment standards legislation, (ii) the date designated by the Participant and the Company or an affiliate in a written Employment Arrangement, and (iii) if no written Employment Arrangement exists, the Participant's last day of active and actual employment with the Company or any affiliate, whether that day is selected by agreement with the Participant, unilaterally by the Company or its affiliate or otherwise and whether advance notice (pursuant to contract, common or civil law) is or is not given to the Participant; and, in the case of (i), (ii) or (iii) above, without regard to or extension by any contractual, common law or civil law period of notice of termination, pay in lieu of notice of termination, severance pay or other damages paid or payable to the Participant, under contract or common or civil law, in or in respect of a period which follows the last day that the Participant actually and actively provides services to the Company. Accordingly, the right to vest in the Performance Shares will terminate on the Termination Date. The Committee shall have the exclusive discretion to determine when the Participant is no longer actively providing services for purposes of the Participant's Performance Shares. (b) Death and Disability. If the Participant's employment terminates by reason of Participant's death or Disability prior to the vesting in full of the Award, then any unvested portion of the Award shall, except as otherwise provided in this Agreement, immediately vest in full and shall not be forfeited so long as the Performance Goal is achieved or the Participant's termination of employment on account of death or Disability occurs during the Performance Period. If the Participant's death or Disability occurs before completion of a Performance Period, the Performance Shares for that Performance Period and any remaining full Performance Periods shall vest in full "at target" level as of the date of the Participant's death or Disability. If the Participant's death or Disability occurs after a Performance Period, the Performance Shares, if any, for that completed Performance Period will vest as of the later to occur of (i) the date that the Committee certifies performance in accordance with Section 1(b) above or (ii) the date of the Participant's termination of employment on account of death or Disability, in either case, based on actual performance during the Performance Period, as determined by the Committee in accordance with Section 1(b) above. (c) Termination in Connection with a Change in Control. In the event of a Change in Control, if the Award is assumed or replaced by a successor corporation (or an affiliate thereto) or other successor or person, or otherwise continues following the Change in Control, and the Participant's employment is terminated upon or within two years following the Change in Control on account of a termination of employment by the Company other than for Cause or by the Participant for Good Reason, the Performance Shares will vest on the date of such termination of employment. The number of Shares that vest will be the number determined in accordance with Section 1(c), and if applicable, Section 1(b), of this Agreement. 4. Payment. The Participant shall be entitled to receive from the Company (without any payment on behalf of the Participant other than as described in Section 8) the whole Shares represented by the Award (and cash for any fractional Share interest); provided, however, that in the event that such Award vests prior to the Vesting Date as a result of the death or Disability of the Participant or as a result of a termination by the Company without Cause or by the Participant for Good Reason upon or within two years following a Change in Control, the Participant shall be entitled to receive the corresponding Shares from the Company on the date of such vesting; provided further that once the Performance Shares have vested under this Agreement, the Committee will determine the number of Shares represented by the Performance Shares and deliver the total number of Shares (and cash for any fractional Share interest) due to the Participant as soon as administratively possible after the date of vesting (but in no event later than the 15th day of the third month after such date). In

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&nbsp;&nbsp;&nbsp;&nbsp;4 the event of the Participant's death, payment shall be made to the Participant's designated beneficiary, or absent such designation, in accordance with the laws of descent and distribution. Notwithstanding any discretion in the Plan or anything to the contrary in this Agreement, the grant of the Performance Shares does not provide the Participant any right to receive a cash payment and the Performance Shares may be settled only in Shares. 5. Dividend Equivalents. To the extent that cash dividends are paid on Shares after the Grant Date and before the date the Participant receives the Shares subject to Performance Shares subject to this Agreement, the Performance Shares hereunder will be credited with an additional number of Performance Shares to reflect reinvested dividend equivalents with respect to the period of time between the Grant Date and the delivery of Shares under this Agreement. Such dividend equivalent credits will be equal in value (based on the reported dividend rate on the date dividends were paid) to the amount of dividends paid on the Shares represented by the Performance Shares under this Agreement. The Performance Shares will be credited with whole Performance Shares equal to the dollar amount of the reinvested dividend equivalents based on the Fair Market Value on the dividend payment dates. The Participant shall vest in the additional Performance Shares in accordance with Sections 1 and 3 of this Agreement in the same manner that the Participant vests in the original grant of Performance Shares. These additional Performance Shares will be distributed in whole Shares in accordance with Section 4 of this Agreement. If and to the extent that the underlying Performance Shares are forfeited, all related Performance Shares added to reflect reinvested dividend equivalents in accordance with this Section 5 shall also be forfeited. 6. Right of Set-Off. By accepting these Performance Shares, the Participant consents to a deduction from, and set-off against, any amounts owed to the Participant by the Company or a Subsidiary from time to time (including, but not limited to, amounts owed to the Participant as wages, severance payments or other fringe benefits) to the extent of the amounts owed to the Company or a Subsidiary by the Participant under this Agreement. 7. No Shareholder Rights. The Participant shall have no rights of a shareholder with respect to the Performance Shares, including, without limitation, voting rights and actual dividend rights with respect to the Shares represented by the Performance Shares. 8. Withholding Tax. (a) Generally. The Participant is liable and responsible for all taxes owed in connection with the Award regardless of any action the Company and its Subsidiaries takes with respect to any tax withholding obligations that arise in connection with the Award. The Company does not make any representation or undertaking regarding the tax treatment or the treatment of any tax withholding in connection with the grant or vesting of the Award or the subsequent sale of Shares issuable pursuant to the Award. The Company does not commit and is under no obligation to structure the Award to reduce or eliminate the Participant's tax liability. (b) Payment of Withholding Taxes. Prior to any event in connection with the Award (e.g., vesting or settlement) that the Company or employing Subsidiary determines may result in any domestic or foreign tax withholding obligation, whether national, federal, state, provincial or local, including any employment, payroll, social insurance tax, contribution, payment on account obligation or other amount required to be withheld or accounted for with respect to the Award (the "Tax Withholding Obligation"), the Participant is required to arrange for the satisfaction of the minimum amount of such Tax Withholding Obligation in a manner acceptable to the Company or employing Subsidiary. Unless the Participant elects to satisfy the Tax Withholding Obligation by an alternative means that is then permitted by the Company or employing Subsidiary, the Participant's acceptance of this Agreement constitutes the Participant's instruction and authorization to the Company to surrender and cancel a portion of the Participant's Performance Shares at the time when the Award becomes vested and payable as the Company or employing Subsidiary determines to be sufficient to

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&nbsp;&nbsp;&nbsp;&nbsp;5 satisfy the Tax Withholding Obligation. To the extent the portion of the Participant's Performance Shares which where surrendered and cancelled in accordance with this Section 8, or to the extent the portion of the Participant's Performance Shares which were surrendered and cancelled is not sufficient to cover the Tax Withholding Obligation, the Participant shall be required to pay to the Company or employing Subsidiary, or make other arrangements satisfactory to the Company or employing Subsidiary to provide for the payment of, any Tax Withholding Obligation required to be withheld, collected or accounted for with respect to the Performance Shares and the Participant hereby authorizes the Company or employing Subsidiary to deduct an amount to satisfy the Tax Withholding Obligation from other compensation payable to the Participant. (c) Participant Liability. Regardless of any action the Company or employing Subsidiary takes with respect to any Tax Withholding Obligation, the Participant acknowledges that the ultimate liability for all taxes legally due by the Participant is and remains the Participant's responsibility and may exceed the amount actually withheld by the Company or employing Subsidiary. The Participant further acknowledges that the Company and its Subsidiaries (i) make no representations or undertakings regarding the treatment of any Tax Withholding Obligation in connection with any aspect of the Performance Shares, including the grant, vesting or settlement of the Performance Shares and the subsequent sale of any Shares acquired at settlement; and (ii) does not commit to structure the terms of the grant or any aspect of the Performance Shares to reduce or eliminate the Participant's tax liability. Further, if the Participant has become subject to tax in more than one jurisdiction between the Grant Date and the date of any relevant taxable event, the Participant acknowledges that the Company and its Subsidiaries may be required to collect, withhold or account for taxes in more than one jurisdiction. 9. Governing Law/Venue for Dispute Resolution. This Agreement shall be governed by the laws of the State of Ohio, without regard to principles of conflicts of law, except to the extent superseded by the laws of the United States of America. The parties agree and acknowledge that the laws of the State of Ohio bear a substantial relationship to the parties and/or this Agreement and that the Award and benefits granted herein would not be granted without the governance of this Agreement by the laws of the State of Ohio. In addition, all legal actions or proceedings relating to this Agreement are subject to the non-exclusive jurisdiction of the state or federal courts located in Franklin County, Ohio and the parties executing this Agreement hereby consent to the personal jurisdiction of such courts. Any provision of this Agreement which is determined by a court of competent jurisdiction to be invalid or unenforceable should be construed or limited in a manner that is valid and enforceable and that comes closest to the business objectives intended by such provision, without invalidating or rendering unenforceable the remaining provisions of this Agreement. 10. Action by the Committee. The parties agree that the interpretation of this Agreement shall rest exclusively and completely within the sole discretion of the Committee. The parties agree to be bound by the decisions of the Committee with regard to the interpretation of this Agreement and with regard to any and all matters set forth in this Agreement. The Committee may delegate its functions under this Agreement to an officer of the Company designated by the Committee (hereinafter the "Designee") to the extent permitted by applicable law. In fulfilling its responsibilities hereunder, the Committee or its Designee may rely upon documents, written statements of the parties or such other material as the Committee or its Designee deems appropriate. The parties agree that there is no right to be heard or to appear before the Committee or its Designee and that any decision of the Committee or its Designee relating to this Agreement shall be final and binding. 11. Prompt Acceptance of Agreement. The Award evidenced by this Agreement shall, at the discretion of the Committee, be forfeited if this Agreement is not manually executed and returned to the Company, or electronically executed by the Participant by indicating the Participant's acceptance of this Agreement in accordance with the acceptance procedures set forth on the Company's third-party equity plan administrator's web site, within 90 days of the Grant Date.

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&nbsp;&nbsp;&nbsp;&nbsp;6 12. Electronic Delivery and Consent to Electronic Participation. The Company may, in its sole discretion, decide to deliver any documents related to the Award under and participation in the Plan or future Awards that may be granted under the Plan by electronic means or to request the Participant's consent to participate in the Plan by electronic means. The Participant hereby consents to receive such documents by electronic delivery and to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company, including the acceptance of the Award and the execution of this Agreement through electronic signature. 13. Notices. All notices, requests, consents and other communications required or provided under this Agreement to be delivered by the Participant to the Company will be in writing and will be deemed sufficient if delivered by hand, facsimile, nationally recognized overnight courier, or certified or registered mail, return receipt requested, postage prepaid, and will be effective upon delivery to the Company at the address set forth below: Designer Brands Inc. 810 DSW Drive Columbus, Ohio 43219 Attention: SVP Human Resources Facsimile: (614) 872-1475 With a copy to: Designer Brands Inc. 810 DSW Drive Columbus, Ohio 43219 Attention: Corporate Secretary Facsimile: (614) 872-1475 All notices, requests, consents and other communications required or provided under this Agreement to be delivered by the Company to the Participant may be delivered by e-mail or in writing and will be deemed sufficient if delivered by e-mail, hand, facsimile, nationally recognized overnight courier, or certified or registered mail, return receipt requested, postage prepaid, and will be effective upon delivery to the Participant. 14. Employment Agreement, Offer Letter or Other Arrangement. To the extent a written employment agreement, offer letter or other arrangement ("Employment Arrangement") that was approved by the Committee or the Board of Directors or that was approved in writing by an officer of the Company pursuant to delegated authority of the Committee provides for greater benefits to the Participant with respect to vesting of the Award on termination of employment, than provided in this Agreement or in the Plan, then the terms of such Employment Arrangement with respect to vesting of the Award upon the termination of the Participant's employment by reason of such specified events shall supersede the terms hereof to the extent permitted by the terms of the Plan. 15. Employment Standards. It is understood and agreed that all provisions of this Agreement and the Plan are subject to all applicable minimum requirements of applicable employment standards legislation and it is the intention of the Company and its affiliates to comply with such minimum requirements. Accordingly, to the extent that any applicable minimum requirement contained in applicable employment standards legislation applies to the Participant, this Agreement and the Plan shall (a) not be interpreted as in any way waiving or contracting out of such requirement, and (b) be interpreted to achieve compliance with such requirement. In the event that applicable employment standards legislation provides for superior rights or entitlements upon termination of employment or otherwise ("statutory entitlements") than provided for under this Agreement and the Plan, the Company or affiliate, as applicable, shall provide the Participant with the Participant's

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&nbsp;&nbsp;&nbsp;&nbsp;7 minimum statutory entitlements in substitution for the Participant's rights under this Agreement and the Plan. 16. Code Section 409A. This Agreement shall be interpreted in accordance with Code Section 409A so as to comply with an exception to Code Section 409A, or to the extent that this Agreement provides deferred compensation, to be in compliance with Code Section 409A. This Agreement is intended to be exempt from Code Section 409A under the "short term deferral" exception. References to termination of employment, and similar terms shall be interpreted in a manner consistent with the definition of "separation from service" under Code Section 409A, to the extent required by Code Section 409A. Notwithstanding anything to the contrary in this Agreement, if the Participant is a "specified employee" for purposes of Code Section 409A, then if necessary to avoid the imposition of additional taxes or interest under Code Section 409A, the Company shall not deliver the corresponding Shares otherwise payable upon the Participant's termination of employment until the first business day after the date that is six months after the Participant's "separation from service" under Code Section 409A. This Agreement shall be deemed to be modified to the maximum extent necessary to be in compliance with Code Section 409A's rules. If the Participant is unexpectedly required to include in the Participant's current year's income any amount of compensation relating to this Award because of a failure to meet the requirements of Code Section 409A, then to the extent permitted by Code Section 409A, the Participant may receive a distribution of cash or Shares in an amount not to exceed the amount required to be included in income as a result of the failure to comply with Code Section 409A. In no event may the Participant directly or indirectly designate the calendar year of a payment, except as expressly permitted by Code Section 409A. Notwithstanding the foregoing, the Participant recognizes and acknowledges that Code Section 409A may impose certain taxes or interest charges upon the Participant for which the Participant is and shall remain solely responsible. 17. Entire Agreement. Except as otherwise provided in this Agreement, this Agreement and the Plan are: (a) intended to be the final, complete, and exclusive statement of the terms of the agreement between the Participant and the Company with regard to the subject matter of this Agreement; (b) supersede all other prior agreements, communications and statements, whether written or oral, express or implied, pertaining to that subject matter; and (c) may not be contradicted by evidence of any prior or contemporaneous statements or agreements, oral or written, and not be explained or supplemented by evidence of consistent additional terms. 18. No Entitlement or Claims for Compensation. In connection with the acceptance of the grant of the Performance Shares under this Agreement, the Participant acknowledges the following: (a) the Plan is established voluntarily by the Company, the grant of the Performance Shares under the Plan is made at the discretion of the Committee and the Plan may be modified, amended, suspended or terminated by the Company at any time; (b) the grant of the Performance Shares under the Plan is voluntary and occasional and does not create any contractual or other right to receive future grants of Performance Shares, or benefits in lieu of them, even if Performance Shares have been granted repeatedly in the past; (c) all decisions with respect to future grants of Performance Shares, if any, will be at the sole discretion of the Committee; (d) the Participant is voluntarily participating in the Plan; (e) the Performance Shares and any Shares acquired under the Plan are extraordinary items that do not constitute compensation of any kind for services of any kind rendered to the Company

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&nbsp;&nbsp;&nbsp;&nbsp;8 and its Subsidiaries (including, as applicable, the Participant's employer) and which are outside the scope of the Participant's employment contract, if any; (f) the Performance Shares and any Shares acquired under the Plan are not to be considered part of the Participant's normal or expected compensation or salary for any purpose, including, but not limited to, calculating any severance, resignation, termination, payment in lieu of notice, redundancy, end of service payments, bonuses, long-service awards, pension or retirement or welfare benefits or similar payments; (g) the Performance Shares and the Shares subject to the award are not intended to replace any pension rights or compensation; (h) the grant of Performance Shares and the Participant's participation in the Plan will not be interpreted to form an employment contract or relationship with the Company and its Subsidiaries; (i) the future value of the underlying Shares is unknown and cannot be predicted with certainty. If the Participant vests in the Performance Shares and receives Shares, the value of the acquired Shares may increase or decrease. The Participant understands that the Company is not responsible for any foreign exchange fluctuation between the United States Dollar and the Participant's local currency that may affect the value of the Performance Shares or the Shares; and (j) the Participant shall have no rights, claim or entitlement to compensation or damages as a result of the Participant's cessation of employment (for any reason whatsoever, whether or not in breach of contract or local labor law or the terms of the Participant's employment agreement, if any), insofar as these rights, claim or entitlement arise or may arise from the Participant's ceasing to have rights under or be entitled to receive Shares under or ceasing to have the opportunity to participate in the Plan as a result of such cessation or loss or diminution in value of the Performance Shares or any of the Shares acquired thereunder as a result of such cessation, and the Participant irrevocably releases the Company and its Subsidiaries from any such rights, entitlement or claim that may arise. If, notwithstanding the foregoing, any such right or claim is found by a court of competent jurisdiction to have arisen, then the Participant shall be deemed to have irrevocably waived the Participant's entitlement to pursue such rights or claim. 19. Data Privacy. (a) The Participant hereby explicitly, willingly and unambiguously consents to the collection, systematization, accumulation, storage, blocking, destruction, use, disclosure and transfer, in electronic or other form, of the Participant's personal data as described in this Agreement by and among, as applicable, the Participant's employer, the Company or its Subsidiaries or affiliates for the exclusive purpose of implementing, administering and managing the Participant's participation in the Plan. (b) The Participant understands that the Participant's employer, the Company or its Subsidiaries or affiliates, as applicable, hold certain personal information and sensitive personal information about the Participant regarding the Participant's employment, the nature and amount of the Participant's compensation and the fact and conditions of the Participant's participation in the Plan, including, but not limited to, the Participant's name, home address and telephone number, date of birth, social insurance number or other identification number, salary, nationality, job title, any shares of stock or directorships held in the Company or its Subsidiaries or affiliates, details of all options, awards or any other entitlement to shares of stock awarded, canceled, exercised, vested, unvested or outstanding in the Participant's favor, for the purpose of implementing, administering and managing the Plan (the "Data").

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&nbsp;&nbsp;&nbsp;&nbsp;9 (c) The Participant understands that the Data may be transferred, including any cross-border, transfer to the Company, its Subsidiaries and affiliates and, any third parties assisting in the implementation, administration and management of the Plan, that these recipients may be located in the Participant's country, or elsewhere, and that the recipient's country may have different data privacy laws and protections than the Participant's country. The Participant understands that the Participant may request a list with the names and addresses of any potential recipients of the Data by contacting the Participant's local human resources representative. The Participant authorizes the recipients to receive, possess, use, retain and transfer the Data, in electronic or other form, for the purposes of implementing, administering and managing the Participant's participation in the Plan, including any requisite transfer of such Data as may be required to a broker or other third party. The Participant understands that the Data will be held only as long as is necessary to implement, administer and manage the Participant's participation in the Plan. The Participant understands that the Participant may, at any time, view the Data, request additional information about the storage and processing of the Data, require any necessary amendments to the Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing the Participant's local human resources representative. The Participant understands, however, that refusing or withdrawing the Participant's consent may affect the Participant's ability to participate in the Plan. For more information on the consequences of refusal to consent or withdrawal of consent, the Participant understands that the Participant may contact the Participant's local human resources representative. 20. Clawback. Notwithstanding any provisions in this Agreement to the contrary, any compensation, benefits or payments provided hereunder (or profits realized from the sale of Shares delivered hereunder), shall be subject to recoupment and recapture to the extent necessary to comply with the requirements of Section 7.01 of the Plan, any Company-adopted policy and/or laws or regulations, including, but not limited to, the Designer Brands Inc. Compensation Recoupment Policy, or any successor or other clawback policy adopted consistent with Section 303A.14 of the Listed Company Manual of the NYSE, Section 10D of the Exchange Act, Rule 10D-1 under the Exchange Act, Section 304 of the Sarbanes Oxley Act of 2002, and any other applicable Exchange Act, stock exchange listing requirement, or any other rules and regulations promulgated thereunder from time- to-time with respect to such laws, regulations and/or securities exchange listing requirements, and which may operate to create additional rights for the Company with respect to this grant and recovery of amounts relating thereto. By accepting this Award, the Participant agrees and acknowledges that the Participant is obligated to cooperate with, and provide any and all assistance necessary to, the Company to recover, recoup or recapture this Award or amounts paid under this Award pursuant to such law, government regulation, stock exchange listing requirement or Company policy. Such cooperation and assistance shall include, but is not limited to, executing, completing and submitting any documentation necessary to recover, recoup or recapture this Award or amounts paid under this Award from a Participant's accounts, or pending or future compensation or other grants. 21. Securities Disclosure. (a) Prospectus Exemption. The participation of the Participant in the Plan is entirely voluntary and not obligatory. For the purposes of compliance with National Instrument 45-106 Prospectus Exemptions, the prospectus requirement does not apply to a distribution by an issuer in a security of its own issue with an employee, executive officer, director or consultant of the issuer or a related entity of the issuer, provided participation in the distribution is voluntary, and accordingly, the Common Stock acquired under the Plan are acquired pursuant to the prospectus exemptions under Canadian provincial and territorial securities laws, as applicable. (b) Resale Restrictions. Shares acquired under the Plan are subject to certain restrictions on resale imposed by Canadian provincial and territorial securities laws, as applicable. Notwithstanding any other provision of the Plan to the contrary, any transfer or resale of any Shares

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&nbsp;&nbsp;&nbsp;&nbsp;10 acquired by a Participant pursuant to the Plan must be in accordance with the resale rules under applicable Canadian provincial and territorial securities laws, including (a) Ontario Securities Commission Rule 72-503 Distributions Outside Canada ("72-503"), if the Participant is a resident in the Province of Ontario; (b) National Instrument 45-102 Resale of Securities ("45-102"), if the Participant is a resident in the Province of British Columbia; and (c) Alberta Securities Commission Rule 72-501 Distributions to Purchasers Outside Alberta ("72-501"), if the Participant is a resident in the Province of Alberta. In Ontario, the prospectus requirement does not apply to the first trade of shares issued in connection with the purchase rights, provided the conditions set forth in section 2.8 of 72-503 are satisfied. In British Columbia, the prospectus requirement does not apply to the first trade of shares issued in connection with the purchase rights, provided the conditions set forth in section 2.14 of 45-102 are satisfied. In Alberta, the prospectus requirement does not apply to the first trade of shares issued in connection with the purchase rights, provided the conditions set forth in section 2.10 of 72-501 are satisfied. The Shares acquired under the Plan may not be transferred or sold in Canada or to a Canadian resident other than in accordance with applicable provincial or territorial securities laws. The Company hereby advises the Participant to consult with his or her legal advisor prior to any resale of Shares. DESIGNER BRANDS INC. By: Name: David Giesman Its: Vice President, Global Total Rewards

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&nbsp;&nbsp;&nbsp;&nbsp;11 ACCEPTANCE OF AGREEMENT The Participant hereby: (a) acknowledges that he or she has received a copy of the Plan, and a copy of the Plan description (Prospectus) pertaining to the Plan; (b) accepts this Agreement and the Performance Shares granted to him or her under this Agreement subject to all provisions of the Plan and this Agreement; (c) represents that he or she understands that the acceptance of this Agreement through an on-line or electronic system, if applicable, carries the same legal significance as if he or she manually signed this Agreement; and (d) agrees that no transfer of the Shares delivered in respect of the Performance Shares shall be made unless the Shares have been duly registered under all applicable U.S. Federal and state securities laws pursuant to a then-effective registration which contemplates the proposed transfer or unless the Company has received a written opinion of, or satisfactory to, its legal counsel that the proposed transfer is exempt from such registration, and further agrees that additional restrictions on resale imposed by Canadian provincial and territorial securities laws may apply, as described in the Prospectus. The Participant acknowledges having read this Agreement and the Plan and, for the avoidance of any doubt: (a) confirms that the Participant has read and understood Section 3 of the Agreement, including the definition of "Termination Date"; (b) understands that Section 3 of the Agreement governs the Participant's rights pursuant to this Award upon termination of the Participant's employment; (c) understands that if the Participant's employment ends for any reason other than because of death or Disability or termination of employment following a Change in Control, any unvested portion of this Award will immediately expire and be cancelled on the Termination Date. The Participant hereby waives the right to assert or argue that the Participant either (i) did not read the Agreement and/or the Plan or (ii) did not understand the consequences of Section 3 of the Agreement. The Participant understands that the Participant may at any time ask questions about the Award (including the consequences of Section 3 of the Agreement), by contacting the local human resources department of the Participant's employer. The Participant acknowledges and agrees that the Participant has received good and sufficient consideration for entering into this Agreement, including the grant of the Performance Shares which is fully conditional on the Participant entering into this Agreement. ###REQUIRED_SIGNATURE### Participant's Signature ###ACCEPTANCE_DATE### Date

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&nbsp;&nbsp;&nbsp;&nbsp;12 NOTICE OF FISCAL 2025 PERFORMANCE SHARE GOAL UNDER THE DESIGNER BRANDS INC. 2024 PERFORMANCE SHARE AGREEMENT This Notice is provided to ###PARTICIPANT_NAME### (the "Participant") under the Designer Brands Inc. Performance Share Agreement for fiscal 2024 (the "Agreement"), between Designer Brands Inc. (the "Company") and the Participant. Terms not defined in this Notice will have the same meaning as under the Agreement. Section 1(b) of the Agreement provides that the performance-based vesting conditions applicable to the Performance Shares are based on the achievement of the Company's goals during the three (3) consecutive one-year performance periods for the Company's 2024, 2025, and 2026 fiscal years. It also provided the Performance Goal for the First Performance Period (i.e., for fiscal 2024) and added that the Company would set forth the applicable Performance Goals and payout ranges for the Second Performance Period and Third Performance Period (i.e., for Fiscal 2025 and Fiscal 2026, respectively) in future notices to the Participant. This Notice provides the Performance Goals and payout ranges for the Second Performance Period, beginning February 2, 2025, and ending January 31, 2026, under the Agreement. The number of Performance Shares that may vest for the Second Performance Period shall be based upon the level of achievement of the Performance Goals for this Performance Period. The Performance Goal and applicable payout range for the Second Performance Period is set forth in the following table: Fiscal 2025 Performance Share Goal (second of three annual performance goals) Threshold Target Maximum DBI Adjusted Operating Income ($M) $51.31 $79.4 $88.7 Payout Range (as % of target) 50% 100% 200% 1 The Adjusted Operating Income threshold set forth in the table above is an estimate based on projected interest and tax expenses for fiscal 2025. The actual threshold will be determined after the completion of fiscal year 2025 based on two conditions: 1. The Adjusted Operating Income threshold will equal the minimum Adjusted Operating Income needed to cover the Company's interest and tax expenses for fiscal 2025, as determined by the Committee in its sole discretion. 2. The Company's Earnings per Share for fiscal 2025 must be positive. If the Company's Earnings per Share for fiscal year 2025 is negative, then the payout percentage for the Performance Shares allocated to that year shall be 0% (and without regard to performance relative to the Adjusted Operating Income goal). \* Adjusted Operating Income is a non-GAAP financial measure that means GAAP Operating Income as reported, adjusted to exclude any integration and restructuring expenses, impairment charges, and any other adjustments as separately identified in the Company's quarterly earnings releases. Adjusted Operating Income also excludes income or loss from the equity investment in Pro-Keds International S.R.L. and the effect of changes in foreign currency exchange rates from the budgeted exchange rate. If the Company's financial performance is between the Threshold and the Maximum goals, the Committee will interpolate to calculate the number of Shares achieved and will round to the nearest whole number. Achievement of the Performance Goal and whether the Participant has satisfied the

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&nbsp;&nbsp;&nbsp;&nbsp;13 performance-based criteria sufficiently to be entitled to an Award shall be determined by the Committee. In all other respects, the Agreement is still in effect, and its terms continue to govern the Award. DESIGNER BRANDS INC. By: Name: David Giesman Its: Vice President, Global Total Rewards ACCEPTANCE OF AGREEMENT The Participant hereby: (a) accepts this Notice as a supplement to the Agreement and subject to all provisions of the Plan and this Agreement; (b) represents that he or she understands that the acceptance of this Notice through an on-line or electronic system, if applicable, carries the same legal significance as if he or she manually signed the Notice; and (c) agrees that no transfer of the Shares delivered in respect of the Performance Shares shall be made unless the Shares have been duly registered under all applicable Federal and state securities laws pursuant to a then-effective registration which contemplates the proposed transfer or unless the Company has received a written opinion of, or satisfactory to, its legal counsel that the proposed transfer is exempt from such registration. ###REQUIRED_SIGNATURE### Participant's Signature ###ACCEPTANCE_DATE### Date

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## Exhibit 10.11

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Initials ______ Date ______ 1 STANDARD EXECUTIVE AGREEMENT BETWEEN DESIGNER BRANDS INC. AND SHEAMUS TOAL This Standard Executive Agreement ("Agreement") by and between Designer Brands Inc. (the "Company") and SHEAMUS TOAL (the "Executive"), collectively, the "Parties," is effective as of the date signed (the "Effective Date") and supersedes and replaces any other oral or written employment-related agreement between Executive and the Company except as specifically incorporated into the Agreement by reference. RECITALS WHEREAS, the Company has developed various systems, methods, techniques, business relationships and trade secrets which are of great value to it in its business, which are confidential, which would be of great value to its competitors, and which would place a competitor who was fully acquainted with such systems, methods, techniques, business relationships and trade secrets at an advantage over other competitors in competing for the business of the Company; and WHEREAS, Executive will continue to receive training in and will have access to the Company's systems, methods, techniques, business relationships, trade secrets and other such valuable and confidential information; and WHEREAS, it is the mutual desire of the parties to provide for Executive's employment by the Company under the terms and conditions set forth herein, and to provide the Company with reasonable protection of its business against future use by Executive of the information concerning the Company's business which Executive shall receive from the Company; NOW, THEREFORE, for good and valuable consideration, the Company and Executive agree to the following: AGREEMENT 1.00 EXECUTIVE'S OBLIGATIONS 1.01 Scope of Duties. During such time as Executive is employed by the Company, Executive will: [1] Devote all available business time, best efforts and undivided attention to the Company's business and affairs; carry out such duties and responsibilities as determined by the Company, and in carrying out these duties and responsibilities,

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Initials ______ Date ______ 2 shall comply with all of the Company's policies, procedures, rules and regulations, both written and oral, as are established by the Company from time to time; and [2] Not engage in any other business activity, whether or not for gain, profit or other pecuniary benefit. [3] However, the restriction described in Section 1.02[1] and [2] will not preclude Executive from: [a] Making or holding passive investments in outstanding shares in the securities of publicly-owned companies or other businesses, other than ownership of 2% or more of the voting stock of any organizations described in Section 1.05, regardless of when and how that investment was made; or [b] Serving on corporate, civic, religious, educational and/or charitable boards or committees but only if this activity [i] does not interfere with the performance of duties under this Agreement and [ii] is approved by Executive's manager. 1.02 Confidential Information. [1] Obligation to Protect Confidential Information. Executive acknowledges that the Company and its subsidiaries, parent corporation and affiliated entities (collectively, "Group" and separately, "Group Member") have a legitimate and continuing proprietary interest in the protection of Confidential Information (as defined in Section 1.02[2]) and have invested, and will continue to invest, substantial sums of money to develop, maintain and protect Confidential Information. Executive agrees [a] during and after employment with all Group Members whether or not such termination was voluntary [i] to hold in confidence and treat as proprietary to the Group any Confidential Information, [ii] not to use or disclose any Confidential Information except to promote and advance the Group's business interests, and [b] immediately upon termination from employment with all Group Members, whether or not such termination was voluntary, to return to the Company any Confidential Information, and not to retain any such information including any reproduction or excerpt, and notwithstanding such return shall continue to hold such information in confidence. [2] Definition of Confidential Information. For purposes of this Agreement, Confidential Information collectively refers to all information or material that is non- public or Company treats as confidential, including, but not limited to, any confidential data, figures, projections, estimates, pricing data, customer lists, buying manuals or procedures, distribution manuals or procedures, other policy and procedure manuals or handbooks, supplier information, tax records, personnel histories and records, information regarding sales, information regarding properties and any other Confidential Information regarding the business, operations, properties or personnel of the Group (or any Group Member) which are disclosed to or learned by Executive as a result of employment with any Group

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Initials ______ Date ______ 3 Member. Confidential Information shall not include [a] Executive's personal personnel records or [b] any information that [i] Executive possessed before the date of initial employment (including periods before the Effective Date) with any Group Member that was a matter of public knowledge, [ii] became or becomes a matter of public knowledge through sources independent of Executive, [iii] has been or is disclosed by any Group Member expressly providing for no restrictions on its use, [iv] has been or is required to be disclosed by law or governmental order or regulation, or [v] Executive discloses to the appropriate governmental or regulatory agency solely for the purpose of reporting, participating in an investigation of, or participating in a proceeding involving a suspected violation of law. Executive also agrees that, if there is any reasonable doubt whether an item is public knowledge, to not regard the item as public knowledge until and unless the General Counsel of the Company confirms to Executive that the information is public knowledge or an arbitrator, acting under Section 6.00, finally decides that the information is public knowledge. [3] Intellectual Property. Executive expressly acknowledges that all right, title and interest to all inventions, designs, discoveries, works of authorship, and ideas conceived, produced, created, discovered, authored, or reduced to practice during Executive's performance of services under this Agreement, whether individually or jointly with any Group Member (the "Intellectual Property") shall be owned solely by the Group, and shall be subject to the restrictions set forth in Section 1.02[1] above. All Intellectual Property which constitutes copyrightable subject matter under the copyright laws of the United States shall, from the inception of creation, be deemed to be a "work made for hire" under the United States copyright laws and all right, title and interest in and to such copyrightable works shall vest in the Group. All right, title and interest in and to all Intellectual Property developed or produced under this Agreement by Executive, whether constituting patentable subject matter or copyrightable subject matter (to the extent deemed not to be a "work made for hire") or otherwise, shall be assigned and is hereby irrevocably assigned to the Group by Executive. Executive shall, without any additional consideration, execute all documents and take all other actions needed to convey Executive's complete ownership interest in any Intellectual Property to the Group so that the Group may own and protect such Intellectual Property and obtain patent, copyright and trademark registrations for it. Executive agrees that any Group Member may alter or modify the Intellectual Property at the Group Member's sole discretion, and Executive waives all right to claim or disclaim authorship. [4] Immunity from Liability for Confidential Disclosure of a Trade Secret to the Government or in a Court Filing. [a] Immunity—An individual shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that—[i] is made—[1] in confidence to a federal, state or local government official, either directly or indirectly, or to an attorney; and [2] solely for the purpose of reporting or investigating a suspected violation of law; or [ii] is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. [b] Use of Trade Secret Information in Anti- Retaliation Lawsuit—An individual who files a lawsuit for retaliation by an employer

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Initials ______ Date ______ 4 for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual—[i] files any document containing the trade secret under seal; and [ii] does not disclose the trade secret, except pursuant to court order. 1.03 Solicitation of Employees. Executive agrees that during employment, and for the longer of any period of salary continuation or for two (2) years after terminating employment with all Group Members, whether or not such termination was voluntary, Executive will [1] not, directly or indirectly, solicit any employee of any Group Member to leave employment with the Group, [2] not, directly or indirectly, employ or seek to employ any employee of any Group Member and [3] not cause or induce any of the Group's (or Group Member's) competitors to solicit for employment or employ any employee of any Group Member. 1.04 Solicitation of Third Parties. Executive agrees that during employment, and for the longer of any period of salary continuation or for two (2) years after terminating employment with all Group Members, whether or not such termination was voluntary, not, directly or indirectly, to recruit, solicit or otherwise induce or influence any customer, supplier, sales representative, lender, lessor, lessee or any other person having a business relationship with the Group (or any Group Member) to discontinue or reduce the extent of that relationship except in the course of discharging the duties described in this Agreement and with the good faith objective of advancing the Group's (or any Group Member's) business interests. 1.05 Non-Competition. Executive agrees that for the duration of the Salary Continuation Period (defined in Section 2.02(1) below) after terminating employment with all Group Members, Executive shall not, directly or indirectly, accept employment with, act as a consultant to, or otherwise perform services that are substantially the same or similar to those for which Executive was compensated by any Group Member (this comparison will be based on job-related functions and responsibilities and not on job title) for any business that directly competes with the Group's (or any Group Member's) business, which is understood by the Parties to be the sale of significant branded footwear regardless of whether it is offered at full-price, at discount or off-price, and regardless of the channel of distribution (such as department stores, specialty retail stores, for sale at "first-cost" or wholesale rates and/or for sale online), and the manufacture and design of footwear. Illustrations of businesses that compete with the Group's business include, but are not limited to: Adidas; Amazon (footwear and accessories); Birkenstock; Brooks; Caleres Inc.; Champs Sports; Crocs; Deckers Outdoor; Dick's Sporting Goods; Famous Footwear; Finish Line; Foot Locker; Genesco; Hey Dude; Kohl's (footwear and accessories); Macy's (footwear and accessories); Marc Fisher Footwear; New Balance; Nike; Nordstrom and Nordstrom Rack (Non-apparel); Off Broadway Shoes; Puma; Reebok; Shoe Carnival; Skechers USA; Steve Madden; Tapestry, Inc.; The TJX Companies, Inc. (T.J. Maxx; Marshall's; The Maxx; Marmaxx) (footwear and accessories); Walmart (footwear and accessories); Wolverine World Wide; and Zappos.

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Initials ______ Date ______ 5 1.06 Post-Termination Cooperation. As is required of Executive during employment, Executive agrees that during and after employment with any Group Members and without additional compensation (other than reimbursement for reasonable associated expenses), to cooperate with the Group (and with each Group Member) in the following areas: [1] Cooperation With the Company. Executive agrees [a] to be reasonably available to answer questions for the Group's (and any Group Member's) officers regarding any matter, project, initiative or effort for which Executive was responsible while employed by any Group Member and [b] to cooperate with the Group (and with each Group Member) during the course of all third-party proceedings arising out of the Group's (and any Group Member's) business about which Executive has knowledge or information. For purposes of this Agreement, "proceedings" includes internal investigations, administrative investigations or proceedings, arbitrations, and lawsuits (including pre-trial discovery and trial testimony) and "cooperation" includes [a] Executive being reasonably available for interviews, meetings, depositions, hearings and/or trials without the need for subpoena or assurances by the Group (or any Group Member), [b] preserving and providing any and all documents in Executive's possession that relate to the proceeding, and [c] providing assistance in locating any and all relevant notes and/or documents. [2] Cooperation With Third Parties. Unless compelled to do so by lawfully- served subpoena or court order, Executive agrees not to communicate with, or give statements or testimony to, any opposing attorney, opposing attorney's representative (including private investigator) or current or former employee relating to any matter (including pending or threatened lawsuits or administrative investigations) about which Executive has knowledge or information (other than knowledge or information that is not Confidential Information as defined in Section 1.02[2]) as a result of employment with the Group (or any Group Member) except in cooperation with the Company. Executive also agrees to notify the General Counsel of the Company immediately upon being contacted by a third party or receiving a subpoena or court order to appear and testify with respect to any matter affected by this Section and, if reasonably possible, prior to responding to any subpoena or court order, in order to provide the Company with the opportunity to seek any protective order or make any objections as the Company may see fit. [3] Cooperation With Media. Executive agrees not to communicate with, or give statements to, any member of the media (including print, television or radio media) relating to any matter (including pending or threatened lawsuits or administrative investigations) about which Executive has knowledge or information (other than knowledge or information that is not Confidential Information as defined in Section 1.02[2]) as a result of employment with the Group (or any Group Member). Executive also agrees to notify the General Counsel of the Company immediately after being contacted by any member of the media with respect to any matter affected by this Section but before any such information is provided to any member of the media.

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Initials ______ Date ______ 6 1.07 Non-Disparagement. Executive shall not make any disparaging remarks about the Company and Executive will not make any disparaging remarks about the Company's Chairman, Chief Executive Officer or any of the Group's senior executives. However, this Section will not preclude [1] any remarks that may be made by Executive under the terms of Section 1.06[2] or that are required to discharge the duties described in this Agreement. 1.08 Notice of Subsequent Employment. Executive agrees to immediately notify the Company of any subsequent employment during the Salary Continuation Period after employment terminates. 1.09 Nondisclosure. Executive agrees not to disclose the terms of this Agreement in any manner to any person other than Executive's manager, one of the Company's Vice Presidents of Human Resources (or any Company representative they expressly approve for such disclosure), Executive's personal attorney, accountant and financial advisor, and Executive's immediate family or as otherwise required by law. 1.10 Remedies. Executive acknowledges that money will not adequately compensate the Group for the substantial damages that will arise upon the breach of any provision of Section 1.00. For this reason, any disputes arising under Section 1.00 will not be subject to arbitration under Section 6.00. If Executive breaches or threatens to breach any provision of Section 1.00, the Company will be entitled, in addition to other rights and remedies, to specific performance, injunctive relief and other equitable relief to prevent or restrain any breach or threatened breach of Section 1.00. 1.11 Return of Company Property. Upon termination of employment, Executive agrees to promptly return to the Company all property belonging to the Group or any Group Member. At the Company's sole election, Executive may be directed to permanently destroy Company property that is electronically stored and will be required to sign a certification provided by the Company confirming that such destruction is complete. 2.00 TERMINATION AND RELATED BENEFITS 2.01 Rules of General Application. The following rules apply generally to the implementation of Section 2.00: [1] Method of Payment. If the amount of any installment payments is or becomes less than or equal to the applicable dollar amount under Section 402(g)(1)(B) of the Internal Revenue Code of 1986, the Company may elect to pay such remaining installments as a lump sum. [2] Application of Pro Rata. Any pro rata share required to be paid under Section 2.00 will be based on the number of days between the first day of the fiscal year during which Executive terminates employment and the date that Executive terminates employment divided by the number of days in the fiscal year during which Executive terminates employment.

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Initials ______ Date ______ 7 2.02 Involuntary Termination Without Cause. The Company may terminate Executive's employment at any time Without Cause (as defined below) by delivering to Executive a written notice specifying the date termination is to be effective ("Involuntary Termination Without Cause"). If all requirements of this Agreement are met, the Company will make the following payments to Executive as of the effective date of Involuntary Termination Without Cause: [1] Base Salary. Beginning on the date of Involuntary Termination Without Cause, for the greater of [a] fifty-two (52) weeks; or [b] twelve (12) weeks plus one (1) additional week for every twelve (12) months of completed employment with the Company since the Executive's date of hire (the "Salary Continuation Period"), the Company will continue to pay Executive's base salary at the rate in effect on the effective date of Involuntary Termination Without Cause. If such amount exceeds two (2) times the annual compensation limit prescribed by Section 401(a)(17) of the Internal Revenue Code of 1986 (the "Involuntary Termination Limit"), then the Company will pay the severance obligation described in this Section 2.02[1] in two (2) payment streams. The first payment stream will be equal to the Involuntary Termination Limit, and the Company will pay this amount in equal biweekly installments, beginning on the date of the first pay period following Involuntary Termination Without Cause. The amount of the second payment stream will equal the amount in excess of the Involuntary Termination Limit. The Company will pay this amount in equal biweekly installments beginning on the date of the first pay period following the six (6) months after the date of Executive's Involuntary Termination Without Cause. As a condition of this salary continuation, Executive is expected to promptly and reasonably pursue new employment. If during the Salary Continuation Period Executive becomes employed either as an employee or a consultant, Executive's base salary paid by the Company will be reduced by fifty percent (50%) of the base salary amount for the remainder of the Salary Continuation Period. Executive agrees to immediately notify the Company of any subsequent employment or consulting work during the Salary Continuation Period. [2] Health Care. The Company will reimburse Executive for the cost of maintaining continuing health coverage under COBRA for a period of no more than twelve (12) months following the effective date of Involuntary Termination Without Cause, less the amount Executive is expected to pay as the regular employee premium for such coverage. Such reimbursements will cease if Executive becomes eligible for similar coverage under another benefit plan. Executive agrees to immediately notify the Company if Executive becomes eligible for coverage under another benefit plan. [3] Pro-Rata Cash Incentive Bonus. The Company will pay to Executive the pro-rata share of any cash incentive bonus earned for the amount of time Executive was employed; provided, however, that this pro-rata share will be paid only when [a] Executive was an eligible participant in the applicable bonus plan(s) as of the date of Executive's Involuntary Termination Without Cause; and [b] the cash incentive bonus performance requirements have been achieved for all eligible

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Initials ______ Date ______ 8 participants in the plan(s), as determined by the Company as of the date of Executive's Involuntary Termination Without Cause. The pro-rata calculation will be based on the number of calendar days Executive was employed from the start of the applicable cash incentive bonus plan performance period until Executive's termination date, as a percent of the total number of calendar days in the bonus plan performance period. The cash incentive bonus will be paid at the same time and using the same methods as all other eligible participants. [4] Equity Incentives. Subject to the terms of the Designer Brands Inc. 2005 Equity Incentive Plan, the Designer Brands Inc. 2014 Equity Incentive Plan, any future shareholder approved Company equity plan, and any applicable agreement, Executive shall have the following rights: [a] For these purposes, "Award" means any award granted under the Designer Brands Inc. 2005 Equity Incentive Plan, the Designer Brands Inc. 2014 Equity Incentive Plan, any future shareholder approved Company equity plan, and any other agreement, as such term is defined in the applicable plan. [b] With respect to nonqualified stock options, Executive will have ninety (90) days from the effective date of Involuntary Termination Without Cause, or the grant expiration date set forth in the applicable stock option agreement between Executive and the Company, whichever period is shorter, to exercise any portion of any outstanding nonqualified stock options that are vested and exercisable on the effective date of Involuntary Termination Without Cause, subject to the trading rules set forth in the Company's policies and procedures, including the Designer Brands Inc. Insider Trading policy. [c] With respect to Awards that would vest solely upon the passage of time and such vesting date would occur within the twelve (12) month period following the effective date of Involuntary Termination Without Cause, such Award shall vest and, if applicable, be awarded to Executive as of the date of Involuntary Termination Without Cause. [d] With respect to Awards that would vest upon the satisfaction of a specified requirement, or upon satisfaction of the passage of time and satisfaction of a specified requirement: (i) if the Involuntary Termination Without Cause occurs on or before the second anniversary of the date of grant of the award, the entire award shall be forfeited, regardless of whether performance goals in prior performance periods were achieved; however, (ii) if the Involuntary Termination Without Cause occurs after the second anniversary but before the third anniversary of the date of grant of the award, such Award shall vest and be awarded to Executive upon the date of the Involuntary Termination Without Cause, calculated as follows. The amount of the vested Award will be equal to (a) the number of shares

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Initials ______ Date ______ 9 earned based on achievement of the applicable performance goals during the first two performance periods of the award, plus (b) the number of shares that the Committee, in its sole discretion, reasonably expects to be earned based on projected performance as of the date of the Involuntary Termination Without Cause. [5] Other. Any rights accruing to Executive under any employee benefit plan, fund or program maintained by any Group Member will be distributed or made available as required by the terms of the plan fund or program or as required by law. 2.03 Definition of Cause. For these purposes, Cause means Executive's [a] breach of Section 1.00 of this Agreement, including Scope of Duties, Confidential Information, Solicitation of Employees, Solicitation of Third Parties, Non-Competition, Post- Termination Cooperation, Non-Disparagement, Nondisclosure, and Return of Company Property; [b] willful, illegal or grossly negligent conduct that is materially injurious to the Company or any Group Member monetarily or otherwise; [c] violation of laws or regulations governing the Company or to any Group Member; [d] breach of any fiduciary duty owed to the Company or any Group Member, expressly including the duties of good faith, ordinary care, and to act in a manner that is not opposed to the best interests of the Company; [e] violation of a material provision of the Company's or any Group Member's policies and procedures; [f] involvement in any act of moral turpitude that has or could reasonably have an injurious effect on the Company (or any Group Member) or its reputation; [g] breach of the terms of any non-solicitation or confidentiality clauses contained in any agreement(s) with a former employer; [h] dishonesty or fraudulent conduct in violation of the Company's or any Group Member's policies or procedures; or [i] conviction of any crime that constitutes a felony (or state law equivalent) or a crime that constitutes a misdemeanor involving moral turpitude after all applicable rights of appeal have been exhausted or waived. By way of non-limiting example, conduct constituting Cause under part [f] of this Section 2.03 includes Executive's engagement in or facilitation of, as determined by the Company, any form of harassment, sexual or otherwise, or any other sexual misconduct. The Company's dissatisfaction with Executive's performance, or the business results achieved, shall not, in and of itself, constitute Cause under this Section. 2.04 Subsequent Information. The terms of Section 2.03 will apply if, after Executive terminates, the Company learns of an event that, had it been known before Executive terminated employment, would have justified a termination for Cause. In this case, the Company will be entitled to recover (and Executive agrees to repay) any amounts (other than legally protected benefits) that Executive received. For purposes of this Agreement, "Involuntary Termination Without Cause" and "Without Cause" mean termination of Executive's employment by the Company for any reason other than those set forth in Section 2.03 or 2.04. 3.00 NOTICE

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Initials ______ Date ______ 10 3.01 How Given. Any notice permitted or required to be given under this Agreement must be given in writing and delivered in person or by registered, U.S. mail, return receipt requested, postage prepaid, or through Federal Express, UPS, DHL or any other professional delivery service that maintains a confirmation of delivery system. Any delivery must be addressed to the Company's General Counsel at the Company's then- current corporate offices or to Executive at Executive's address as contained in Executive's personnel file as of the last day of employment. 3.02 Effective Date. Any notice permitted or required to be given under this Agreement will be effective on the date it is delivered, in the event of personal delivery, or on the date its receipt is acknowledged, in the event of delivery by registered mail or through a professional delivery service described in Section 3.01. 4.00 RELEASE 4.01 General. In exchange for the payments and benefits described in Section 2.00 of this Agreement, upon termination Executive and Executive's personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees, legatees and assigns (together, the "Executive Representatives") agree to execute a release forever discharging the Company, the Group and each Group Member and their executives, officers, directors, agents, attorneys, successors and assigns, from any and all claims, suits and/or causes of action that grow out of or are in any way related to Executive's recruitment to or employment with the Company and all Group Members, other than: (i) any claim that the Company has breached this Agreement, and (ii) any charge filed with an administrative agency (although Executive and Executive Representatives waives any right to recover any money or other benefits arising from such charge(s)). This release includes, but is not limited to, any claims that the Company, the Group or any Group Member violated the Employee Retirement and Income Security Act of 1974; the Age Discrimination in Employment Act; the Older Worker's Benefit Protection Act; the Americans with Disabilities Act; Title VII of the Civil Rights Act of 1964 (as amended); the Family and Medical Leave Act; the Equal Pay Act of 1963 (as amended); the Genetic Information and Nondiscrimination Act of 2008; any law prohibiting discrimination, harassment or retaliation in employment; any claim of promissory estoppel or detrimental reliance, defamation, intentional infliction of emotional distress; or the public policy of any state, or any federal, state or local law. If Executive or Executive Representatives fails to execute this release, Executive or Executive Representatives agrees to forego any payment from the Company as if Executive had terminated employment voluntarily. Specifically, Executive and Executive Representatives agree that a necessary condition for the payment of any of the amounts described in Section 2.00 in the event of termination is Executive's or Executive Representatives' execution of this release upon termination of employment. Executive acknowledges that Executive is an experienced senior executive knowledgeable about the claims that might arise in the course of employment with the Company and knowingly agrees that the payments upon termination provided for in this Agreement are satisfactory consideration for the release of all possible claims.

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Initials ______ Date ______ 11 4.02 Waiver and Release Under ADEA and OWBPA. Executive further expressly and specifically waives any and all rights or claims under the Age Discrimination in Employment Act of 1967 (ADEA) and the Older Workers' Benefit Protection Act (OWPA). Executive acknowledges and agrees that this waiver of any right or claim under the ADEA and OWPA is knowing and voluntary, and specifically agrees as follows: [a] that this Agreement including but not limited to the waiver contained in this Section 4.02, is written in a manner which Employee understands; [b] that this waiver specifically relates to rights or claims under the ADEA and OWPA; [c] that Executive does not waive any rights or claims under the ADEA or OWPA that may arise after the date of the waiver; [d] that Executive waives rights or claims under the ADEA and OWPA in exchange for consideration in addition to anything of value to which Executive is already entitled; [e] that Executive is hereby advised in writing to consult with an attorney prior to executing the Agreement; [f] that Executive has been afforded a period of twenty-one (21) calendar days in which to consider the Agreement; and [g] that Executive may revoke the Agreement during the seven (7) calendar days following its execution. Notwithstanding the forgoing, nothing in this this Agreement is intended to, or shall, interfere with Executive's rights under federal, state or local civil rights or employment discrimination laws to institute a charge of discrimination or an unfair labor practice charge, to participate in a proceeding with any appropriate federal, state or local government agency enforcing discrimination or labor laws, or to cooperate with any such agency in its investigation. By signing below, however, Executive understands and agrees that Executive shall not be entitled to any relief, recovery, or monies in connection with any such charge, claim or cause of action brought against the Company, regardless of who filed or initiated any such charge, claim or cause of action. 5.00 INSURANCE To the extent permitted by law and its organizational documents, the Company will include Executive under any liability insurance policy the Company maintains for employees of comparable status. The level of coverage will be at least as favorable to Executive (in amount and each other material respect) as the coverage of other employees of comparable status. This obligation to provide insurance for Executive will survive termination of this Agreement with respect to proceedings or threatened proceedings based on acts or omissions occurring during Executive's employment with the Company or with any Group Member. 6.00 ARBITRATION 6.01 Acknowledgement of Arbitration. Unless stated otherwise in this Agreement, the Parties agree that arbitration is the sole and exclusive remedy for each of them to resolve and redress any dispute, claim or controversy involving the interpretation of this Agreement or the terms, conditions or termination of this Agreement or the terms, conditions or termination of Executive's employment with the Group and with each Group Member, including any claims for any tort, breach of contract, violation of public policy or discrimination, whether such claim arises under federal or state law.

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Initials ______ Date ______ 12 Section 6.0 specifically supersedes, replaces, and terminates any contemporaneous or previous agreement regarding arbitration, including but not limited to the Mutual Agreement to Arbitrate Claims, and any such agreement will have no further force or legal effect. Additionally, to the extent that any contemporaneous or previous agreement regarding arbitration exists, including but not limited to the Mutual Agreement to Arbitrate Claims, this Agreement constitutes an individual written agreement specifically altering and modifying such agreement. 6.02 Scope of Arbitration. The Executive expressly understands and agrees that claims subject to arbitration under this Section include asserted violations of the Employee Retirement and Income Security Act of 1974; the Age Discrimination in Employment Act; the Older Worker's Benefit Protection Act; the Americans with Disabilities Act; Title VII of the Civil Rights Act of 1964 (as amended); the Family and Medical Leave Act; the Equal Pay Act of 1963 (as amended); the Genetic Information and Nondiscrimination Act of 2008; any law prohibiting discrimination, harassment or retaliation in employment; any claim of promissory estoppel or detrimental reliance, defamation, intentional infliction of emotional distress; or the public policy of any state, or any federal, state or local law. Section 6.0 does not apply to: (1) claims for workers' compensation benefits, state disability insurance, or unemployment insurance benefits; (2) any claim not subject to mandatory arbitration, applying the Federal Arbitration Act (FAA) to determine whether the claim is arbitrable, including, if Employee chooses, sexual assault and sexual harassment disputes as defined by section 401 of the FAA; and (3) any claim for benefits from an employee benefit plan or pension plan that has its own binding, non-judicial dispute resolution procedure. 6.03 Effect of Arbitration. The Parties intend that any arbitration award relating to any matter described in Section 6.00 will be final and binding on them and that a judgment on the award may be entered in any court of competent jurisdiction, and enforcement may be had according to the terms of that award. This Section will survive the termination or expiration of this Agreement. 6.04 Location of Arbitration. Arbitration will be held in Columbus, Ohio and will be conducted by a retired federal judge or other qualified arbitrator. The arbitrator will be mutually agreed upon by the Parties and the arbitration will be conducted in accordance with the Employment Arbitration Rules and Mediation Procedures of the American Arbitration Association ("AAA"). 6.05 Arbitration Procedures. The Parties will have the right to conduct discovery pursuant to the AAA rules and consistent with the expedited nature of arbitration. Generally, the Parties may take the depositions of all expert witnesses and up to (3) other individuals per Party. To the extent that a case warrants additional depositions or otherwise extensive discovery, the arbitrator will have the authority to approve the scope of such discovery. Additionally, the arbitrator will have the authority to establish an expedited discovery schedule and cutoff and to resolve any discovery disputes. The arbitrator will have no jurisdiction or authority to change any provision of this Agreement

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Initials ______ Date ______ 13 by alterations of, additions to or subtractions from the terms of this Agreement. The arbitrator's sole authority will be to interpret or apply any provision(s) of this Agreement or any public law alleged to have been violated. The arbitrator will be limited to awarding compensatory damages, including unpaid wages or benefits, but, to the extent allowed by law, will have no authority to award punitive, exemplary or similar-type damages. 6.06 Time for Initiating Arbitration. Any claim or controversy not sought to be submitted to arbitration, in writing, within one-hundred-twenty (120) days of the date the Party asserting the claim knew, or through reasonable diligence should have known, of the facts giving rise to that Party's claim, will be deemed waived and the Party asserting the claim will have no further right to seek arbitration or recovery with respect to that claim or controversy. Both Parties agree to strictly comply with the time limitation specified in Section 6.00. For purposes of this Section, a claim or controversy is sought to be submitted to arbitration on the date the complaining Party gives written notice to the other that [1] an issue has arisen or is likely to arise that, unless resolved otherwise, may be resolved through arbitration under Section 6.00 and [2] unless the issue is resolved otherwise, the complaining Party intends to submit the matter to arbitration under the terms of Section 6.00. 6.07 Costs of Arbitration. Executive may be required to pay a filing fee to initiate arbitration. The Company will bear the arbitrator's fee and other costs associated with any arbitration, unless the arbitrator elects to award these fees to the Company. 6.08 Arbitration Exclusive Remedy. The Parties acknowledge that, because arbitration is the exclusive remedy for resolving issues arising under this Agreement, neither Party may resort to any federal, state or local court or administrative agency concerning breaches of this Agreement or any other matter subject to arbitration under Section 6.00, except as otherwise provided in this Agreement, and that the decision of the arbitrator will be a complete defense to any suit, action or proceeding instituted in any federal, state or local court before any administrative agency with respect to any arbitrable claim or controversy. 6.09 Waiver of Jury. The Executive and the Company each waive the right to have a claim or dispute with one another decided in a judicial forum or by a jury, except as otherwise provided in this Agreement. 7.00 GENERAL PROVISIONS 7.01 Representation of Executive. Executive represents and warrants that Executive is not under any contractual or legal restraint that prevents or prohibits Executive from entering into this Agreement or performing the duties and obligations described in this Agreement. 7.02 Modification or Waiver; Entire Agreement. No provision of this Agreement may be modified or waived except in a document signed by Executive and the Company's Chief Executive Officer, Chief Financial Officer, Chief Administrative Officer or other person designated by the Company's Board of Directors. This Agreement (including the

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Initials ______ Date ______ 14 recitals to this Agreement which are incorporated and shall constitute a part of this Agreement), and any attachments referenced in the Agreement, constitute the entire agreement between the Parties regarding the employment relationship described in this Agreement, and any other agreements are superseded, replaced, terminated and of no further force or legal effect. No agreements or representations, oral or otherwise, with respect to Executive's employment relationship with the Company have been made or relied upon by either Party which are not set forth expressly in this Agreement. 7.03 Governing Law; Severability; Choice of Law. This Agreement is intended to be performed in accordance with, and only to the extent permitted by, all applicable laws, ordinances, rules and regulations. If any provision of this Agreement, or the application of any provision of this Agreement to any person or circumstance, is, for any reason and to any extent, held invalid or unenforceable, such invalidity and unenforceability will not affect the remaining provisions of this Agreement of its application to other persons or circumstances, all of which will be enforced to the greatest extent permitted by law and Executive and the Company agree that the arbitrator (or judge) is authorized to reform the invalid or enforceable provision [1] to the extent needed to avoid the invalidity or unenforceability and [2] in a manner that is as similar as possible to the intent (as described in this Agreement). The validity, construction and interpretation of this Agreement and the rights and duties of the Parties will be governed by the laws of the State of Ohio, without reference to the Ohio choice of law rules. 7.04 No Waiver. Except as otherwise provided in Section 6.05, failure to insist upon strict compliance with any term of this Agreement will not be considered a waiver of any such term. 7.05 Withholding. All payments made to Executive under this Agreement will be reduced by any amount: [1] That the Company is required to withhold in advance payment of Executive's federal, state and local income, wage and employment tax liability; and [2] To the extent allowed by law, that Executive owes (or, after employment is deemed to owe) to the Company. However, application of Section 7.05[2] will not extinguish the Company's right to seek additional amounts from Executive (or to pursue other appropriate remedies) to the extent that the amount that may be recovered by application of Section 7.05[2] does not fully discharge the amount Executive owes to the Company and does not preclude the Company from proceeding directly against Executive without first exhausting its right of recovery under Section 7.05[2]. 7.06 Survival. The Parties agree that the covenants and promises set forth in this Agreement will survive the termination of this Agreement and continue in full force and effect. 7.07 Miscellaneous.

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Initials ______ Date ______ 15 [1] This Agreement is personal to Executive, and, without the prior written consent of the Company, shall not be assignable by Executive other than by will or the laws of descent and distribution. [2] This Agreement will be binding upon and will inure to the benefit of Executive, Executive's heirs and legal representatives and the Company and its successors. [3] The headings in this Agreement are inserted for convenience of reference only and will not be a part of or control or affect the meaning of any provision of the Agreement. 7.08 Successors to Company. This Agreement may and will be assigned or transferred to, and will be binding upon and will inure to the benefit of, any successor of the Company, and any successor will be substituted for the Company under the terms of this Agreement. As used in this Agreement, the term "successor" means any person, firm, corporation or business entity which at any time, whether by merger, purchase or otherwise, acquires all or essentially all of the assets of the business of the Company. Notwithstanding any assignment, the Company will remain, with any successor, jointly and severally liable for all its obligations under this Agreement. 7.09 IRC Section 409A Compliance. The parties will administer this Agreement in a good faith attempt to avoid imposition on Executive of penalties under Section 409A of the Internal Revenue Code of 1986 and the guidance promulgated thereunder. If Executive is a "specified employee" as defined under Section 409A, and to the extent any payments under this Agreement are otherwise payable in the period beginning with the termination date and ending six (6) months after the termination date and would subject Executive to penalties under Section 409A, such payments will be delayed, aggregated, and paid as soon as practicable after the date that is six (6) months after the date of termination. For purposes of this Agreement, "termination of employment" or any similar term shall be interpreted consistent with the definition of "separation from service" under Section 409A. EXECUTIVE ACKNOWLEDGES, DECLARES, AND REPRESENTS THAT: (A) EXECUTIVE HAS FULLY READ AND FULLY UNDERSTANDS THE TERMS OF THIS AGREEMENT INCLUDING, BUT NOT LIMITED TO EXECUTIVE'S RIGHTS AND CLAIMS UNDER THE AGE DISCRIMINATION IN EMPLOYMENT ACT AND THE OLDER WORKERS BENEFIT PROTECTION ACT; (B) EXECUTIVE HAS BEEN ADVISED BY THE COMPANY IN WRITING BY THIS AGREEMENT TO CONSULT WITH LEGAL COUNSEL OF EXECUTIVE'S CHOICE PRIOR TO EXECUTING THIS AGREEMENT AND THE RELEASE PROVIDED FOR IN THIS AGREEMENT;

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Initials ______ Date ______ 16 (C) EXECUTIVE HAS BEEN INFORMED BY THE COMPANY AND EXECUTIVE AGREES THAT EXECUTIVE HAS TWENTY-ONE (21) DAYS AFTER RECEIVING THIS AGREEMENT, TO ACCEPT, SIGN, AND DATE THIS AGREEMENT; (D) EXECUTIVE UNDERSTANDS EXECUTIVE HAS SEVEN (7) DAYS AFTER SIGNING THIS AGREEMENT TO REVOKE ITS TERMS (THE "REVOCATION PERIOD") BY SENDING WRITTEN NOTICE OF REVOCATION TO COMPLIANCE@DESIGNERBRANDS.COM; (E) EXECUTIVE HAS BEEN INFORMED BY THE COMPANY THAT THIS AGREEMENT WILL BECOME EFFECTIVE ONLY IF EXECUTIVE ACCEPTS AND SIGNS THIS AGREEMENT AND ONLY IF EXECUTIVE DOES NOT REVOKE EXECUTIVE'S ACCEPTANCE WITHIN THE REVOCATION PERIOD; (F) NO PROMISE, INDUCEMENT OR AGREEMENT HAS BEEN MADE EXCEPT AS EXPRESSLY PROVIDED IN THIS AGREEMENT, THIS AGREEMENT CONTAINS THE ENTIRE AGREEMENT BETWEEN THE PARTIES, AND THIS AGREEMENT TOTALLY REPLACES AND SUPERSEDES ANY AND ALL PRIOR ORAL OR WRITTEN CONTRACTS, AGREEMENT, LETTERS OR UNDERSTANDINGS OF THE PARTIES; AND (G) EXECUTIVE HAS VOLUNTARILY AND KNOWINGLY SIGNED THIS AGREEMENT, FULLY INTENDING TO BE BOUND BY ITS TERMS. [Signature Page Follows]

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Initials ______ Date ______ 17 IN WITNESS WHEREOF, the Parties have duly executed and delivered this Agreement, which includes an arbitration provision, and consists of sixteen (16) pages. The Parties acknowledge and agree that this Agreement may be executed by electronic signature, which shall be considered as an original signature for all purposes and shall have the same force and effect as an original signature. EXECUTIVE Sheam Toal Dated: ______ DESIGNER BRANDS INC. Doug Howe Chief Executive Officer Dated: ______

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## Ex-19

![](dbi-insidertradingpolicy001.jpg)

-1- DESIGNER BRANDS INC. Insider Trading Policy (Amended and restated September 18, 2025) I. INTRODUCTION The Board of Directors (the "Board") of Designer Brands Inc. (together with its subsidiaries, the "Company" "we," "us," or "our") has adopted this insider trading policy ("Policy") in accordance with both our Global Code of Conduct and federal securities laws. This Policy sets forth acceptable transactions in Company securities by our associates, members of the Board, advisors, and consultants (collectively, "Team Members," "you," or "your"). This Policy applies to you and to (i) anyone who lives in your household and any family members who do not live with you, but whose transactions in Company securities or the securities of another publicly traded company are directed by, or are subject to, your influence or control, such as parents, spouse/partner or children (collectively, "Family Members"); and (ii) entities controlled by you ("Related Entities"). It is your obligation to make your Family Members and Related Entities aware of, and understand and comply with, the provisions and obligations of this Policy. See Section VII of this Policy, below. Team Members, Family Members and Related Entities are referred to in this Policy as "Covered Persons." During the course of your association with the Company, you may receive important information that has not yet been publicly announced by the Company or concerning other publicly traded companies with which the Company has business dealings (as further described under Section III.b, "material non-public information"). This Policy prohibits engaging in transactions in Company securities by Covered Persons while such Covered Persons are aware of material non- public information concerning the Company. In addition, this Policy provides that Covered Persons who learn of material non-public information about a company (i) with which the Company has business dealings or (ii) that is involved in a potential transaction or business relationship with the Company may not engage in transactions in that company's securities until the information becomes public or is no longer material. This Policy also prohibits Covered Persons from disclosing or "tipping" material non-public information to others who then trade in Company securities or the securities of another publicly traded company with which the Company has business dealings (a "tippee"). For the avoidance of doubt, this Policy does not prohibit Covered Persons from sharing material non-public information with attorneys or other advisors that owe such Covered Person a duty of confidentiality. It is important that you understand the breadth of activities that constitute illegal insider trading and the consequences, which can be serious. The U.S. Department of Justice, the Securities and Exchange Commission (the "SEC"), the New York Stock Exchange ("NYSE"), and the Financial Industry Regulatory Authority investigate and are very effective at detecting insider trading violations. Cases have been successfully prosecuted against individuals as a result of trades involving only a small number of shares. There are no exceptions to this Policy, even for situations that may seem necessary or justifiable (such as the need to raise money for an emergency expenditure) or small transactions. If material non-public information is inadvertently disclosed

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-2- — no matter what the circumstances — the person making or discovering that disclosure should immediately report the disclosure to the Company's Chief Compliance Officer. II. THE CONSEQUENCES Anyone who effects transactions in Company securities or securities of other public companies engaged in business transactions with the Company (or provides information to enable others to do so) on the basis of material non-public information is subject to both civil liability and criminal penalties, as well as disciplinary action by the Company. Penalties for insider trading can be severe for both Covered Persons and the Company. Under the securities laws, the Company and its directors, officers, or supervising employees may be liable for significant penalties if they do not take appropriate action to prevent a person directly or indirectly under their control from trading in securities while in possession of material non-public information — or if they recklessly disregard the likelihood that such trading would take place. The consequences of a violation of this Policy are severe: Traders and Tippers. Covered Persons (or tippees) who trade on the basis of material non- public information can be subject to the following penalties (in addition to dismissal from the Company): • Forfeiture of trading gains made or losses avoided, as well as civil penalties of up to three times the trading gains made or losses avoided; • A criminal fine of up to $5,000,000 or twice the gross gain or loss from the offense; • A jail term of up to 25 years; • Injunctions against future violations; • Bans from serving as an officer or director of a public company; and • Private party damages. If a Covered Person tips information to a person who then trades, the Covered Person can be subject to the same penalties as the tippee, even if the Covered Person did not trade and did not profit from the trades made by the tippee. Control Persons. The Company and management, if they fail to take appropriate steps to prevent illegal insider trading, can be subject to "controlling person" liability for an insider trading violation, with the following potential penalties: • A civil penalty of up to $1,275,000 or, if greater, three times the profit gained or loss avoided as a result of the associate's violation; and • A criminal fine of up to $25,000,000.

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-3- Company-Imposed Sanctions. Failure to comply with this Policy may also subject you to Company-imposed sanctions, including dismissal for cause, whether or not your failure to comply results in a violation of law. You should treat all material non-public information with caution, and not share that information, including within the Company, except on a need-to-know basis. Individuals have been subjected to civil and criminal investigations, and penalties including termination, for inadvertently and unintentionally disclosing material non-public information to others who have traded on that information. Even inadvertent disclosure can pose risks to you and the Company. All material non-public information should be closely safeguarded and treated in accordance with the Company's policies and procedures surrounding privacy and security. III. STATEMENT OF POLICY a. Use of Material Non-Public Information in Securities Transactions Prohibited The use of material non-public information by a Covered Person for personal gain, or to pass on, or "tip," the material non-public information to someone who uses it for personal gain, is illegal, regardless of the quantity of shares involved, and is therefore prohibited. A Covered Person can be held liable both for the Covered Person's own transactions and for transactions effected by a tippee, or even a tippee of a tippee. Furthermore, it is important — in order to protect your reputation and that of the Company — to avoid even the appearance of improper conduct. Accordingly, we have adopted the following policy: No Covered Person who is aware of material non-public information relating to the Company or any of its affiliates may, directly or indirectly through a third party: • Buy, sell or otherwise engage in any transactions ("trade") in securities of the Company, other than pursuant to a pre- approved trading plan ("Trading Plan") that meets the requirements of Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"); • Tip, directly or indirectly, material non-public information to any person who might: (i) trade in Company securities or (ii) pass along such information to any other person who might trade in Company securities; • Make recommendations or express opinions to any person about trading in Company securities on the basis of material non-public information; or • Disclose, directly or indirectly, material non-public information to anyone: (i) within the Company whose job does not, to the good faith knowledge of the Team Member,

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-4- require them to have that information; or (ii) outside the Company, including, but not limited to, Family Members, Related Entities, friends, business associates, investors and consulting firms, unless the disclosure is expressly authorized by the Company. In addition, this Policy prohibits all Covered Persons who, in the course of their association with us, learn of material non-public information about a publicly traded company with which we do business (including, without limitation, our customers or suppliers) from trading in that other company's securities until the information becomes public or is no longer material. If for some reason there is never a public release of a material matter, for example because action is not taken for one reason or another, you should inquire with the Company's Chief Compliance Officer at compliance@designerbrands.com to determine when the information becomes stale and no longer inhibits trading. You may find yourself the recipient of questions concerning various activities of the Company. Such inquiries can come from the media, securities analysts and others regarding the Company's business, rumors, trading activity, current and future prospects and plans, acquisition or divestiture activities and other similar important information. Under no circumstances should you attempt to handle these inquiries without prior authorization from the Chief Compliance Officer of the Company. We are required under Regulation FD of the federal securities laws to avoid the selective disclosure of material non-public information and have established procedures for compliance with these requirements. Only Team Members who are specifically authorized to do so may answer questions about or disclose information concerning the Company. In the event you receive any inquiry or request for information (particularly financial results and/or projections, including to affirm or deny information about the Company) from any person or entity outside the Company, such as a stock analyst or news reporter, and it is not part of your regular corporate duties to respond to such an inquiry or request, the inquiry should be referred to Investor Relations or the Chief Compliance Officer of the Company. Any written or verbal statement that would be prohibited under the law or under this Policy is equally prohibited if made on electronic bulletin boards, chat rooms, blogs, websites, or any other form of social media, including the disclosure of material non-public information about the Company or material non-public information with respect to other companies that you come into possession of in connection with your tenure with the Company. You are prohibited from making public statements about the Company, including truthful statements, that are calculated or reasonably likely to affect the price of the Company's securities or other securities, unless specifically authorized to do so by the Company. b. What is Material Non-public Information? As a practical matter, it is sometimes difficult to determine whether you possess "inside" or material non-public information. Under the securities laws, "material" information is any information that a reasonable investor would likely consider important in making a decision to buy, hold or sell securities. Any information that could be expected to affect the price of a

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-5- security, whether it is positive or negative, should be considered material. Certainly, if the information makes you want to trade, it would probably have the same effect on others. Although by no means an all-inclusive list, information about the following items (whether positive or negative) may be considered to be material non-public information until it is publicly disseminated: • Projections of future earnings or losses, or other earnings guidance; • Strategic plans; • Earnings that are inconsistent with the expectations of the investment community; • Changes in prices or demand for the Company's products, or changes in the cost of producing, transporting or selling such products; • The loss of a key vendor or brand relationship; • Industry information (such as prices, volumes or other conditions affecting the Company's business or likely to affect other companies in the industry); • Substantial changes in accounting methods; • A pending or proposed merger, acquisition or tender offer; • A pending or proposed acquisition or disposition of a significant asset, including the disposition of a subsidiary; • A pending or proposed joint venture; • Major events, including a change in dividend policy, the declaration of a stock split or stock dividend, the approval of a repurchase plan, or an offering of additional securities; • A change in management or a change in control; • A significant change in the ownership of the Company; • A significant change in capital investment plans; • Impending bankruptcy or the existence of severe liquidity problems; • Actual or threatened major litigation or the resolution of such litigation; • The borrowing of a significant amount of funds; • Pending public or private sales of debt or equity securities;

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-6- • Knowledge of a significant data security, privacy or cybersecurity incident; • The resignation or termination of the independent registered public accounting firm, or the withdrawal of a previously issued audit report; • Communications with government agencies; and • Information that might reasonably affect the market for, or price of, securities for other similarly situated public companies. Remember, anyone scrutinizing a Covered Person's transactions will be doing so after the fact, with the benefit of hindsight. As a practical matter, before engaging in any transaction, Covered Persons should carefully consider how enforcement authorities and others might view the transaction in hindsight. Questions concerning the materiality of particular information should be resolved in favor of concluding that it is material. "Non-public" information is any information that has not been disclosed broadly to the marketplace and which the investing public has not yet had time to absorb and evaluate fully. If a Covered Person possesses material non-public information, such Covered Person may not trade in a company's securities, advise anyone else to do so, or communicate the information to anyone else until such Covered Person knows that the information has been publicly disseminated. For information to be considered publicly disseminated, it must be widely disclosed through a press release or SEC filing, and a sufficient amount of time must have passed to allow the information to be fully absorbed and evaluated. This means that in some circumstances, a Covered Person may have to forego a proposed transaction in a company's securities even if such Covered Person planned to execute the transaction prior to learning of the material non-public information and even though such Covered Person believes that they may suffer an economic loss or sacrifice an anticipated profit by waiting. Generally speaking, information will be considered publicly disseminated after one full trading day has elapsed since the date of public disclosure of the information. For example, if the Company announces material non-public information prior to the market opening on a Wednesday, then the Covered Person may execute a transaction in Company securities after the market opens on Thursday. c. Prohibition of Speculative or Short-Term Trading You are prohibited from engaging in short sales of Company stock, or trade in puts, calls, or other options on the Company's stock, except pursuant to a limited diversification or estate planning strategy approved by the Chief Compliance Officer of the Company. In addition, Section 16(c) of the Exchange Act prohibits officers of the Company and members of the Board from engaging in short sales. Short sales arising from certain types of hedging transactions are governed by the paragraph below captioned "Policy Relating to Hedging." d. Policy Relating to Hedging The Company seeks to align the long-term financial interests of Team Members with the interests of our other shareholders. For this reason, you are prohibited from engaging in transactions in financial instruments (including prepaid variable forward contracts, equity swaps,

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-7- collars, and exchange funds), or otherwise engaging in transactions that are designed to hedge or offset any decrease in the market value of Company stock or the full ownership risks and rewards of your direct or indirect holdings in Company securities. This policy prohibits transactions in such instruments as prepaid variable forward contracts, equity swaps, collars or exchange funds, as well as any other hedging instrument. e. Policy Relating to Pledging You are also prohibited from holding Company stock in a margin account as collateral for a margin loan or otherwise pledging Company stock as collateral; provided that any pledging arrangements in place prior to the fiscal year ended February 3, 2018 are exempt from this requirement. IV. SCOPE OF POLICY a. Appointment of Compliance Officers The Board of Directors shall appoint a Chief Compliance Officer to implement and oversee this Policy. The Chief Compliance Officer may appoint other compliance officers (collectively, with the Chief Compliance Officer, the "Compliance Officers") to assist him or her in fulfillment of his or her duties. The Compliance Officers will be the primary contact for answering questions of Team Members relating to securities law compliance. The Compliance Officers will also be responsible for implementing the pre-clearance trading procedures set forth in this Section IV. b. Pre-Clearance and Advance Notice In order to avoid unintentional violations of federal securities laws, directors, executive officers and certain key associates ("Pre-Clearance Persons") will be required to pre- clear any transaction (i.e., sales and purchases in Company securities) with a Compliance Officer before engaging in the transaction. However, all Covered Persons are required to notify, and obtain pre-approval from, the Chief Compliance Officer prior to entering into, modifying or terminating a Trading Plan (providing a copy of such plan and any supporting documentation). The Chief Compliance Officer will update and modify the list of Pre-Clearance Persons as necessary. Pre-clearance is required so that the Company will be in a position to aid the individual in determining whether material non-public information exists, avoiding short-swing profit recovery and assuring that appropriate Form 4, Form 5 and Form 144 filings are timely made with the SEC, if required. The Compliance Officer will also have the opportunity to explain the Company's policies to the individual and answer any questions. If a Pre-Clearance Person's request is approved, such approval will remain in effect until the then-open trading window closes, unless such Pre-Clearance Person learns of any material non-public information or is otherwise instructed by the Compliance Officer(s). Upon completion of any transaction, Section 16 Insiders (as defined below) must immediately notify the Compliance Officer(s) so that the Company may assist in any Section 16 reporting obligations (as discussed in Section V below).

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-8- c. Trading Windows and Blackout Periods Except as set forth otherwise in this Section IV, certain Team Members, including Pre-Clearance Persons and associates that receive quarterly blackout notifications from the Chief Compliance Officer ("Restricted Team Members"), may buy or sell Company securities only during open trading windows that occur outside of a "Blackout Period," which begins on the first Monday of the month in which the fiscal quarter ends and ends the first full trading day following the Company's public announcement of its financial results for the applicable quarter. A trading calendar specifying the quarterly Blackout Periods during which Restricted Team Members will not be permitted to trade in Company securities will be published in advance of each fiscal year and will be posted on the Legal page of the Company's intranet. In addition to the quarterly Blackout Periods, special Blackout Periods may be imposed if, in the judgment of the Chief Compliance Officer, there exists undisclosed information that would make trading in Company securities inappropriate. It is important to note that the fact that a Blackout Period has been extended or a special Blackout Period has been imposed should be considered material non-public information. Any person made aware of a special Blackout Period should not disclose the existence of the special Blackout Period to anyone else, including other Team Members, unless permitted by the Chief Compliance Officer. Periodic memorandums will be sent out from the Compliance Officers reminding all persons of their obligations under the law and this Policy. Restricted Team Members' failure to review, or the failure of the Company to provide, periodic memorandums regarding Blackout Periods is not an excuse for failure to comply with this Policy. Even during an open trading window, when a Blackout Period is not in effect, at no time may you trade in Company securities if you are aware of material non-public information. d. Exceptions to Blackout Period Policy i. Transactions under Company Plans 1. Option Exercises. Team Members (including Pre-Clearance Persons) may exercise options granted under the Company's equity compensation plans by paying the exercise price with cash (i.e., no Company securities are sold in the market) and/or may exercise a tax withholding right pursuant to which you elect to have the Company withhold shares of common stock subject to a stock option to satisfy tax withholding requirements, regardless of whether the exercise occurs within an open trading window. However, the subsequent sale of the stock (including sales of stock in a broker-assisted cashless exercise) acquired upon the exercise of options is subject to all provisions of this Policy. Notwithstanding the foregoing, all Pre-Clearance Persons must notify the Compliance Officer(s) prior to exercising stock options during a Blackout Period. 2. Vesting of Certain Equity-Based Awards. This Policy does not apply to the vesting of restricted stock or the vesting and delivery of restricted stock units and performance-based equity awards. This Policy does apply, however, to any market sale by a Team Member

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-9- of any stock underlying such equity awards, even if the sale is to satisfy any tax obligations arising with respect to the equity awards. 3. Tax Withholding Arrangements. This Policy does not apply to the withholding or surrender of Company securities to the Company to satisfy tax withholding obligations arising from the exercise of stock options, the vesting of restricted stock, or the vesting and delivery of shares of stock underlying restricted stock units. ii. Transactions Not Involving a Purchase or Sale 1. Bona fide gifts of securities are not subject to this Policy (including any applicable pre-clearance requirements) unless the person making the gift has reason to believe that the recipient intends to sell the securities at a time when the Covered Person making the gift would be prohibited from doing so. Section 16 Insiders are required to immediately disclose any gifts to the Compliance Officers for disclosure on a Section 16 Report (as defined below). 2. If a Team Member owns shares of a mutual fund that invests in Company securities, there are no restrictions on trading the shares of the mutual fund at any time. V. SECTION 16 AND RULE 144 COMPLIANCE a. Section 16 Members of the Company's Board (collectively, the "Directors"), Team Members designated by the Board as "officers" pursuant to Section 16 of the Exchange Act (collectively, the "Section 16 Officers" and, together with the Directors, the "Section 16 Insiders"), and certain beneficial owners of Company stock are subject to Section 16 of the Exchange Act ("Section 16"). Section 16 requires Section 16 Insiders and certain beneficial owners to file reports with the SEC that disclose such individual's or entity's trading and other transactions relating to the Company Securities ("Section 16 Reports"). Section 16 Reports are due within two business days following a trade in Company securities. The Compliance Officer(s) will assist the Section 16 Insiders in preparing and filing the required Section 16 Reports; however, such reporting persons retain responsibility for the Section 16 Reports. To ensure compliance with all reporting requirements, a Section 16 Insider must, on the date of any trade, provide the Compliance Officers with all information relating to the trade that is necessary to properly prepare a Form 4 or other Section 16 Report, including, among other information, whether the trade is pursuant to a Trading Plan. A Section 16 Insider must also execute a Form 4 or other Section 16 Report (either individually or through a duly authorized power of attorney) within a sufficient amount of time to allow for the electronic filing of the Form 4 with the SEC via EDGAR before the end of the second business day following the trade. Additionally, Section 16 imposes certain holding requirements and prohibitions on trading in Company securities. Section 16 Insiders are expected to comply with the requirements of Section 16 and should contact the Compliance Officer(s) with any questions.

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-10- b. Rule 144 Under certain circumstances, "affiliates" of the Company pursuant to Rule 144 under the Securities Act are required to file a Form 144 before making an open market sale of Company securities. An affiliate for purposes of Rule 144 is a person, such as an officer with the title of Executive Vice President or above, a director, or a large shareholder, in a relationship of control with the Company. A Form 144 notifies the SEC of an affiliate's intent to sell Company securities. For a Covered Person considered an affiliate of the Company, this form is generally prepared and filed by the Covered Person's broker and is in addition to the Section 16 Reports filed on the Covered Person's behalf by the Company. VI. POST-TERMINATION TRANSACTIONS The Policy continues to apply to Covered Persons' transactions in Company securities or securities of other public companies engaged in business transactions with the Company even after such Covered Persons' association with the Company has terminated. Covered Persons may not trade in Company securities: (i) if the Covered Person is in possession of material non-public information when your employment or service terminates, until such information has become public or is no longer material; and (ii) if you are a Pre-Clearance Person, until the start of the next open trading window following your termination of employment or service. VII. TRANSACTIONS BY FAMILY MEMBERS AND RELATED ENTITIES As stated above, this Policy applies with equal force to Family Members and Related Entities. All Team Members are responsible for ensuring that Family Members and Related Entities do not engage in the activities restricted or prohibited under this Policy. As such, Team Members should ensure that all Family Members and Related Entities are aware of the need to confer with such Team Member before the Family Member or Related Entity trades in Company securities. Team Members should treat all such transactions for the purposes of this Policy and applicable securities laws as if the transactions were for your own account. Note that this Policy does not, however, apply to transactions in Company securities where the purchase or sale decision is made by a third party that is not controlled by, influenced by, or related to the Covered Persons (such as a third-party managed mutual fund account). VIII. COMPANY ASSISTANCE If you have a question about this Policy or its application to any proposed transaction, you may obtain additional guidance from the Company's Chief Compliance Officer at compliance@designerbrands.com. Ultimately, however, the responsibility for adhering to this Policy and avoiding unlawful transactions rests with you. Upon request, all persons subject to this Policy must certify their understanding of, and compliance with, this Policy.

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## Exhibit 21.1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**EXHIBIT 21.1**

**DESIGNER BRANDS INC.**

**LIST OF SUBSIDIARIES**

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| | | | |
|:---|:---|:---|:---|
| **Ref.<br>No.** | **Name** | **Jurisdiction of<br>Incorporation** | **Parent<br>Company No.** |
| 1 | Designer Brands Inc. | Ohio | N/A |
| 2 | DSW Shoe Warehouse, Inc. | Missouri | 1 |
| 3 | Brand Card Services LLC | Ohio | 1 |
| 4 | DSW Information Technology LLC | Ohio | 1 |
| 5 | eTailDirect LLC | Delaware | 2 |
| 6 | Ebuys, Inc. | California | 2 |
| 7 | DSW MS LLC | Ohio | 1 |
| 8 | DSW Leased Business Division LLC aka Affiliated Business Group | Ohio | 2 |
| 9 | 810 AC LLC | Ohio | 1 |
| 10 | DSW PR LLC | Puerto Rico | 2 |
| 11 | Retail Ventures Services, Inc. | Ohio | 7 |
| 12 | DSW Shoe Warehouse, S.a.r.l. | Luxembourg | 2 |
| 13 | Designer Brands Canada Inc. | Canada | 12 |
| 14 | Camuto LLC | Ohio | 2 |
| 15 | Designer Brand Licensing LLC | Ohio | 2 |
| 16 | Camuto Overseas Holding Subsidiary LLC | Ohio | 14 |
| 17 | Victory Assessoria EM Compras EIRELLA | Brazil | 16 |
| 18 | CGA Design Ltd | Hong Kong | 16 |
| 19 | CGA Dongguan Ltd | China | 18 |
| 20 | VCJS LLC | Connecticut | 14 |
| 21 | VCS Group LLC | Delaware | 14 |
| 22 | Vincent Camuto LLC | Connecticut | 14 |
| 23 | CCI Operations LLC | Ohio | 14 |
| 24 | Hot on Time LLC | Connecticut | 23 |
| 25 | Sole Society Group Inc. | Delaware | 23 |
| 26 | ABG-Camuto, LLC | Delaware | 15 |
| 27 | JEMS, Inc. | Oregon | 1 |
| 28 | DBI Brands Management LLC | Ohio | 2 |
| 29 | Designer Brands Partners LLC | Ohio | 14 |
| 30 | Le Tigre 360 Global LLC | Delaware | 15 |
| 31 | ToPo ATHLETIC LLC | Delaware | 29 |
| 32 | DBI Sourcing - Vietnam LLC | Vietnam | 16 |
| 33 | DBI Trade Co LLC | Ohio | 2 |
| 34 | Camuto IPCo, LLC | Delaware | 26 |
| 35 | Pro-Keds International S.r.l | Italy | 28 |

---

## Exhibit 23.1

&nbsp;&nbsp;&nbsp;&nbsp; **EXHIBIT 23.1**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

&nbsp;&nbsp;&nbsp;&nbsp;

We consent to the incorporation by reference in Registration Statement Nos. 333-126244, 333-159849, 333-203015, 333-239853 and 333-280343 on Form S-8, Registration Statement No. 333-271919 on Form S-3, Post-Effective Amendment No. 1 on Form S-8 to the Registration Statement No. 333-172631 on Form S-4, Post-Effective Amendment No. 2 on Form S-3 to the Registration Statement No. 333-172631 on Form S-4, Registration Statement No. 333-174464 on Form S-4, and Post-Effective Amendment No. 4 on Form S-3 to the Registration Statement No. 333-134227 on Form S-1 of our report dated March 30, 2026, relating to the consolidated financial statements of Designer Brands Inc. and subsidiaries, and the effectiveness of Designer Brands Inc. and subsidiaries' internal control over financial reporting, appearing in this Annual Report on Form 10-K of Designer Brands Inc. for the year ended January 31, 2026.

/s/ DELOITTE & TOUCHE LLP

Columbus, Ohio

March 30, 2026

## Exhibit 24.1

---

| | |
|:---|:---|
| | **EXHIBIT 24.1** |
| POWER OF ATTORNEY | POWER OF ATTORNEY |
| Each director and/or officer of Designer Brands Inc. (the "Corporation") whose signature appears below hereby appoints each of Sheamus Toal, Executive Vice President and Chief Financial Officer, Lisa Yerrace, Senior Vice President, General Counsel and Corporate Secretary, and Mark Haley, Senior Vice President and Controller, as the undersigned's attorney or any of them individually as the undersigned's attorney, to sign, in the undersigned's name and behalf and in any and all capacities stated below, and to cause to be filed with the Securities and Exchange Commission (the "Commission"), the Corporation's Annual Report on Form 10-K (the "Form 10-K") for the fiscal year ended January 31, 2026, and likewise to sign and file with the Commission any and all amendments to the Form 10-K, and the Corporation hereby appoints such persons as its attorneys-in-fact and each of them as its attorney-in-fact with like authority to sign and file the Form 10-K and any amendments thereto granting to each attorney-in-fact full power of substitution and revocation, and hereby ratifying all that any such attorney-in-fact or the undersigned's substitute may do by virtue hereof. | Each director and/or officer of Designer Brands Inc. (the "Corporation") whose signature appears below hereby appoints each of Sheamus Toal, Executive Vice President and Chief Financial Officer, Lisa Yerrace, Senior Vice President, General Counsel and Corporate Secretary, and Mark Haley, Senior Vice President and Controller, as the undersigned's attorney or any of them individually as the undersigned's attorney, to sign, in the undersigned's name and behalf and in any and all capacities stated below, and to cause to be filed with the Securities and Exchange Commission (the "Commission"), the Corporation's Annual Report on Form 10-K (the "Form 10-K") for the fiscal year ended January 31, 2026, and likewise to sign and file with the Commission any and all amendments to the Form 10-K, and the Corporation hereby appoints such persons as its attorneys-in-fact and each of them as its attorney-in-fact with like authority to sign and file the Form 10-K and any amendments thereto granting to each attorney-in-fact full power of substitution and revocation, and hereby ratifying all that any such attorney-in-fact or the undersigned's substitute may do by virtue hereof. |
| IN WITNESS WHEREOF, we have hereunto set our hands effective as of the 30th day of March, 2026. | IN WITNESS WHEREOF, we have hereunto set our hands effective as of the 30th day of March, 2026. |
| Signature | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Title |
| /s/ Jay L. Schottenstein&nbsp;&nbsp;&nbsp;&nbsp; | Executive Chairman of the Board and Director |
| Jay L. Schottenstein |  |
| /s/ Douglas M. Howe | Chief Executive Officer and Director |
| Douglas M. Howe | (Principal Executive Officer) |
| /s/ Sheamus Toal | Executive Vice President and Chief Financial Officer |
| Sheamus Toal | (Principal Financial Officer) |
| /s/ Mark A. Haley | Senior Vice President and Controller |
| Mark A. Haley | (Principal Accounting Officer) |
| /s/ John W. Atkinson | Director |
| John W. Atkinson |  |
| /s/ Peter S. Cobb | Director |
| Peter S. Cobb |  |
| /s/ Elaine J. Eisenman | Director |
| Elaine J. Eisenman |  |
| /s/ Deborah L. Ferrée | Vice Chair, Chief Product Officer and Director |
| Deborah L. Ferrée |  |
| /s/ Joanna T. Lau | Director |
| Joanna T. Lau |  |
| /s/ Richard A. Paul | Director |
| Rich A. Paul |  |
| /s/ Joseph A. Schottenstein | Director |
| Joseph A. Schottenstein |  |
| /s/ Harvey L. Sonnenberg | Director |
| Harvey L. Sonnenberg |  |

---

------

---

| | |
|:---|:---|
| /s/ Allan J. Tanenbaum | Director |
| Allan J. Tanenbaum | |
| /s/ Joanne Zaiac | Director |
| Joanne Zaiac | |

---

## Exhibit 31.1

**EXHIBIT 31.1**

**CERTIFICATIONS**

I, Douglas M. Howe, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed this Annual Report on Form 10-K of Designer Brands Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| March 30, 2026 | By: | /s/ Douglas M. Howe |
|  |  | Douglas M. Howe |
|  |  | Chief Executive Officer |
|  |  | (Principal Executive Officer) |

---

## Exhibit 31.2

**EXHIBIT 31.2**

**CERTIFICATIONS**

I, Sheamus Toal, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed this Annual Report on Form 10-K of Designer Brands Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| March 30, 2026 | By: | /s/ Sheamus Toal |
|  |  | Sheamus Toal |
|  |  | Executive Vice President and Chief Financial Officer |
|  |  | (Principal Financial Officer) |

---

## Exhibit 32.1

**EXHIBIT 32.1**

**SECTION 1350 CERTIFICATION\***

In connection with the Annual Report of Designer Brands Inc. (the "Company") on Form 10-K for the fiscal year ended January 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Douglas M. Howe, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

---

| | | |
|:---|:---|:---|
| March 30, 2026 | By: | /s/ Douglas M. Howe |
|  |  | Douglas M. Howe |
|  |  | Chief Executive Officer |
|  |  | (Principal Executive Officer) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

\*&nbsp;&nbsp;&nbsp;&nbsp;This Certification is being furnished as required by Rule 13a-14(b) under the Exchange Act of 1934 (the "Exchange Act") and Section 1350 of Chapter 63 of Title 18 of the United States Code, and shall not be deemed "filed" for purposes of Section 18 of the Exchange Act or otherwise subject to the liability of that section. This Certification shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except as otherwise stated in such filing.

## Exhibit 32.2

**EXHIBIT 32.2**

**SECTION 1350 CERTIFICATION\***

In connection with the Annual Report of Designer Brands Inc. (the "Company") on Form 10-K for the fiscal year ended January 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Sheamus Toal, Executive Vice President and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

---

| | | |
|:---|:---|:---|
| March 30, 2026 | By: | /s/ Sheamus Toal |
|  |  | Sheamus Toal |
|  |  | Executive Vice President and Chief Financial Officer |
|  |  | (Principal Financial Officer) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

\*&nbsp;&nbsp;&nbsp;&nbsp;This Certification is being furnished as required by Rule 13a-14(b) under the Exchange Act of 1934 (the "Exchange Act") and Section 1350 of Chapter 63 of Title 18 of the United States Code, and shall not be deemed "filed" for purposes of Section 18 of the Exchange Act or otherwise subject to the liability of that section. This Certification shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except as otherwise stated in such filing.

<br>