# EDGAR Filing Document

**Accession Number:** 0001319947
**File Stem:** 0001319947-23-000005
**Filing Date:** 2023-2
**Character Count:** 16565
**Document Hash:** 02884547fdde2ea18f9f9c9910160198
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001319947-23-000005.hdr.sgml**: 20230208

**ACCESSION NUMBER**: 0001319947-23-000005

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20230208

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230208

**DATE AS OF CHANGE**: 20230208

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Designer Brands Inc.
- **CENTRAL INDEX KEY:** 0001319947
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-SHOE STORES [5661]
- **IRS NUMBER:** 310746639
- **STATE OF INCORPORATION:** OH
- **FISCAL YEAR END:** 0129

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-32545
- **FILM NUMBER:** 23597061

**BUSINESS ADDRESS:**
- **STREET 1:** 810 DSW DRIVE
- **CITY:** COLUMBUS
- **STATE:** OH
- **ZIP:** 43219
- **BUSINESS PHONE:** (614) 872-1473

**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" ? dbi-20230208

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): February 8, 2023**

**Designer Brands Inc.**

(Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Ohio** | **001-32545** | **31-0746639** |
| (State or other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |

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| | |
|:---|:---|
| **810 DSW Drive, Columbus, Ohio** | **43219** |
| (Address of Principal Executive Offices) | (Zip Code) |

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

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| |
|:---|
| **N/A** |
| (Former name or former address if changed since last report.) |

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

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

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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.&nbsp;&nbsp;&nbsp;&nbsp;☐

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**Item 7.01&nbsp;&nbsp;&nbsp;&nbsp;Regulation FD Disclosure.**

On February 8, 2023, Designer Brands Inc. (the "Company") issued a press release announcing several actions to strengthen its Owned Brands strategy, including the completion of its acquisition of Keds, including all Keds' products and the brand's e-commerce business. The Company also announced that it is working to finalize an agreement to become the exclusive licensee for the Hush Puppies brand in the United States and Canada, which is targeted to take effect later in fiscal 2023.

A copy of the press release has been furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The information in this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section. It may only be incorporated by reference in another filing under the Exchange Act or the Securities Act of 1933, as amended, if such subsequent filing specifically references the information furnished pursuant to this Current Report on Form 8-K.

**Item 9.01 &nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits.

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| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| <u>[99.1](february82023ex991pressrel.htm)</u> | <u>[Press Release of Designer Brands Inc., dated February 8, 2023.](february82023ex991pressrel.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

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**Signature**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | | |
|:---|:---|:---|:---|
| | | By: | **Designer Brands Inc.**<br>/s/ Michelle C. Krall |
| | | | Michelle C. Krall |
| | | | Senior Vice President, General Counsel and Secretary |
| Date: | February 8, 2023 |  |  |

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## Exhibit 99.1

**Exhibit 99.1**

**Designer Brands Inc. Furthers Owned Brand Strategy, Leveraging its Unique Business Model** 

*Completes Acquisition of Iconic Brand, Keds, Cementing Diverse Owned Brand Portfolio in Casual & Athleisure* 

*Announces Future Expansion of Agreement with Hush Puppies to Include US & Canadian Licensing* 

COLUMBUS, Ohio, Feb. 8, 2023 - Designer Brands Inc. (NYSE: **DBI**) (the "Company" and "Designer Brands"), one of the world's largest designers, producers and retailers of footwear and accessories, today announced several actions to strengthen its Owned Brands strategy.

The Company has completed the acquisition of Keds – "The Greatest Shoes Known" – from Wolverine Worldwide. Keds is an iconic brand for women, men and kids alike, with a legacy of being versatile, comfortable and fashionable. From a place in the wardrobes of Marilyn Monroe and Audrey Hepburn, to a central role in the 1980s classic movie, *Dirty Dancing*, Keds has been at the center of cultural conversation for decades.

The announced transaction includes all Keds' products, including Pro-Keds, as well as the brand's large ecommerce business. This expands Designer Brands' Owned Brands' reach into casual and athleisure footwear in the direct-to-consumer and wholesale channels, supplementing the recent additions of Le Tigre and Topo Athletic. This acquisition also marks Designer Brands, first Owned Brand wholesale business within the kids footwear segment.

Keds and Designer Brands have a long-tenured relationship, with DSW already positioned as the largest wholesale customer of the brand. Bringing Keds into the Designer Brands' Owned Brands portfolio, supported by a world-class design and sourcing organization, will bring this quintessential footwear brand to new heights, with a wealth of opportunities to expand beyond the beloved and classic Keds silhouette. Furthermore, this acquisition brings a large international distribution network into the Designer Brands ecosystem, which will continue to serve as a vital growth engine for Keds. This will enable Designer Brands to explore future opportunities to leverage this expertise and infrastructure across other brands in its Owned Brands portfolio.

"Our growing strength in Owned Brands is evident, given that just twelve months ago, the athleisure category was a massive white space opportunity for us, and we now control high-quality brands across multiple price points," said

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Doug Howe, incoming Chief Executive Officer and President of DSW. "Our acquisition of Keds, which has an important presence in the athleisure space, is particularly exciting as it is an iconic brand with broad appeal for our customers and their families that gives us the potential to explore new opportunities both online and internationally."

Designer Brands also announced that the Company is working to finalize an agreement to become the exclusive licensee for the Hush Puppies brand in the US and Canada. Designer Brands currently has a unique arrangement with Wolverine that began in 2022, naming DSW as the exclusive in-store distributor of Hush Puppies in the United States, while also serving as a physical return center for HushPuppies.com customers. This relationship demonstrated the strong appeal the brand has with the DSW customer and informed the decision to formalize the relationship with this license agreement. This new licensee relationship will grant exclusivity of the Hush Puppies brand to Designer Brands across all channels in the US and Canada including potential wholesaling of the brand and management of the HushPuppies.com DTC business. The licensing agreement is targeted to take effect later in 2023.

"Today's announcements serve as proof of both the incredible progress we have made on our strategy to double sales of our Owned Brands by 2026 as well as the ongoing benefits of our relationships with top National Brands," said Roger Rawlins, Chief Executive Officer. "I am incredibly excited to welcome the Keds brand into the Designer Brands' family and to continue our journey with Hush Puppies. This next phase in our Hush Puppies relationship is yet another example of how we are continuing to build on our existing Owned Brand strategy. It will allow us to directly benefit from designing and sourcing product for the US and Canadian markets."

Solomon Partners served as financial advisor, and Thompson Hine LLP served as legal advisor to Designer Brands. Honigman LLP and Warner, Norcross + Judd LLP served as legal advisors to Wolverine Worldwide.

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**<u>About Designer Brands</u>**

Designer Brands is one of the world's largest designers, producers and retailers of the most recognizable footwear brands and accessories, transforming and defining the footwear industry by inspiring self-expression across every facet of its enterprise. Through its portfolio of world-class owned brands, led by the industry-setting Vince Camuto brand, Designer Brands delivers on-trend footwear and accessories through its robust direct-to-consumer omni-channel infrastructure, featuring a billion-dollar digital commerce business and nearly 650 stores across the U.S. and Canada. Its retailing operations under the DSW Designer Shoe Warehouse and The Shoe Company banners deliver current, in-line footwear and accessories from most of the largest national brands in the industry and hold leading market share positions in key product categories across Women's, Men's and Kid's in the U.S. and Canada. Designer Brands also distributes its owned brands through select wholesale relationships while leveraging its design and sourcing expertise to build private label product for national retailers. Designer Brands is also committed to being a difference maker in the world, taking steps forward to advance diversity, equity, and inclusion in the footwear industry and supporting our global community and the health of our planet through donating more than six million pairs of shoes to the global non-profit Soles4Souls. More information can be found at www.designerbrands.com.

**<u>About Keds</u>**

For over 100 years, Keds has been making timeless, comfortable, accessible footwear for consumers to step out into the world their way. Ever since the creation of the iconic Keds Champion "sneaker" back in 1916, Keds has held the belief that when we feel comfortable inside and out, we can leap forward and make our marks on the world. This belief continues to inspire and drive us every day. We design every product to support everyone— to give them the versatility, comfort, and style they need to confidently live as their truest selves.

Keds. Wear Yours.

**<u>Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995</u>**

Certain statements in this press release may constitute forward-looking statements and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by the use of forward-looking words such as "outlook," "could," "believes," "expects," "potential," "continues," "may," "will," "should," "would," "seeks," "approximately," "predicts," "intends," "plans," "estimates,"

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"anticipates," or the negative version of those words or other comparable words. These statements include, without limitation, statements regarding leadership changes and the proposed benefits thereof, the objectives and plans of management, the execution of and benefits relating to the Company's long-range plan and strategy, and the Company's financial forecasts. Such statements are based on the Company's current views and expectations and involve known and unknown risks, uncertainties, and other factors 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. These factors include, but are not limited to: risks and uncertainties related to the ongoing coronavirus ("COVID-19") pandemic, any future COVID-19 resurgence, and any other adverse public health developments; risks that recent inflationary pressures, including higher freight costs, could have on our results of operations and customer demand based on pricing actions and operating measures taken to mitigate the impact of inflation; uncertain general economic conditions, including inflation and supply chain pressures, domestic and global political and social conditions and the potential impact of geopolitical turmoil or conflict, and the related impacts to consumer discretionary spending; our ability to execute on our long-term strategic plans; our ability to anticipate and respond to fashion trends, consumer preferences, and changing customer expectations; our ability to maintain strong relationships with our vendors, manufacturers, licensors, and retailer customers; risks related to losses or disruptions associated with our distribution systems, including our distribution centers and fulfillment center and stores, whether as a result of the COVID-19 pandemic, reliance on third-party providers, or otherwise; our reliance on our loyalty programs and marketing to drive traffic, sales, and customer loyalty; risks related to cyber security threats and privacy or data security breaches or the potential loss or disruption of our information systems; our ability to protect our reputation and to maintain the brands we license; our competitiveness with respect to style, price, brand availability, and customer service; risks related to our international operations, including international trade, our reliance on foreign sources for merchandise, exposure to political, economic, operational, and compliance and other risks, and fluctuations in foreign currency exchange rates; our ability to comply with privacy laws and regulations, as well as other legal obligations; risks associated with climate change and other corporate responsibility issues; and uncertainties related to future legislation, regulatory reform, policy changes, or interpretive guidance on existing legislation. Risks and other factors that could cause our actual results to differ materially from our forward-looking statements are described in the Company's Annual Report on Form 10-K for the fiscal year ended January 29, 2022 and in our other filings with the Securities and Exchange Commission. All forward-looking statements speak only as of the time when made. Except as

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may be required by law, the Company undertakes no obligation to update or revise the forward-looking statements included in this press release to reflect any future events or circumstances.

**CONTACT**

**<u>Investor Relations</u>**

Edelman Smithfield for Designer Brands Inc.,

Stacy Turnof, DesignerBrandsIR@edelman.com

**<u>Financial Media</u>**

Edelman Smithfield for Designer Brands Inc.,

Ashley Firlan, DesignerBrandsIR@edelman.com

<br>