Global Stage

Geopolitics, tariffs, sanctions, and cross-border operations.

Cawan's Shoes geopolitical exposure map: • Sourcing: China 45% → target 25% by 2027, Vietnam 30% → 40%, Indonesia 15% → 20%, Bangladesh 10% → 15%. • Revenue: North America 55%, Europe 25%, Greater China 8%, Rest of Asia 6%, Latin America 4%, Middle East/Africa 2%. • 2025 policy shocks modeled: US 25% China tariff = $18M annual duty hit (offset $11M via drawback + $5M price surcharge). EU CBAM carbon border = $2.4M. India import duty cut = +$3.1M opportunity. • Country-risk scoring (Coface + internal): 3 countries flagged red (Myanmar, Ethiopia, Bangladesh) — no new capacity there. • Supply diversification capex: $40M Vietnam expansion (2026), $22M Indonesia line (2027).