Designer Brands Inc.

[/edgarSubmission[1]/formData[1]/reportingPersons[1]/reportingPersonInfo[1]/aggregateAmountOwned[1]] 7000000.00 [/edgarSubmission[1]/formData[1]/reportingPersons[1]/reportingPersonInfo[1]/percentOfClass[1]] 16.3 [/edgarSubmission[1]/formData[1]/items1To7[1]/item4[1]/transactionPurpose[1]] The Reporting Persons purchased the Shares based on the Reporting Persons' belief that the Shares, when purchased, were substantially undervalued. Depending upon overall market conditions, other investment opportunities available to the Reporting Persons, and the availability of Shares at prices that would make the purchase or sale of Shares desirable, the Reporting Persons may endeavor to increase or decrease their position in the Issuer through, among other things, the purchase or sale of Shares on the open market or in private transactions or otherwise, on such terms and at such times as the Reporting Persons may deem advisable. The Reporting Persons are converting from a Schedule 13G to a Schedule 13D because they believe the Shares are significantly undervalued and intend to engage in discussions with the Issuer regarding ways the existing Board of Directors (the "Board") and management can take steps to improve operational performance and investor communications and increase shareholder value. Among other things, the Reporting Persons believe the Issuer should be providing enhanced segment-level disclosure of the Topo Athletic brand, which is one of the rare few brands that has emerged and gained relevance and scale in the specialty run channel in the last two decades. No Reporting Person has any present plan or proposal which would relate to or result in any of the matters set forth in subparagraphs (a) - (j) of Item 4 of Schedule 13D except as set forth herein or such as would occur upon or in connection with completion of, or following, any of the actions discussed herein. Depending on various factors including, without limitation, the Issuer's financial position, results and strategic direction, actions taken by the Issuer's management and Board, other investment opportunities available to the Reporting Persons, the price levels of the Shares, conditions in the securities markets and general economic and industry conditions, the Reporting Persons may in the future take such actions with respect to their investment in the Issuer as they deem appropriate including, without limitation, engaging in communications with the Issuer's management and Board, engaging in discussions with shareholders of the Issuer or other third parties about the Issuer and the Reporting Persons' investment, making recommendations or proposals to the Issuer concerning changes to the Issuer's operations or capitalization, potential business combinations or dispositions involving the Issuer or certain of its businesses, or suggestions for improving the Issuer's financial and/or operational performance, acquiring additional Shares, disposing of some or all of their Shares, engaging in short selling of or any hedging or similar transaction with respect to the Shares, including swaps and other derivative instruments, or changing their intention with respect to any and all matters referred to in Item 4.

[/edgarSubmission[1]/formData[1]/reportingPersons[1]/reportingPersonInfo[1]/aggregateAmountOwned[1]] 7000000.00 [/edgarSubmission[1]/formData[1]/reportingPersons[1]/reportingPersonInfo[1]/percentOfClass[1]] 16.1 [/edgarSubmission[1]/formData[1]/items1To7[1]/item4[1]/transactionPurpose[1]] Item 4 is hereby amended to add the following: The Reporting Persons are pleased that management provided additional disclosure regarding Topo Athletic ("Topo") during the recent earnings call on September 10, 2026, including that Topo is on track to generate more than $100 million of revenue in 2027. Attached hereto as Exhibit 99.1 is a presentation (the "Presentation"), which is incorporated herein by reference, summarizing the Reporting Persons' views regarding Topo and its potential to create significant long-term value. As set forth in the Presentation, given Topo's substantial runway for growth and increasing awareness and adoption within the running community, the Reporting Persons believe Topo has the potential to become the Issuer's largest driver of value creation over time. The Reporting Persons continue to believe that the Shares are significantly undervalued and look forward to maintaining an open and constructive dialogue with management and the Board regarding opportunities to maximize value for all of the Issuer's stockholders.