Exhibit 21

Subsidiaries of Rocky Brands, Inc. as of March 10, 2023

Five Star Enterprises Ltd.,
a Cayman Islands corporation

Lifestyle Footwear, Inc.,
a Delaware corporation

Rocky Brands Canada, Inc.,
a Nova Scotia corporation

Rocky Brands US, LLC,
a Delaware limited liability company

Rocky Brands International, LLC 

an Ohio limited liability company 

Lehigh Outfitters, LLC,
a Delaware limited liability company

US Footwear Holdings, LLC

a Delaware limited liability company

 

Rocky Outdoor Gear Store, LLC 

an Ohio limited liability company 

Rocky Brands (Australia) Pty Ltd.

an Australian limited liability company

Mexico FW Holdings, S. de R.L. de C.V.

a Mexico private limited liability company

Rocky Footwear (Chuzhou) Co. Ltd.

a China private limited liability company

UK Footwear Holdings Limited

a UK private limited company