Business
Steve Madden Announces Acquisition of Almost Famous
LONG ISLAND CITY, N.Y., Oct. 23, 2023 (GLOBE NEWSWIRE) -- Steven Madden, Ltd. (Nasdaq: SHOO) (the “Company” or “Steve Madden”), a leading designer and
About this update from Steven Madden, Ltd.
[{"type":"text","content":"LONG ISLAND CITY, N.Y., Oct. 23, 2023 (GLOBE NEWSWIRE) -- Steven Madden, Ltd. (Nasdaq: SHOO) (the “Company” or “Steve Madden”), a leading designer and marketer of fashion footwear, accessories and apparel, today announced that it has completed the acquisition of privately held Almost Famous, a designer and marketer of women’s apparel. Almost Famous markets products under its own brands, primarily Almost Famous, as well as private label brands for various retailers. Almost Famous has also been the exclusive licensee of Madden NYC apparel since its launch in 2022. Almost Famous distributes its products to wholesale customers, including mass merchants, department stores, off-price retailers and chain stores within the United States. Almost Famous had revenue in the 12 months ended September 30, 2023 of approximately $163 million. The acquisition was completed for $52 million in cash, subject to a working capital adjustment, plus an earn-out provision based on future financial performance. Edward Rosenfeld, Chairman and Chief Executive Officer of Steve Madden, commented, “We are pleased to further enhance our apparel platform with the acquisition of Almost Famous. With its expertise in junior apparel and strength in value-priced channels, Almost Famous is a strong complement to our existing Steve Madden apparel business, which is focused on contemporary styling and is primarily distributed in department stores and e-commerce retailers.” Peter Kossoy and Robbie Regina, former owners and Co-Presidents of Almost Famous, added, “We are excited to join the Steve Madden family. We are proud of what we’ve built at Almost Famous and look forward to partnering with Steve Madden to take the business to new heights in the coming years.” About Steve Madden Steve Madden designs, sources and markets fashion-forward footwear, accessories and apparel. In addition to marketing products under its own brands including Steve Madden®, Dolce Vita®, Betsey Johnson®, Blondo® and GREATS®, Steve Madden licenses footwear and handbag categories for the Anne Klein® brand. Steve Madden also designs and sources products under private label brand names for various retailers. Steve Madden’s wholesale distribution includes department stores, mass merchants, off-price retailers, shoe chains, online retailers, national chains, specialty retailers and independent store...