CEO Edward Rosenfeld said the acquisition would “enhance our apparel platform.”
The footwear company said it bought Almost Famous in a $52 million cash deal on Monday.line since its launch in 2022 and also makes private label goods for mass merchants, department stores and off-pricers.
For the year ended Sept. 30, the private company logged revenues of about $163 million. The purchase price is subject to a working capital adjustment and also an earn-out based on financial performance.
Former owners Peter Kossoy and Robbie Regina serve as co-presidents of Almost Famous and said, “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.”companies this year, Steve Madden has confronted a choppy market that’s had wholesale partners keeping cautious with their orders.
Rosenfeld told analysts on a conference call in August, “We will remain focused on executing our strategy for long-term growth, the foundation of which is driving closer connections with consumers through the combination of consistently trend-right product assortments and effective consumer engagement.”Building the direct-to-consumer business, with a particular emphasis on digital. WWD. We use vendors that may also process your information to help provide our services.
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