Steven Madden Ltd. (Nasdaq: SHOO) – known for its flashy, affordable feminine footwear, as well as other accessories and apparel – has 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. Distributing 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 ending Sept. 30 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.
“We are pleased to further enhance our apparel platform with the acquisition of Almost Famous,” Edward Rosenfeld, chairman and CEO of the Long Island City-based Steve Madden, said in a statement. “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.”
Added Peter Kossoy and Robbie Regina, former owners and co-presidents of Almost Famous: “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.”
For more, visit stevemadden.com.
