Fashion footwear, accessories and apparel designer Steven Madden Ltd (NASDAQ: SHOO) said that it has completed the acquisition of privately held Almost Famous, a designer and marketer of women's apparel.
The acquisition was completed for $52 million in cash, plus an earn-out provision based on future financial performance.
Almost Famous markets products under its own brands as well as private label brands for various retailers.
It has also been the exclusive licensee of Madden NYC apparel since its launch in 2022.
Almost Famous had revenue in the 12 months ended September 30, 2023, of approximately $163 million.
"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," said Chairman and CEO Edward Rosenfeld.
Steven Madden held $274.4 million in cash and equivalents as of June 30, 2023.
Price Action: SHOO shares closed lower by 0.48% at $33.23 on Friday.