Steve Madden Completes Acquisition of Certain Assets of SML Brands
July 08 2009 - 9:32AM
Business Wire
Steve Madden (Nasdaq: SHOO), a leading designer and marketer of
fashion footwear and accessories for women, men and children, today
announced that, through one of its subsidiaries, it has completed
its acquisition of substantially all of the assets constituting the
Zone 88 and Shakedown Street lines of SML Brands, LLC, a subsidiary
of Aimee Lynn, Inc. SML Brands designs and markets primarily
private label accessories, principally handbags, for mass merchants
and mid-tier retailers. The purchase price was $1.25 million, plus
additional consideration for certain inventory. A portion of the
purchase price was paid by assumption of certain liabilities of the
seller. The balance of the purchase price was funded with cash on
hand.
"SML Brands represents a great addition to our accessories
business. We are pleased with our performance with private label
product for the value priced channels in the footwear category and
believe this acquisition will enable us to replicate that success
in accessories. We expect the acquisition to add approximately $10
million to net sales and to be slightly accretive to earnings per
share in fiscal 2009,� stated Edward Rosenfeld, Chairman and Chief
Executive Officer.
About Steve Madden
Steve Madden designs and markets fashion-forward footwear and
accessories for women, men and children. The shoes and accessories
are sold through company-owned retail stores, department stores,
apparel, footwear, and accessories specialty stores, and online at
http://www.stevemadden.com/. The Company has several licensees for
its brands, including for outerwear, cold weather accessories,
eyewear, hosiery, and bedding and bath products and owns and
operates 92 retail stores, including its online store as of July 8,
2009. The Company is the licensee for footwear, handbags and belts
for Fabulosity, for footwear for Elizabeth and James and l.e.i. and
for handbags and belts for Betsey Johnson and Daisy Fuentes.
This press release contains forward looking statements as that
term is defined in the federal securities laws. The events
described in forward looking statements contained in this press
release may not occur. Generally these statements relate to
business plans or strategies, projected or anticipated benefits or
other consequences of the Company's plans or strategies, projected
or anticipated benefits from acquisitions to be made by the
Company, or projections involving anticipated revenues, earnings or
other aspects of the Company's operating results. The words "may,"
"will," "expect," "believe," "anticipate," "project," "plan,"
"intend," "estimate," and "continue," and their opposites and
similar expressions are intended to identify forward looking
statements. The Company cautions you that these statements are not
guarantees of future performance or events and are subject to a
number of uncertainties, risks and other influences, many of which
are beyond the Company's control, that may influence the accuracy
of the statements and the projections upon which the statements are
based. Factors which may affect the Company's results include, but
are not limited to, the risks and uncertainties discussed in the
Company's Annual Report on Form 10-K for the year ended December
31, 2008. Any one or more of these uncertainties, risks and other
influences could materially affect the Company's results of
operations and whether forward looking statements made by the
Company ultimately prove to be accurate. The Company's actual
results, performance and achievements could differ materially from
those expressed or implied in these forward looking statements. The
Company undertakes no obligation to publicly update or revise any
forward looking statements, whether from new information, future
events or otherwise.
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