Steve Madden Announces Acquisition of Almost Famous
October 23 2023 - 6:59AM
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 stores. Steve Madden also
directly operates brick-and-mortar retail stores and e-commerce
websites. Steve Madden also licenses certain of its brands to third
parties for the marketing and sale of certain products in the
apparel, accessory and home categories. For local store information
and the latest boots, booties, fashion sneakers, dress shoes,
sandals, and more, please visit www.stevemadden.com,
www.dolcevita.com and our other branded websites.
Safe Harbor Statement Under the U.S.
Private Securities Litigation Reform Act of 1995
This press release contains “forward-looking
statements” within the meaning of the safe harbor provisions of the
U.S. Private Securities Litigation Reform Act of 1995. Examples of
forward-looking statements include, among others, statements
regarding revenue and earnings guidance, plans, strategies,
objectives, expectations and intentions. Forward-looking statements
can be identified by words such as: “may”, “will”, “expect”,
“believe”, “should”, “anticipate”, “project”, “predict”, “plan”,
“intend”, “estimate”, or “confident” and similar expressions or the
negative of these expressions. Forward-looking statements are
neither historical facts nor assurances of future performance.
Instead, they represent the Company’s current beliefs,
expectations, and assumptions regarding anticipated events and
trends affecting its business and industry based on information
available as of the time such statements are made. Investors are
cautioned that such forward-looking statements are inherently
subject to risks and uncertainties, many of which cannot be
predicted with accuracy and some of which may be outside of the
Company’s control. The Company’s actual results and financial
condition may differ materially from those indicated in these
forward-looking statements. As such, investors should not rely upon
them. Important risk factors include:
- the Company’s ability to navigate
shifting macro-economic environments, including but not limited to,
inflation and the potential for recessionary conditions;
- the Company’s ability to accurately
anticipate fashion trends and promptly respond to consumer
demand;
- the Company’s ability to compete
effectively in a highly competitive market;
- the Company’s ability to adapt its
business model to rapid changes in the retail industry;
- supply chain disruptions to product
delivery systems and logistics, and the Company’s ability to
properly manage inventory;
- the Company’s reliance on
independent manufacturers to produce and deliver products in a
timely manner, especially when faced with adversities such as work
stoppages, transportation delays, public health emergencies, social
unrest, changes in local economic conditions, and political
upheavals as well as their ability to meet the Company’s quality
standards;
- the Company’s dependence on the
retention and hiring of key personnel;
- the Company’s ability to
successfully implement growth strategies;
- changes in trade policies and
tariffs imposed by the United States government and the governments
of other nations in which the Company manufactures and sells
products;
- the Company’s ability to adequately
protect its trademarks and other intellectual property rights;
- the Company’s ability to maintain
adequate liquidity when negatively impacted by unforeseen events
such as an epidemic or a pandemic, which may cause disruption to
the Company’s business operations for an indeterminable period of
time;
- legal, regulatory, political and
economic risks that may affect the Company’s sales in international
markets;
- changes in U.S. and foreign tax
laws that could have an adverse effect on the Company’s financial
results;
- additional tax liabilities
resulting from audits by various taxing authorities;
- cybersecurity risks and costs of
defending against, mitigating, and responding to data security
threats and breaches impacting the Company;
- the Company’s ability to achieve
operating results that are consistent with prior financial
guidance; and
- other risks and uncertainties
indicated from time to time in the Company’s filings with the
Securities and Exchange Commission.
The Company does not undertake, and disclaims,
any obligation to publicly update any forward-looking statement,
including, without limitation, any guidance regarding revenue or
earnings, whether as a result of new information, future
developments, or otherwise.
ContactSteven Madden, Ltd.VP of
Corporate Development & Investor RelationsDanielle
McCoy718-308-2611InvestorRelations@stevemadden.com
PR DirectorChad Evans720-240-7935chadevans@stevemadden.com
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