Steve Madden says it paid $52m in cash for Almost Famous, subject to a working capital adjustment and the US company reported revenue of $163m in the 12 months ending 30 September.
Almost Famous is the exclusive licensee for Steve Madden’s Madden NYC brand since its launch in 2022, distributing its products via wholesale, department stores, off-price retailers and chain stores in the US.
Steven Madden’s chairman and CEO Edward Rosenfeld says: “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.”
Almost Famous’ former owners and co-presidents Peter Kossoy and Robbie Regina add: “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.”
Steve Madden products are sold in department stores, mass merchants, off-price retailers, shoe chains, online retailers, national chains, specialty retailers and in independent stores. The company also has its own brick-and-mortar retail stores and e-commerce sites.
In Q1 2022, Steven Madden said it was having "an outstanding start to the year," reporting that revenue had increased 55% to $559.7m from $361m in the same period of 2021. Steve Madden said the results were the highest quarterly earnings reported in Q1 in the brand's history.
In 2009 Steve Madden bought SML accessory brands Zone 88 and Shakedown Street for $1.25m. Two years later it acquired apparel brands Topline and Cejon.
Steve Madden's purchase of an apparel brand comes shortly after GlobalData's signals analysis showed a huge decline in mentions of footwear in company filings as the cost of living crisis, high inflation and changing consumer habits take their toll.
