Steve Madden, the well-known footwear, apparel, and accessories brand, has completed a substantial $52 million cash acquisition of Almost Famous, a women’s fashion designer, marketer, and brand. This strategic move strengthens Steve Madden’s presence in the fashion industry. Almost Famous had been the exclusive licensee for Steve Madden’s Madden NYC brand, distributing its products through various channels in the US.
Edward Rosenfeld, Chairman and CEO of Steve Madden, expressed his satisfaction with the acquisition, emphasizing that Almost Famous complements their existing apparel business. Steve Madden’s apparel business focuses on contemporary styling and is primarily distributed through department stores and e-commerce retailers. With Almost Famous’s expertise in junior apparel and its strong presence in value-priced channels, this acquisition offers the potential for synergies and growth.
The former owners and co-presidents of Almost Famous, Peter Kossoy and Robbie Regina, are enthusiastic about joining the Steve Madden family. They look forward to leveraging this partnership to elevate Almost Famous to new heights in the coming years.
Steve Madden’s products have a broad market presence, including department stores, mass merchants, online retailers, and independent stores. This acquisition aligns with their strategy of expanding and diversifying their fashion offerings.
In the first quarter of 2022, Steve Madden reported outstanding financial results, with a 55% increase in revenue compared to the same period in the previous year. This substantial growth marked the highest quarterly earnings reported in the brand’s history, highlighting its momentum and positive trajectory in the competitive fashion industry.
