Steve Madden Announces the Acquisition of the Remaining Share of Its European Joint Venture

Rhea-AI Summary

On April 14, 2021, Steven Madden, Ltd. (NASDAQ: SHOO) announced the completion of its acquisition of the remaining 49.9% stake in its European joint venture, enhancing its presence in the European market where it distributes Steve Madden-branded products. Since its establishment in June 2016, the joint venture has seen robust growth, including a 21% revenue increase in 2020 despite COVID-19 challenges. Edward Rosenfeld, CEO, expressed optimism about future growth, leveraging the company's strong digital-first approach.

Positive

• Full ownership of the European joint venture enhances operational control.
• Joint venture experienced 21% revenue growth in 2020.
• Strong digital-first positioning supports future growth.

Negative

• None.

LONG ISLAND CITY, N.Y., April 14, 2021 (GLOBE NEWSWIRE) -- Steven Madden, Ltd. (NASDAQ: SHOO), a leading designer and marketer of fashion-forward footwear, accessories and apparel for women, men and children, today announced that it has completed the acquisition of the 49.9% share that it did not already own of its European joint venture. The European joint venture was formed in June 2016 and distributes Steve Madden-branded footwear and accessories to most countries throughout Europe.

Edward Rosenfeld, Chairman and Chief Executive Officer, commented, “Since its formation nearly five years ago, our European joint venture has experienced strong double-digit percentage revenue growth each year, including a 21% revenue gain in 2020 despite the impact of COVID-19. We are pleased to take full ownership of our business in this critical market, and look forward to continued growth in the region as we capitalize on our strong momentum and digital-first positioning.”

About Steve Madden

Steve Madden designs, sources and markets fashion-forward footwear, accessories and apparel for women, men and children. In addition to marketing products under its own brands including Steve Madden®, Dolce Vita®, Betsey Johnson®, Blondo®, GREATS®, BB Dakota® and Mad Love®, Steve Madden is a licensee of various brands, including Anne Klein® and Superga®. Steve Madden also designs and sources products under private label brand names for various retailers. Steve Madden’s wholesale distribution includes department stores, specialty stores, luxury retailers, national chains, mass merchants and online retailers. Steve Madden also operates retail stores and e-commerce websites. Steve Madden licenses certain of its brands to third parties for the marketing and sale of certain products, including ready-to-wear, outerwear, eyewear, hosiery, jewelry, sunglasses, fragrance, luggage and bedding and bath products. For local store information and the latest Steve Madden booties, pumps, men’s and women’s fashion sneakers, sandals, dress shoes, boots, slippers and more, visit http://www.stevemadden.com.

Contact:

Steven Madden, Ltd.
Director of Corporate Development & Investor Relations
Danielle McCoy
718-308-2611
InvestorRelations@stevemadden.com

FAQ

What is the significance of Steven Madden's acquisition of its European joint venture?

The acquisition allows Steven Madden to have complete operational control and optimize its strategy in the critical European market.

How much revenue growth did the European joint venture achieve in 2020?

The European joint venture reported a 21% revenue increase in 2020.

What impact does the acquisition of the European joint venture have on SHOO's future growth?

The acquisition is expected to strengthen SHOO's market position and enhance growth potential in Europe.

When was the European joint venture formed?

The European joint venture was established in June 2016.

What brands does Steven Madden market through its European joint venture?

The joint venture distributes Steve Madden-branded footwear and accessories primarily across Europe.