Edward Rosenfeld, Steve Madden’s Chairman and Chief Executive Officer, commented: “We are very pleased to complete the acquisition of Schwartz & Benjamin, a company known for its outstanding capability in designer and accessible luxury footwear. We see opportunity to expand the business by combining Schwartz & Benjamin’s strengths – which include premier execution in the design and sourcing of high-quality footwear as well as a strong portfolio of brand partners – with our proven business model and infrastructure. We are particularly pleased that Chief Executive Officer Danny Schwartz, Chief Creative Officer Barbara Schwartz and President and Chief Operating Officer Steve Shapiro will remain with Schwartz & Benjamin and continue to lead the business into its next phase of growth.”

Steve Madden has confirmed the acquisition of the family of companies Schwartz & Benjamin, specialized in the design, sourcing and sale of licensed and private label footwear.

Founded in 1923, Schwartz & Benjamin distributes its fashion footwear to wholesale customers, including department stores and specialty boutiques, as well as the retail stores of its brand partners. Schwartz & Benjamin’s current brand partners include Kate Spade, Rebecca Minkoff, Alice + Olivia and Avec Les Filles. Schwartz & Benjamin also designs and sources private label footwear for various retailers.

Schwartz & Benjamin’s 2016 net sales totaled approximately 87.6 million US dollars (unaudited).