World Footwear

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Steve Madden enhances its apparel platform with the acquisition of Almost Famous

Oct 25, 2023 United States
Steve Madden enhances its apparel platform with the acquisition of Almost Famous
The New York-based designer and marketer of fashion footwear, accessories and apparel announced the acquisition of the apparel company Almost Famous for 52 million US dollars
Almost Famous produces and markets several clothing lines, including the eponymous denim brand that is sold at Walmart, Macy's and Kohl's, as well as private labels for retailers. It has also been the exclusive licensee of Steve Madden’s apparel label, Madden NYC, since its launch in 2022. In the year that ended on the 30th of September, the company's revenue reached 163 million US dollars. The deal was completed for 52 million US dollars in cash, subject to a working capital adjustment plus a provision for gains based on future financial performance.

“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”, commented Edward Rosenfeld, Chairman and Chief Executive Officer of Steve Madden.

Peter Kossoy and Robbie Regina, former owners and Co-Presidents of Almost Famous, added that they were “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”.


Image Credits: apparelglobal.com

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