Steve Madden, a renowned footwear company, has made a strategic move by acquiring Almost Famous for $52 million in cash. This acquisition marks a significant step in Steve Madden’s expansion within the fashion industry.
Almost Famous has garnered recognition for marketing its products under proprietary brands, with the flagship «Almost Famous» line, and for producing private label brands for various retailers. Since 2022, the company has exclusively held the license for Madden NYC apparel.
The acquisition includes provisions for a working capital adjustment and an earn-out provision linked to future financial performance.
Edward Rosenfeld, Chairman and Chief Executive Officer of Steve Madden, expressed his satisfaction with the acquisition, stating, “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 reaches its audience through various channels, distributing its products to wholesale customers, including mass merchants, department stores, off-price retailers, and chain stores throughout the United States. In the 12 months leading up to September 30, 2023, Almost Famous reported a revenue of approximately $163 million.
Former owners and co-presidents of Almost Famous, Peter Kossoy and Robbie Regina, expressed their excitement about joining the Steve Madden family, stating, “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’s acquisition of Almost Famous is a strategic step towards diversifying and expanding its brand portfolio within the dynamic fashion industry. This significant move positions the company for future growth and success.
