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Steven Madden acquires accessories maker for $18m

Feb '06
Women's footwear retailer Steven Madden has completed the acquisition of privately held Daniel M. Friedman & Associates, a designer, manufacturer, and distributor of handbags, belts and related accessories.

The acquisition was completed for $18 million in cash and includes certain earn out provisions that are based on financial performance through 2010.

This strategic acquisition will enable the company to further augment and complement its core footwear category and continue to expand its reach into the branded lifestyle concept. Moreover, the company believes the acquisition will provide additional design and management talent and will further bolster Steven Madden Ltd's already strong operating team.

Jamieson Karson, Chairman and CEO of Steven Madden Ltd, said, "Not only is the accessories category highly complementary to our footwear business, but this acquisition ties in perfectly with our strategy of developing Steven Madden, Ltd. into a global lifestyle brand."

"This transaction affords us more control over our accessories business as Steve will be intimately involved in the creative process as we develop our handbags and other categories to their fullest potential. Direct ownership of this strong and proven business represents a very effective use of our cash that we expect will provide significant return to our shareholders," Karson added.

Steven Madden Ltd signed a licensing agreement with Daniel M. Friedman & Associates for handbags and related accessories in July 2005. Under this previous licensing agreement between the two companies, certain Steven Madden Ltd retail stores are currently receiving shipments of Steve Madden accessories from Daniel M. Friedman & Associates, and product is planned to launch in wholesale accounts in March 2006.

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