Home / Knowledge / News / Fashion / Steve Madden completes acquisition of Big Buddha

Steve Madden completes acquisition of Big Buddha

12
Feb '10
Steve Madden a leading designer and marketer of fashion footwear and accessories for women, men and children, announced that it has completed its acquisition of privately held Big Buddha, Inc., a designer and marketer of fashion-forward handbags. Founded by Jeremy Bassan in 2003, Big Buddha sells its trend-right handbags to specialty retailers, better department stores and online retailers. Big Buddha had net sales in 2009 of approximately $13 million (unaudited).

The acquisition was completed for $11 million in cash plus certain earn-out provisions that are based on financial performance through 2013. The transaction is expected to be immediately accretive, contributing approximately $0.05 in diluted EPS in 2010.

Edward Rosenfeld, Chairman and Chief Executive Officer of Steve Madden, commented, "Big Buddha is a dynamic young brand that is a great complement to our current accessories portfolio. The handbags have generated a lot of buzz in the marketplace, and the brand has developed a loyal following among consumers. The business has clear opportunities for continued strong top line growth, and we look forward to using our resources at Steve Madden to help Big Buddha expand in new accounts, territories and categories."

Jeremy Bassan, Founder and Chief Executive Officer of Big Buddha, added, "I'm excited to begin working with Steve and the rest of the Steve Madden team. With our shared vision of developing creative and trend-right products at a great value, Big Buddha and Steve Madden are a perfect fit. I'm proud of what we've accomplished at Big Buddha so far. We are only scratching the surface of our potential, and Steve Madden is the ideal partner to help us get there."

Kramer Levin Naftalis & Frankel LLP acted as legal advisor for Steve Madden on the transaction. For Big Buddha, Financo, Inc. acted as financial advisor and Sonnenschein Nath & Rosenthal LLP acted as legal advisor.

Steve Madden Ltd


Must ReadView All

Pic: Shutterstock

Apparel/Garments | On 4th Aug 2021

US FTC votes to reverse course on repeal of fabric care labels

The US Federal Trade Commission (FTC) recently voted to retain the...

Pic: UKFT

Textiles | On 4th Aug 2021

UKFT to design & pilot new platform to drive sustainability in fashion

The UK Fashion & Textile Association (UKFT) has started working with...

Pic: Kontoor Brands/Wrangler

Apparel/Garments | On 4th Aug 2021

US’ Kontoor aims for sustainable growth with diversity & inclusivity

Kontoor Brands, an American apparel company with denim brands like...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Trainers faced immense challenges as most were not tech-savvy

Textile Industry, Head honchos

Textile Industry
Head honchos

Donating 20,000 N95 masks to hospitals & NGOs

Textile Industry, Head honchos

Textile Industry
Head honchos

Extension of RoSCTL to boost textile exports

Chendhuran Sundar,

Chendhuran Sundar

Headquartered at Singapore, Crocodile is a global fashion and lifestyle...

Shambhu Nath Jha,

Shambhu Nath Jha

Leading research and consulting firm Fact.MR recently launched a report on ...

Amanda Cioletti,

Amanda Cioletti

The entertainment/character segment lead as the largest sector for the...

Dr Anup Rakshit, ITTA

Dr Anup Rakshit
ITTA

The Indian Technical Textile Association (ITTA) is the only association of ...

Karan Bose, Hula Global

Karan Bose
Hula Global

Hula Global, a leading isolation gown manufacturer in India, has been...

Wolfgang Plasser, Lenzing AG

Wolfgang Plasser
Lenzing AG

The Lenzing Group is an international company headquartered in Austria...

Niti Singhal, Twee In One

Niti Singhal
Twee In One

Best known for convertible clothing, Indian brand Twee In One by designer...

Anjali Bhaskar, Samatvam

Anjali Bhaskar
Samatvam

Samatvam, a womenswear brand that blends age-old craftsmanship with modern ...

Sandeep Gonsalves & Sarah Gonsalves, Sarah & Sandeep

Sandeep Gonsalves & Sarah Gonsalves
Sarah & Sandeep

Established in 2012, Sarah & Sandeep is a luxury menswear label...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


July 2021

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search