US footwear brand Steve Madden has announced that it has bought privately held footwear firm Topline Corp for $55 million in cash, in a bid to bolster its private label footwear business.

“Topline’s private label business is one of the best in our industry and is highly complementary to our existing private label footwear business,” said chief executive Edward Rosenfeld in a statement.

Topline reported 2010 net sales of approximately $189 million while Steve Madden’s estimated net sales for 2011 is $770.6 million, according to Thomson Reuters.

Steve Madden also hopes to benefit from Topline’s direct sourcing platform.

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