Steve Madden buys Canadian licensee
US footwear brand Steven Madden has signed a pact to buy its privately held Canadian licensee SM Canada for roughly $29 million as it moves to increase its presence in the region’s market.
SM Canada markets Steven Madden products in Canada for wholesale distribution and via seven Steve Madden-branded stores. SM Canada posted sales of $32 million in the 12 months ended July 31, 2011.
Steve Madden plans to enhance its presence in top department stores and specialty stores in Canada and expand the number of its own branded stores in the region.
The deal comes after recent steps the company has taken to boost sales and expand its brand portfolio, including last year’s purchase of footwear producer and designer Topline and cold-weather-accessories outfit Cejon.
