Steve Madden snaps up family-owned footwear business
01/02/2017
The value of the deal has not been disclosed.
Steve Madden said the brand’s 12-month net sales as of December 31, 2016 were approximately $87.6 million.
“We are very pleased to complete the acquisition of Schwartz & Benjamin, a company known for its outstanding capability in designer and accessible luxury footwear,” said Edward Rosen, chairman and CEO of Steve Madden.
He added that there was an opportunity to expand the business by combining Schwartz & Benjamin’s experience of designing and sourcing high-quality footwear with his group’s “proven business model and infrastructure”.
The CEO of Schwartz & Benjamin, Danny Schwartz, revealed that the company would operate as a stand-alone business and retain its current management team and employees. He will remain on the board, as will chief creative officer Barbara Schwartz and president and COO Steve Shapiro.
The company distributes footwear to a variety of wholesale customers, including department stores and speciality boutiques, as well as working with the retail stores of its brand partners, which include Kate Spade and Rebecca Minkoff. It also designs and sources private label footwear for several retailers.
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