Speciality retailer Bakers Footwear Group has sold its Wild Pair brand to footwear business Steve Madden for up to US$4m.

The deal includes an agreement for Steve Madden to license the brand to Bakers on a non-exclusive, non-transferable and royalty-free basis in perpetuity, allowing the retailer to continue to offer Wild Pair products in its stores.

Bakers said it expected the net proceeds from the transaction to be about $3.3-3.9m.

“We are pleased to continue the growth of the Wild Pair brand with this transaction,” said Peter Edison, Bakers chairman and CEO.

“We believe Steve Madden is the best possible company to take advantage of the significant opportunity that exists to broaden the appeal and reach of the Wild Pair label.”

Steve Madden chairman and CEO Edward Rosenfeld said the company was pleased with the deal, adding: “We look forward to broadening the distribution and reach of the brand, while maintaining the brand DNA that has made Wild Pair successful for almost 40 years.”

The acquisition comes nearly 18 months after Steve Madden made a $5m equity investment in Bakers, in return for a near-20% stake in the business.