US: Steve Madden buys SML accessories brands for $1.25m
Footwear maker Steve Madden is expanding its accessories business with the acquisition of the Zone 88 and Shakedown Street lines of SML Brands LLC for $1.25m.
SML Brands, a subsidiary of Aimee Lynn Inc, designs and markets private label accessories, principally handbags, for mass merchants and mid-tier retailers.
"SML Brands represents a great addition to our accessories business," said Edward Rosenfeld, chairman and chief executive officer.
"We are pleased with our performance with private label product for the value priced channels in the footwear category and believe this acquisition will enable us to replicate that success in accessories."
The Long Island City, New York based company said it expects the acquisition to add $10m to net sales and to be slightly accretive to earnings per share in fiscal 2009.
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