CANADA: Steve Madden to acquire licensee for US$29m
Footwear and accessories business Steve Madden is to buy its Canadian licensee in a deal worth about US$29m.
The acquisition of privately-owned SM Canada comprises businesses including Steve Madden Canada, Steve Madden Retail Canada, Pasa Agency and Gelati Imports.
SM Canada is responsible for marketing Steve Madden products in Canada in the wholesale sector, as well as supplying seven branded retail stores.
The purchase price is subject to a working capital adjustment, plus earn-out provisions based on financial performance up until March 2017. SM Canada recorded net sales of about $32m in the year to 31 July 2011.
“Canada is a strong and growing market for the Steve Madden brand,” said Steve Madden chairman and CEO Edward Rosenfeld.
“Upon completion of this transaction, we intend to enhance our presence in major department stores and specialty stores, expand our portfolio of Steve Madden stores and further build the infrastructure to support a growing business.”
UK clothing company Supergroup has entered into an exclusive long-term franchise agreement with Reliance Brands to launch the Superdry brand in India....
Brooks Brothers and Reliance Brands have announced the formation of a joint venture in India. ...
Footwear and accessories maker Steve Madden has today (3 May) posted a 22.5% increase in first-quarter net income, on the back of increased wholesale footwear and accessories sales....
- MYANMAR SNAPSHOT: Textile and apparel industry
- Clothing seen as central focus for new Tesco CEO
- Alliance members buy more products from Bangladesh
- Indian apparel exporters discuss policy changes
- VF Corp bullish for second-half growth
- Crystal Group improves worker communication
- TIMELINE: Charney ousting from American Apparel
- Columbia Sportswear fined for mislabelled clothing
- VF Corp books "solid" Q2 performance
- “Made in USA” company rapped for deceptive claims
- Global market review of denim and jeanswear – forecasts to 2020
- Management briefing: Sourcing shifts: Changes and challenges
- American Eagle Outfitters, Inc. : Reacting to a need for change
- Ethiopia – the emerging textile and clothing industry
- Plunkett's Apparel & Textiles Industry Almanac 2014: Apparel & Textiles Industry Market Research, Statistics, Trends & Leading Companies