LONG ISLAND CITY, N.Y.--(BUSINESS WIRE)--Jul. 8, 2009--
Steve Madden (Nasdaq: SHOO), a leading designer and marketer of fashion
footwear and accessories for women, men and children, today announced
that, through one of its subsidiaries, it has completed its acquisition
of substantially all of the assets constituting the Zone 88 and
Shakedown Street lines of SML Brands, LLC, a subsidiary of Aimee Lynn,
Inc. SML Brands designs and markets primarily private label accessories,
principally handbags, for mass merchants and mid-tier retailers. The
purchase price was $1.25 million, plus additional consideration for
certain inventory. A portion of the purchase price was paid by
assumption of certain liabilities of the seller. The balance of the
purchase price was funded with cash on hand.
"SML Brands represents a great addition to our accessories business. 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. We
expect the acquisition to add approximately $10 million to net sales and
to be slightly accretive to earnings per share in fiscal 2009,” stated
Edward Rosenfeld, Chairman and Chief Executive Officer.
About Steve Madden
Steve Madden designs and markets fashion-forward footwear and
accessories for women, men and children. The shoes and accessories are
sold through company-owned retail stores, department stores, apparel,
footwear, and accessories specialty stores, and online at http://www.stevemadden.com/.
The Company has several licensees for its brands, including for
outerwear, cold weather accessories, eyewear, hosiery, and bedding and
bath products and owns and operates 92 retail stores, including its
online store as of July 8, 2009. The Company is the licensee for
footwear, handbags and belts for Fabulosity, for footwear for Elizabeth
and James and l.e.i. and for handbags and belts for Betsey Johnson and
Daisy Fuentes.
This press release contains forward looking statements as that term is
defined in the federal securities laws. The events described in forward
looking statements contained in this press release may not occur.
Generally these statements relate to business plans or strategies,
projected or anticipated benefits or other consequences of the Company's
plans or strategies, projected or anticipated benefits from acquisitions
to be made by the Company, or projections involving anticipated
revenues, earnings or other aspects of the Company's operating results.
The words "may," "will," "expect," "believe," "anticipate," "project,"
"plan," "intend," "estimate," and "continue," and their opposites and
similar expressions are intended to identify forward looking statements.
The Company cautions you that these statements are not guarantees of
future performance or events and are subject to a number of
uncertainties, risks and other influences, many of which are beyond the
Company's control, that may influence the accuracy of the statements and
the projections upon which the statements are based. Factors which may
affect the Company's results include, but are not limited to, the risks
and uncertainties discussed in the Company's Annual Report on Form 10-K
for the year ended December 31, 2008. Any one or more of these
uncertainties, risks and other influences could materially affect the
Company's results of operations and whether forward looking statements
made by the Company ultimately prove to be accurate. The Company's
actual results, performance and achievements could differ materially
from those expressed or implied in these forward looking statements. The
Company undertakes no obligation to publicly update or revise any
forward looking statements, whether from new information, future events
or otherwise.
Source: Steve Madden
ICR, Inc.
Investor Relations
Jean Fontana or Joseph Teklits
203-682-8200
www.icrinc.com