Attached files
| file | filename |
|---|---|
| 8-K - CURRENT REPORT - STEVEN MADDEN, LTD. | kl02023.htm |
| EX-10.2 - EARN-OUT AGREEMENT - STEVEN MADDEN, LTD. | kl02023_ex10-2.htm |
| EX-10.1 - STOCK PURCHASE AGREEMENT - STEVEN MADDEN, LTD. | kl02023_ex10-1.htm |
Exhibit
99.1
STEVE
MADDEN COMPLETES ACQUISITION OF BIG BUDDHA
Long Island City, N.Y., February 11,
2010 – Steve Madden (Nasdaq: SHOO), a leading designer and marketer of
fashion footwear and accessories for women, men and children, today announced
that it has completed its acquisition of privately held Big Buddha, Inc., a
designer and marketer of fashion-forward handbags. Founded by Jeremy
Bassan in 2003, Big Buddha sells its trend-right handbags to specialty
retailers, better department stores and online retailers. Big Buddha
had net sales in 2009 of approximately $13 million (unaudited).
The
acquisition was completed for $11 million in cash plus certain earn-out
provisions that are based on financial performance through 2013. The
transaction is expected to be immediately accretive, contributing approximately
$0.05 in diluted EPS in 2010.
Edward
Rosenfeld, Chairman and Chief Executive Officer of Steve Madden, commented, “Big
Buddha is a dynamic young brand that is a great complement to our current
accessories portfolio. The handbags have generated a lot of buzz in
the marketplace, and the brand has developed a loyal following among
consumers. The business has clear opportunities for continued strong
top line growth, and we look forward to using our resources at Steve Madden to
help Big Buddha expand in new accounts, territories and
categories.”
Jeremy
Bassan, Founder and Chief Executive Officer of Big Buddha, added, “I’m excited
to begin working with Steve and the rest of the Steve Madden
team. With our shared vision of developing creative and trend-right
products at a great value, Big Buddha and Steve Madden are a perfect
fit. I’m proud of what we’ve accomplished at Big Buddha so far. We
are only scratching the surface of our potential, and Steve Madden is the ideal
partner to help us get there.”
Advisors
Kramer
Levin Naftalis & Frankel LLP acted as legal advisor for Steve Madden on the
transaction. For Big Buddha, Financo, Inc. acted as financial advisor and
Sonnenschein Nath & Rosenthal LLP acted as legal advisor.
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 85 company-owned
retail stores (including the Company’s online store), department stores, and
apparel, footwear, and accessories specialty stores. The Company has several
licensees for its brands, including for apparel, outerwear, cold weather
accessories, eyewear, hosiery, and bedding and bath products. The Company is the
licensee for footwear, handbags and belts for Fabulosity and Olsenboye, for
footwear for Elizabeth and James and l.e.i. and for handbags and belts for
Betsey Johnson and Daisy Fuentes.
About Big
Buddha
Big
Buddha, headquartered in Santa Cruz, CA, designs and markets fashion-forward,
eco-friendly, casual handbags made using rich high quality materials. The
product line is offered in an assortment of fashion colors with fun and
functional designs. Big Buddha handbags may be found in contemporary department
stores and specialty stores throughout the U.S. Big Buddha has received
editorial press in a variety of publications including Oprah, In Style, US
Weekly, Redbook, Shape, Cosmopolitan, Marie Claire, and People Style
watch.
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.
Investor
Contacts:
ICR,
Inc.
Investor
Relations
Jean
Fontana or Joseph Teklits
203-682-8200
www.icrinc.com