Steve Madden acquires Almost Famous for $52 million
Footwear company Steve Madden announced on Monday a $52 million cash deal to acquire Almost Famous, further solidifying Steve Madden’s presence in the fashion industry.
Almost Famous has made a name for itself by marketing products under its own brands, with Almost Famous being a flagship line, and by producing private label brands for various retailers. Since 2022, the company has exclusively held the license for Madden NYC apparel.
The acquisition is subject to a working capital adjustment and an earn-out provision tied to future financial performance.
“We are pleased to further enhance our apparel platform with the acquisition of Almost Famous,” said Edward Rosenfeld, chairman and chief executive officer of Steve Madden.
“With its expertise in junior apparel and strength in value-priced channels, Almost Famous is a strong complement to our existing Steve Madden apparel business, which is focused on contemporary styling and is primarily distributed in department stores and e-commerce retailers.”
Almost Famous reaches its audience through various channels, distributing its products to wholesale customers, which include mass merchants, department stores, off-price retailers, and chain stores throughout the United States. In the 12 months leading up to September 30, 2023, Almost Famous reported a revenue of approximately $163 million.
Peter Kossoy and Robbie Regina, former owners and co-presidents of Almost Famous, added, “We are excited to join the Steve Madden family. We are proud of what we’ve built at Almost Famous and look forward to partnering with Steve Madden to take the business to new heights in the coming years.”
