NEW YORK – With the goal of becoming a “global lifestyle brand,” Steven Madden Ltd. has acquired an accessories manufacturer it began working with last year.
You May Also Like
Steven Madden purchased privately held handbag and belt designer and manufacturer Daniel M. Friedman & Associates for $18 million cash, in an effort to complement and widen its reach beyond its existing footwear business. The transaction, which makes Daniel K. Friedman & Associates a wholly-owned subsidiary of Steven Madden effectively immediately, is expected to contribute 15 to 18 cents a share to earnings in the first full year of ownership, Long Island City, N.Y.-based Steven Madden said Wednesday.
New York-based Daniel M. Friedman & Associates was founded in 1995 as a manufacturer and distributor of brand name fashion handbags and accessories. The company, which had sales of $41 million in fiscal 2005, also holds accessory licenses for Betsey Johnson, UnionBay and Ellen Tracy and develops a private-label belt line under the brand Fina Firenze. Daniel M. Friedman & Associates also launched handbag and small leather goods for Jennifer Lopez’s JLo label in early 2004. In July 2005, Steven Madden signed a licensing agreement with Daniel M. Friedman & Associates for handbags and other accessories. Daniel M. Friedman & Associates had previously produced belts for Madden.