Steve Madden Announces Acquisition of Dolce Vita Holdings, Inc.
August 14 2014 - 4:01PM
Business Wire
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 the acquisition of privately held
Dolce Vita Holdings, Inc. (“Dolce Vita”), which specializes in the
design, sourcing and sale of branded and private label footwear.
Founded in 2001 by Van Lamprou and Nick Lucio, Dolce Vita sells its
fashion-forward footwear to wholesale customers, including better
department stores and specialty boutiques, and online at
www.dolcevita.com. Dolce Vita’s owned brands include Dolce Vita, DV
by Dolce Vita, DV8 and J.D. Fisk. Dolce Vita had net sales in 2013
of approximately $111 million.
The acquisition was completed for $60.3 million in cash subject
to a working capital adjustment plus an earn-out provision based on
future financial performance. The transaction is expected to be
$0.02 to $0.03 dilutive to EPS in fiscal 2014 and to be modestly
accretive in fiscal 2015.
Edward Rosenfeld, Chairman and Chief Executive Officer,
commented, “We are very pleased to complete the acquisition of
Dolce Vita, a brand that is known for its chic, modern styles and
strong following among trend-conscious consumers. We see
significant opportunity to expand the business by combining Dolce
Vita’s strengths – which include an outstanding brand and superior
design – with our proven business model and infrastructure. We are
particularly pleased that the founders Van and Nick will remain
with Dolce Vita and continue to lead the business into its next
phase of growth.”
Van Lamprou and Nick Lucio, Founders of Dolce Vita, added, “We
are excited to be joining the Steve Madden family. We are very
proud of what we have built at Dolce Vita over the last 13 years,
and we believe that Steve Madden is the perfect partner to help the
brand reach its full potential. We look forward to working with the
Steve Madden team to take Dolce Vita to new heights in the coming
years.”
About Steve Madden
Steve Madden designs, sources and markets fashion-forward
footwear and accessories for women, men and children. In addition
to marketing products under its owned brands including Steve
Madden®, Steven by Steve Madden®, Madden Girl®, Freebird by
Steven®, Stevies®, Betsey Johnson®, Betseyville®, Brian Atwood®, B
Brian Atwood®, Report Signature®, Report®, Big Buddha®, Wild Pair®,
Cejon® and Mad Love®, the Company is the licensee of various
brands, including Olsenboye® for footwear, handbags and belts and
Superga® and l.e.i.® for footwear. The Company also designs and
sources products under private label brand names for various
retailers. The Company's wholesale distribution includes department
stores, specialty stores, luxury retailers, national chains and
mass merchants. The Company also operates 124 retail stores
(including the Company's three Internet stores). The Company
licenses certain of its brands to third parties for the marketing
and sale of certain products, including for ready-to-wear,
outerwear, intimate apparel, eyewear, hosiery, jewelry, fragrance,
luggage and bedding and bath products.
Safe Harbor
This press release and oral statements made from time to time by
representatives of the Company contain certain “forward looking
statements” as that term is defined in the federal securities laws.
The events described in forward looking statements 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 concern current expectations
about the Company’s future results and condition and 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, Quarterly Reports on Form
10-Q and Current Reports on Form 8-K filed with the Securities and
Exchange Commission. Any one or more of these uncertainties, risks
and other influences could materially affect the Company's results
of operations and financial condition and whether forward looking
statements made by the Company ultimately prove to be accurate and,
as such, 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
as a result of new information, future events or otherwise.
ICR, Inc.Investor RelationsJean Fontana/Megan
Crudele203-682-8200www.icrinc.com
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