Fashion footwear and accessories maker Steve Madden has closed the purchase of US-based privately held online sneaker company Greats Brand (GREATS).
Steve Madden chair and chief executive officer Edward Rosenfeld said that GREATS’ business model, established infrastructure and global reach will provide the company with an opportunity to expand its business.
Financial details of the deal were not disclosed by the companies.
GREATS, which was founded in 2014, recorded net sales of nearly $13m in the 12 months ended 30 June this year.
The brand sells most of its products on a direct-to-consumer basis online. It also operates a flagship retail store in the Soho district, New York.
GREATS founder and CEO Ryan Babenzein said: “Steve is a true maverick and is one of the people I look up to in the footwear industry. He’s created a multi-billion-dollar footwear business from nothing and there are less than a handful of people in the world who have done that.
“Getting the chance to collaborate with and learn from Steve and the rest of the Madden Company to accelerate my business is something that made a ton of sense to me. My goal has been the same since I started GREATS, and that is to create one of the leading footwear brands in the world.
“This partnership is another chapter in the GREATS book to help accomplish that and I couldn’t be happier.”
Steve Madden operates 224 retail stores, including the company’s six internet stores. Its wholesale distribution includes department stores, specialty stores, luxury retailers, national chains and mass merchants.
In a separate development, Steve Madden has bought California-based women’s apparel company BB Dakota for an undisclosed amount.
The company’s portfolio includes owned brands BB Dakota and Jack by BB Dakota and licensed brand Cupcakes and Cashmere.