Brown Shoe Buys Remaining 50% of Edelman Shoe

Brown Shoe Co acquired the remaining 50%interest in women's shoe-maker Edelman Shoe Inc for for $39.6 million in cash and stock.

Brown Shoe first invested in Edelman — which makes shoes under the Sam Edelman and Libby Edelman brands — in 2007 when it bought a 42.5%stake in the company. It then bought a further 7.5% of Edelman, taking its stake to 50% in 2008.

Edelman Shoe founders Sam and Libby Edelman will retain their current roles as president of the Sam Edelman division and head of marketing, respectively, Brown Shoe said in a statement.