Steve Madden has completed the acquisition of privately held Dolce Vita Holdings, Inc., 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.”
Steve Madden's owned brands include 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.
