Steve Madden completes acquisition of Schwartz & Benjamin
Steve Madden announced on Monday the acquisition of Schwartz & Benjamin, Inc. The acquisition was completed for cash at closing plus an earn-out provision based on financial performance through January 31, 2023.
Founded in 1923, Schwartz & Benjamin distributes its fashion footwear to wholesale customers, including better department stores, specialty boutiques and the retail stores of its brand partners. The company also designs and sources private label footwear for various retailers. Current Schwartz & Benjamin brand partners include Kate Spade, Rebecca Minkoff, Alice + Olivia and Avec Les Filles.
Following the acquisition, Chief Executive Officer Danny Schwartz, Chief Creative Officer Barbara Schwartz and President and Chief Operating Officer Steve Shapiro will remain with Schwartz & Benjamin.
Danny Schwartz, Chief Executive Officer of Schwartz & Benjamin, added, “We at Schwartz & Benjamin are excited to be joining forces with Steve Madden. We are proud of our 93-year history of creating footwear that satisfies the needs of our brand partners, wholesale clients and consumers, and we look forward to continuing to do so for many years to come with the added support and resources of Steve Madden. Barbara and I are pleased that Schwartz & Benjamin will operate as a stand-alone business with its current management team and employees, resulting in the transaction being seamless to our valued clients and business partners. Schwartz & Benjamin has tremendous opportunity for growth, and we look forward to working with Steve Madden to help the company reach its potential.”
Steve Madden announced in January an increase in retail net sales and retail comparable sales, which resulted in updated earnings per share guidance. The company expects its diluted EPS to be at the high end of its guidance range of $1.98 to $2.03.
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