Steven Madden Ltd. said Thursday it acquired Big Buddha, a handbag maker.
The acquisition is valued at $11 million in cash, in addition to certain provisions. The company had sales of about $13 million in 2009.
“Big Buddha is a dynamic young brand that is a great complement to our current accessories portfolio. The handbags have generated a lot of buzz in the marketplace, and the brand has developed a loyal following among consumers,” Ed Rosenfeld, CEO of Steven Madden, said in a statement. “The business has clear opportunities for continued strong top-line growth, and we look forward to using our resources at Steve Madden to help Big Buddha expand in new accounts, territories and categories.”