Bakers Footwear Group Inc. on Thursday announced that Steve Madden would purchase the Wild Pair trademark from Bakers for up to $4 million. The licensing deal calls for a non-exclusive, royalty free deal, where Bakers can continue to offer the branded footwear in its retail stores and online.
Steve Madden is one of Bakers’ largest suppliers, and the Wild Pair deal follows a $5 million debt and equity investment granted to Bakers from Steve Madden last year. As part of the 2010 agreement, Steve Madden received a 20 percent stake in Bakers.
“We are pleased to once again expand our diversified portfolio of brands with the addition of Wild Pair,” Steve Madden CEO Ed Rosenfeld said in a statement. “We look forward to broadening the distribution and reach of the brand while maintaining the DNA that has made Wild Pair successful for almost 40 years.”
Bakers Chairman and CEO Peter Edison also expressed high expectations for the partnership. “Wild Pair has tremendous potential and we believe Steve Madden is the best possible company to take advantage of that significant opportunity that exists to broaden the appeal and reach of the Wild Pair label,” Edison said in a statement.