Steven Madden Ltd. is about to tie up another celebrity deal.
Multiple sources told Footwear News last week the company is teaming up with Iconix Brand Group Inc. and Macy’s Inc. to produce the shoes for Madonna’s new Material Girl juniors’ line, set to launch exclusively at Macy’s in August.
Last week, the superstar and Iconix announced the formation of a joint venture called MG Icon LLC. A number of projects are expected to bow as part of the partnership, with the Material Girl line hitting first.
“Footwear and accessories are going to be an essential part of the Material Girl collection,” said Iconix CEO Neil Cole. “Footwear is an easy way for juniors to change their look, and we are going to offer them a wide array of trend-right items that will fit into their style.”
For their part, analysts were upbeat on Iconix’s newest partnership, even though they were unsure how much of an impact it would have in the near term.
“We believe this deal offers a number of positives for the company and is a somewhat risk-free way to increase its star power and drive upside,” Eric Beder, SVP at Brean Murray, Carret & Co, wrote in a note. The analyst expects Iconix to continue to aggressively pursue acquisitions to “maximize its over $200 million cash hoard.”