Madden Makes Handbag Buy

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.”

More From Our Brands

Access exclusive content