Steve Madden is adding another big name to his portfolio.
His eponymous firm announced today that it acquired Seattle-based Dolce Vita Holdings, Inc., which includes Dolce Vita, DV by Dolce Vita, juniors’ line DV8 and men’s collection J.D. Fisk.
“It’s always good to have a lot of talent in the company, and this will expand us to other price points,” said Madden. “We want the best brands and the best people.”
Madden has a history with co-founders Van Lamprou and Nick Lucio, who launched Dolce Vita in 2001. Lamprou briefly worked as a designer for the company, and the team assisted with private label design for the Madden Group retail stores.
“We were doing business early on, and we understand the synergies and getting product to market as fast as we can,” said Lamprou. “Nick and I have been searching for a growth partner to help us maximize our [business], and the Madden team has that skill.”
The acquisition was completed for $60.3 million in cash subject to a working capital adjustment plus an earn-out provision based on future financial performance.
Dolce Vita joins the namesake Madden brands (Steve Madden, Steven by Steve Madden, Madden Girl), plus Betsey Johnson, Brian Atwood, Report, Report Signature and Big Buddha. Madden holds the license for Superga and Olsenboye.
“We have built an organization that can support a [large] portfolio of brands,” said Chairman and CEO Ed Rosenfeld. “What gives us particular confidence with this transaction is that we have acquired great management and design talent in the deal.”
For more, see Monday’s Footwear News.