The American fashion group Steven Madden Ltd. announced on Monday the acquisition of the clothing manufacturer Almost Famous. The parent company of the Steve Madden brand said it paid a purchase price of $52 million (49 million euros) for the company.
Almost Famous offers women’s fashion under its own brand, but also produces for external partners. The company holds the exclusive license for clothing for the Madden NYC line launched by Steve Madden last year.
In the twelve months prior to September 30, Almost Famous’ sales were approximately $163 million (€154 million), according to the new parent company. Peter Kossoy and Robbie Regina, the co-presidents and previous owners of Almost Famous, are expected to retain leading roles in the company even after the takeover.
“We are pleased to further expand our apparel platform with the acquisition of Almost Famous,” Steve Madden CEO and Chairman Edward Rosenfeld said in a statement. “With its expertise in youth apparel and strength in affordable distribution channels, Almost Famous is a strong complement to our existing Steve Madden-branded apparel business.”