Steve Madden announced that it is acquiring Dolce Vita Holdings, Market Watch reported. The two fashion footwear brands are going to team up, with Madden paying $60.3 million for Dolce Vita subject to a working capital adjustment with an earn-out provision based on future financial performance. The deal is expected to be dilutive to EPS short-term, but to begin to be accretive in 2015.
Van Lamprou and Nick Lucio, co-founders of Dolce Vita said, “We are excited to be joining the Steve Madden family. We are very proud of what we have built at Dolce Vita for the last 13 years, and we believe Steve Madden is the perfect partner to help the brand reach its full potential. We look forward to working with the Steve Madden team to take Dolce Vita to new heights in the coming years.”
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Edward Rosenfeld, Chairman and Chief Executive Officer, commented, “We are very pleased to complete the acquisition of Dolce Vita, a brand that is known for its chic, modern styles and strong following among trend-conscious consumers. We see significant opportunity to expand the business by combining Dolce Vita’s strengths – which include an outstanding brand and superior design – with our proven business model and infrastructure. We are particularly pleased that the founders Van and Nick will remain with Dolce Vita and continue to lead the business into its next phase of growth.”
Van Lamprou and Nick Lucio, Founders of Dolce Vita, saidd, “We are excited to be joining the Steve Madden family. We are very proud of what we have built at Dolce Vita over the last 13 years, and we believe that Steve Madden is the perfect partner to help the brand reach its full potential. We look forward to working with the Steve Madden team to take Dolce Vita to new heights in the coming years.”