Coming off record-setting Q2 sales, Jordan Belfort-beloved shoemaker Steve Madden acquired two brands, BB Dakota and Greats, in back-to-back deals early this week. The details are still under wraps.
BB Dakota is bolstering Madden’s strong side. Sales at the mid-price women’s apparel company grew to $43 million last year. Since Steve Madden already has the affordable women’s footwear market covered, the combined entity could become a powerhouse for wallet-friendly contemporary fashion.
Greats is covering Madden's weak spot. Steve Madden took over closets (and endangered ankles) with its platform slide sandals, but it has yet to gain notoriety in men’s footwear. So it scooped up Greats, the Brooklyn-founded, Italian-crafted brand that recorded $13 million in sales in the last year. With Steve Madden’s expansive infrastructure, both c-suites hope the Greats brand can go global.
Zoom out: Retailers like Steve Madden are increasingly plucking D2C brands to expand their presence online. Last month, lingerie retailer Wacoal acquired D2C lingerie startup Lively for $85 million.
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