• Home
  • News
  • Business
  • Steve Madden completes stake acquisition in European JV

Steve Madden completes stake acquisition in European JV

By Prachi Singh

Apr. 15, 2021

Business

Image: Steve Madden, Facebook

Steven Madden, Ltd. has announced that it has completed the acquisition of the 49.9 percent share that it did not already own of its European joint venture.

Commenting on the development, Edward Rosenfeld, the company’s chairman and chief executive officer, said: “Since its formation nearly five years ago, our European joint venture has experienced strong double-digit percentage revenue growth each year, including a 21 percent revenue gain in 2020 despite the impact of Covid-19.”

“We are pleased to take full ownership of our business in this critical market, and look forward to continued growth in the region as we capitalize on our strong momentum and digital-first positioning,” Rosenfeld added.

The company said in a statement that the European joint venture was formed in June 2016 and distributes Steve Madden-branded footwear and accessories to most countries throughout Europe.