Foley & Lardner LLP served as legal advisor to Steven Madden Ltd. (Nasdaq: SHOO), a leading designer and marketer of fashion footwear, accessories, and apparel, in its acquisition of privately held Almost Famous, a designer and marketer of women’s apparel.
The acquisition was completed for $52 million in cash, subject to a customary working capital adjustment, plus future contingent payments based on financial performance following the closing. The exclusive licensee of Madden NYC apparel since its launch in 2022, Almost Famous markets products under its own brands as well as private label brands for various retailers. Almost Famous distributes its products to wholesale customers, including mass merchants, department stores, off-price retailers, and chain stores within the U.S.
Steve Madden designs, sources, and markets fashion-forward footwear, accessories, and apparel. As well as marketing products under its own brands, including Steve Madden®, Dolce Vita®, Betsey Johnson®, Blondo®, and GREATS®, Steve Madden also licenses footwear and handbag categories for Anne Klein® and designs and sources products under private label brands. Steve Madden’s wholesale distribution includes department stores, mass merchants, off-price retailers, shoe chains, online retailers, and national chains, and it operates both brick-and-mortar stores and an e-commerce website.
The Foley deal team was led by partner Jonathan Witt and included associates Kristin Fanto, Zachary Ulewicz, and Arthur Vorbrodt along with support from a group of interdisciplinary attorneys across several offices and diverse subject matters.