American footwear, accessories, and apparel group Steve Madden, Ltd. has announced the successful acquisition of the remaining 49.9% share of its European joint venture. This milestone allows Steve Madden to now have complete control over its European business, which distributes the company’s popular footwear and accessories across multiple countries in Europe. Despite the challenges presented by the Covid-19 pandemic, the joint venture has experienced consistent revenue growth over the past four years, with a remarkable 21% increase in revenue in 2020.

Edward Rosenfeld, chairman and CEO of Steve Madden, expressed his satisfaction with the acquisition, highlighting the company’s dedication to continued expansion in this crucial market. He emphasized that they will leverage their strong momentum and prioritize a digital-first approach to foster growth in the region. Steve Madden is renowned for its diverse range of brands, including its own eponymous label, as well as Dolce Vita and Betsey Johnson. In 2020, the company reported annual revenues of $1.2 billion, marking a 32.8% decrease compared to the previous year due to the global health crisis. Furthermore, Steve Madden incurred a net loss of $18.4 million in 2020, a significant contrast to the net income of $141.3 million in the prior fiscal year.

Currently, Steve Madden operates 218 company-operated retail locations, including seven internet stores, along with 17 concessions in international markets. The company plans to reveal its first-quarter financial results on April 28, which will provide additional insights into its performance and future strategies. With full control of its European business, Steve Madden is well-positioned to harness opportunities for growth in the region, further solidifying its position as a global leader in footwear, accessories, and apparel.

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