Steven Madden Completes Acquisition Of Apparel Designer Almost Famous For $52M
Portfolio Pulse from Shivani Kumaresan
Steven Madden Ltd (NASDAQ:SHOO) has completed the acquisition of privately held apparel designer Almost Famous for $52 million in cash, plus an earn-out provision based on future financial performance. Almost Famous had revenue of approximately $163 million in the 12 months ended September 30, 2023. SHOO shares closed lower by 0.48% at $33.23 on Friday.
October 23, 2023 | 12:47 pm
News sentiment analysis
Sort by:
Descending
NEUTRAL IMPACT
Steven Madden Ltd has acquired Almost Famous, a move that could potentially boost its revenue and market presence. However, the stock closed lower by 0.48% at $33.23 on Friday.
The acquisition of Almost Famous by Steven Madden Ltd could potentially boost its revenue and market presence, given Almost Famous's strong performance in the past year. However, the immediate market reaction was negative, with SHOO shares closing lower. The long-term impact will depend on how well the integration of Almost Famous into Steven Madden's operations goes and whether the acquisition leads to increased sales and profitability.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 100