Steve Madden Ltd (Nasdaq: SHOO) has purchased Schwartz & Benjamin Inc., a manufacturer of branded and private label footwear, in an undisclosed cash transaction. As part of the deal, the target will operate as a stand-alone business with the current management team and employees in place.
Schwartz & Benjamin was founded in 1923 as a designer, manufacturer and distributor of women’s shoes. The target sells footwear products to wholesale customers such as department stores, boutiques, retail stores and also brand partners. Schwartz & Benjamin licenses multiple brands, including: Kate Spade, Rebecca Minkoff, Alice and Olivia and Avec Les Filles. The New York-based target generated nearly $88 million in net sales for the twelve months leading up to Dec. 31, 2016.