Another week, another major acquisition. Steve Madden has announced it's acquiring Greats, the minimalist sneaker brand founded in 2014. Financial details weren't disclosed, but Madden said its newest acquisition did $13 million in sales over the past year.
"In the 30 years since I started Steve Madden, rarely have I come across an opportunity as exciting as this," Steve Madden himself said in a press release. "Ryan’s shoes are the talk among all the millennial men I encounter. He reminds me so much of myself. We can’t wait to explode this thing."
Madden CEO Ed Rosenfeld gave an idea of what to expect going forward: "We see significant opportunity to expand the business by combining Greats’ strengths — which include an outstanding brand and stylish, classic designs that appeal to today’s more casual consumer — with our proven business model, established infrastructure and global reach."
Greats has done most of its business to date by selling direct to consumer through its site, though it did recently open a store in NYC's SoHo and begin wholesaling to Nordstrom. Now, we're likely to see a much bigger in-store presence.