Long Island City, NY—Steve Madden revealed today that it has completed the acquisition of privately held Dolce Vita Holdings, Inc., which specializes in the design, sourcing and sale of branded and private label footwear.
Founded in 2001 by Van Lamprou and Nick Lucio, Dolce Vita sells its fashion-forward footwear to wholesale customers, including better department stores and specialty boutiques, and online at www.dolcevita.com. Dolce Vita’s owned brands include Dolce Vita, DV by Dolce Vita, DV8 and J.D. Fisk.
The acquisition of Dolce Vita, which has net sales of $111 million in 2013, was completed for $60.3 million in cash subject to a working capital adjustment plus an earn-out provision based on future financial performance. The transaction is expected to add 2 cents to 3 cents to 2014 earnings per share and to be modestly accretive in fiscal 2015.
“We are very pleased to complete the acquisition of Dolce Vita, a brand that is known for its chic, modern styles and strong following among trend-conscious consumers,” Edward Rosenfeld, chairman/ceo at Steve Madden. “We see significant opportunity to expand the business by combining Dolce Vita’s strengths–which include an outstanding brand and superior design – with our proven business model and infrastructure. We are particularly pleased that the founders Van and Nick will remain with Dolce Vita and continue to lead the business into its next phase of growth.”
Van Lamprou and Nick Lucio, founders of Dolce Vita, added, “We are excited to be joining the Steve Madden family. We are very proud of what we have built at Dolce Vita over the last 13 years, and we believe that Steve Madden is the perfect partner to help the brand reach its full potential.”