Steve Madden’s spending spree continues.
Just one day after the footwear giant snapped up digitally native sneaker brand Greats, it’s now expanding its apparel offerings by purchasing yet another well-known label.
BB Dakota, the 14-year-old contemporary women’s apparel brand based in California, is now a part of the Steve Madden family, joining a lineup of familiar names that includes Dolce Vita, Brian Atwood, Betsy Johnson and Blondo, in addition to licensees like DKNY and Anne Klein.
The shoe empire did not disclose the terms of the deal, only noting that BB Dakota generated net sales of $43 million for the year ended June 30. Department stores, e-commerce websites and specialty boutiques, plus its own eponymous online store, bbdakota.com, carry BB Dakota’s range of dresses, tops, bottoms and outerwear.
Brands under the BB Dakota banner include Cupcakes and Cashmere, BB Dakota and Jack by BB Dakota. The apparel label has also partnered with Revolve on a small collection of trend-forward styles, and offers a limited selection of plus-size clothing.
“With its laser focus on product and strong track record of execution, we believe BB Dakota is a great fit for Steve Madden and provides the ideal platform to expand our brands in the apparel category,” said Steve Madden CEO and chairman Edward Rosenfeld, highlighting the brand’s “consistently on-trend designs.”
And Steve Madden himself, who founded the company and serves as creative and design chief, described BB Dakota as “so in tune with the Steve Madden girl.”
“I always thought it would be great to combine forces, and now that dream has come true,” he added.
BB Dakota founder and CEO Gloria Brandes cited the “unique synergy” between Steve Madden and her own fashion brand.
“We are tremendously excited by this dynamic partnership that will serve to jump start the Steve Madden apparel segment of this strong company and we plan to take full advantage of this opportunity for growth,” she said, pointing to the pair’s “superior product and accessible pricing” as indicators of future success.
The global footwear market is expected to expand by a compound annual growth rate (CAGR) of 2 percent through 2023, according to a new report by ResearchandMarket.com, which cited demand for exclusive designer collections as powering much of that growth.