Footwear and accessories company Steve Madden has acquired Dolce Vita, which specializes in the design, sourcing and sale of branded and private label footwear, for $60.3 million in cash.
Dolce Vita’s owned brands include Dolce Vita, DV by Dolce Vita, DV8 and J.D. Fisk. Dolce Vita had net sales of approximately $111 million in 2013.
The acquisition is subject to a working capital adjustment plus an earn-out provision based on future financial performance.
“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," says Edward Rosenfeld, chairman and chief executive officer, 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.”
In addition to its core footwear business, Steve Madden also serves as a licensee for brands including the Jenner sisters and Juicy Couture.
“We are excited to be joining the Steve Madden family," say Van Lamprou and Nick Lucio, founders, Dolce Vita. "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.”