Steve Madden Acquires GREATS
Steve Madden has acquired GREATS, a Brooklyn-based digitally native footwear brand specializing in Italian-made sneakers, for an undisclosed amount.
Founded in 2014 by Ryan Babenzein, GREATS opened a 500-square-foot flagship in Manhattan’s SoHo neighborhood in April 2018. The sneaker retailer had moved into wholesale after partnering with Nordstrom in October 2017.
{loadposition GIAA}GREATS had net sales of approximately $13 million for the 12 months ended June 30, while Madden reported revenues of $445 million for Q2, a 12% increase over the same period last year.
“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,” said Edward Rosenfeld, Chairman and Chief Executive Officer of Steve Madden in a statement.