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Steve Madden buys footwear brand Greats

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Steve Madden buys footwear brand Greats

New York-based footwear retailer Steven Madden Ltd. said Aug. 12 that it acquired footwear brand Greats Brand LLC.

Financial terms of the deal were not disclosed.

Privately held Greats, which sells the majority of its products on its website, had net sales of about $13 million for the 12 months ended June 30.

"Rarely in my 30 years since I started Steve Madden have I come across an opportunity as exciting as this," Steve Madden, founder and creative and design chief of the eponymous shoe brand, said in a statement. "We can't wait to explode this thing."