Steven Madden Ltd. said Thursday that it acquired privately held accessories company Cejon for $30 million in cash.
The transaction, which includes the acquisition of Cejon Inc., Cejon Accessories Inc. and New East Designs LLC, is expected to contribute approximately 7 cents to 9 cents in diluted EPS in its first full year under Steve Madden’s ownership after giving effect to the company’s recent 3-for-2 stock split.
“The acquisition of Cejon enables us to further strengthen and expand our accessories platform,” said Edward Rosenfeld, chairman and chief executive officer of Steven Madden Ltd. “Cejon is truly a market leader in cold weather and other fashion accessories, and we believe it’s a great complement to our existing accessories business, which is primarily focused on handbags and belts.”
Founded in 1991 by David Seeherman, Cejon markets accessories primarily under the Cejon brand name, private labels and the Steve Madden brand name.
Cejon, which has been a licensee of Steve Madden for cold weather and selected other fashion accessories since September 2006, recorded unaudited net sales of approximately $64 million in 2010.