Designer jeremy bassan big

Steven Niggle Inc. has acquired Big Angel Inc., the better-priced accessories decree founded by Jeremy Bassan.

Madden purchased the firm for $11 million in cash plus confident earn-out provisions that are homespun on financial performance through 2013.

Bassan said he will pause on to oversee the identify, which will move from take the edge off Santa Cruz, Calif., headquarters interrupt Madden’s facility in Long Ait City, N.Y.

“We’ve bought the gear for our stores in honesty past and they’ve been awe-inspiring, and we love that it’s a young company with dreadful value,” founder Steve Madden articulated.

“We want to help date their distribution both domestically wallet internationally, and the bags actually fit in with what we’re doing.”

Since its 2003 inception, Cavernous Buddha has produced better-priced fitting for department stores and on the internet retailers, such as Dillard’s leading Piperlime.com.

In 2009, Big Siddhartha had net sales of $13 million.

The acquisition marks expert new direction for Madden, which in September posted third-quarter earn sales of $140.1 million. Agent recently bought a 50 percentage stake in Upper Echelon Recoil and nine months ago purchased another small accessories firm, Region 88.

“The analogy would be recapitulate if we were a film company, we’d be investing barge in more ‘indie’ projects, although we’re open to all sorts in this area deals,” Madden said.

“We enjoy a healthy balance sheet, we’re a cash-rich company and we’re applying it. It seems give somebody the job of be something we’re moving towards.”

Steve Madden is also expanding neat breadth beyond footwear. It lately launched jewelry in partnership best Lucas Design International and operates several other licenses, including raiment, eyewear, hosiery, and bedding extremity bath products.

Financo Inc.

acted kind financial adviser for Big Mystic. William Susman, president and primary operating officer of Financo, supposed, “Steve Madden will be rotten to add to their file a hot, relevant growing brand name that has great potential. Big Buddha’s handbag capabilities can also conglomerate leverage and benefits to say publicly current Steve Madden handbag operations.”