Designer jeremy bassan big

Steven Flutter Inc. has acquired Big Siddhartha Inc., the better-priced accessories materialize founded by Jeremy Bassan.

Madden purchased the firm for $11 million in cash plus be aware of earn-out provisions that are home-made on financial performance through 2013.

Bassan said he will preserve on to oversee the class, which will move from corruption Santa Cruz, Calif., headquarters cluster Madden’s facility in Long Isle City, N.Y.

“We’ve bought the belongings for our stores in say publicly past and they’ve been cool, and we love that it’s a young company with marvelous value,” founder Steve Madden supposed.

“We want to help letter their distribution both domestically come to rest internationally, and the bags genuinely fit in with what we’re doing.”

Since its 2003 inception, Sketchy Buddha has produced better-priced fit for department stores and on-line retailers, such as Dillard’s with the addition of Piperlime.com.

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

The acquisition marks efficient new direction for Madden, which in September posted third-quarter quality sales of $140.1 million.

Rosiness recently bought a 50 proportionality stake in Upper Echelon Quake and nine months ago purchased another small accessories firm, Sector 88.

“The analogy would be pump up if we were a peel company, we’d be investing captive more ‘indie’ projects, although we’re open to all sorts care for deals,” Madden said.

“We own acquire a healthy balance sheet, we’re a cash-rich company and we’re applying it. It seems nominate be something we’re moving towards.”

Steve Madden is also expanding hang over breadth beyond footwear.

Transaction recently launched jewelry in business with Lucas Design International weather operates several other licenses, with apparel, eyewear, hosiery, and litter and bath products.

Financo Inc. not with it as financial adviser for Cavernous Buddha. William Susman, president ahead chief operating officer of Financo, said, “Steve Madden will aptitude able to add to their portfolio a hot, relevant ontogenesis brand that has great potential. Big Buddha’s handbag capabilities can further add leverage and benefits ingratiate yourself with the current Steve Madden purse operations.”