Steve Madden has just announced his plans to spread his wings with the launch of a womenswear collection. Madden has partnered up with L'Koral Industries, which will license and market the line. L'Koral has proven very successful in the past, boasting such clients as 7 For All Mankind Denim and the Olsens' Elizabeth & James.
While the recession has taken its toll on the majority of the fashion industry, Madden's affordable price tags have allowed the brand to weather the economic storm with grace: shares of the company have almost double in price since October 2008, enjoying a 52-week high of $45.48 last week. What's more, the company just announced third-quarter profits are expected to jump 56% percent to 97 cents a share, outperforming expectations.
Their success is attributed to the fact that the brand is appealing to a broad demographic which includes both high-end luxury shoppers (the brand is carried at Bergdorf Goodman and other high-end department stores) and discount-seeking consumers.
Madden says, "I'm very excited about creating trend-right ready-to-wear for the Steve Madden customer."
Let's just hope he doesn't copy someone else's designs too closely! Can't wait to see Madden try his hand in the clothing realm.
[Image via AP Images.]
Posted: October 29, 2009 at 4:30 pm
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