Steve Madden acquires an e-commerce platform provider
Steven Madden Ltd. is making a bigger commitment to e-commerce.
The company, a manufacturer and retailer of fashion footwear and accessories, has acquired Compo Enhancements, an e-commerce applications developer and services provider. Terms of the deal for Compo Enhancements, Steve Madden’s current platform provider, weren’t disclosed.
The acquisition will help Steve Madden, which in recent years has generated about $5 million in annual online sales, streamline and consolidate all e-commerce operations under its retail division. “Direct ownership of our online business represents an effective use of our cash," says Steve Madden chairman and CEO Jamieson Karson. "We view this acquisition as a natural progression in expanding our already successful online business."
In conjunction with the acquisition, Steve Madden also named Compo Enhancements founder Jeffrey Silverman as president. Silverman, who founded Compo Enhancements in 2005, has 23 years of experience in the footwear industry. Prior to founding Compo Enhancements, he founded a number of successful footwear businesses, including The Preschoolians Co., an online children`s footwear company; The Custom Foot, a vertically integrated retailer of customized, made-to-order footwear; and Toddler University, a children`s footwear company that was later sold to Genesco.
Silverman also served as a consultant to Florsheim and New Balance and held management positions with Timberland Kids, Ecco Kids Footwear and Nike`s Infant Footwear Line.
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