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Subj: Steven Madden Ltd. announces signing of licensing agreement with Magnum Fashions
Date: 97-03-05 08:51:53 EST
From: staff@quote.com
To: quotecom-users@quote.com
News Alert from BusinessWire via Quote.com
Topic: Steven Madden Ltd
Quote.com News Item #2209323
Headline: Steven Madden Ltd. announces signing of licensing agreement with
Magnum Fashions Inc. for handbags and leather goods; February same-store sales
increase 15 percent
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LONG ISLAND CITY, N.Y.--(BUSINESS WIRE)--March 5, 1997--Steven
Madden Ltd. (NASDAQ:SHOO), a leading designer and marketer of
fashion footwear for women, Wednesday announced the signing of a
licensing agreement with Magnum Fashions Inc. for handbags and small
leather goods.
In addition, the company reported that same-store sales for the
month of February increased 15 percent to $253,000, vs. $219,000
last year.
Magnum Fashions is a privately held company based in Walnut,
Calif., with wholly owned factories and tanneries throughout Asia
and sales offices in New York City, and is a leading private-label
manufacturer of women's fashion handbags.
Rhonda J. Brown, chief operating officer, stated: ``We have
seen the demand for the Steve Madden name in handbags earlier last
year when we test-marketed our own collection.
``In order to expand the business, we understood it was necessary
to partner with a company like Magnum, who would be able to take the
business to the next level, with superior manufacturing resources,
distribution and design capabilities. With the marketing and
manufacturing power of Magnum, we are confident that Steve Madden
handbags will be a leader in junior and young contemporary fashion.
``The new handbag line will be presented at May market and will
be available at all Steve Madden retail store locations. A more
comprehensive rollout to better department stores and specialty
stores nationwide is planned for a June 25th delivery.''
According to Brown: ``Magnum is the second license signed this
year for Steven Madden Ltd. Last month, Colors In Optics Ltd. was
signed for sunglasses and sunglass accessories. Additional licenses
are expected to be signed in a variety of product categories over
the next year.''
Steven Madden Ltd. designs and markets fashion footwear for
women that emphasizes contemporary design. The shoes are sold
through department stores, footwear specialty stores and catalogs.
CONTACT: Steven Madden Ltd., Long Island City
Rhonda Brown, 718/446-1800
or
Kehoe, White, Savage & Co. Inc., Los Angeles
James K. White, 310/437-0655
KEYWORD: NEW YORK CALIFORNIA
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