American footwear, accessories and apparel group Steve Madden has acquired 49.9 per cent share in its European joint venture. The European business of the company distributes Steve Madden-branded footwear and accessories to a number of countries throughout the continent.

Founded in June 2016, the joint ventue has grown in double-digits over the last four years. This includes a 21 per cent year-over-year revenue gain in 2020. The company owns brands including its namesake Steve Madden label, Dolce Vita and Betsey Johnson. Its annual revenues decreased by 32.8 per cent year-over-year to $1.2 billion in 2020. Its annual net loss was $18.4 million, compared to net income of $141.3 million in the previous fiscal year.

By end 2020, Steve Madden had 218 company-operated retail locations, including seven internet stores, as well as 17 concessions in international markets.