Steve Madden's acquisition of Cejon, an accessories company, is now complete. Cejon, which consists of Cejon, Cejon Accessories and New East Designs, designs and markets cold weather accessories and fashion scarves, wraps and other products.
Steve Madden paid $30 million in cash subject to a working capital adjustment plus certain provision based on financial performance through June 2016. The company expects the new acquisition to be immediately accretive. It said that Cejon's accessories business would be a good complement to its own.
Cejon was founded in 1991 by David Seeherman, and has been a licensee of Steve Madden, marketing the brand's accessories, since 2006. It also sells the Cejon brand and private labels. Its customers include department stores, national chains, mass merchants and specialty stores. Last year, Cejon's net sales reached about $64 million.