Shoe and accessories company Steven Madden is buying its Mexican licensee for about $15 million to grow its presence in Mexico.
The licensee is a division of Grupo Dicanco, which distributes licensed shoe brands in Mexico. It sells Steve Madden products in Steve Madden stores and through other retailers in Mexico.
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The deal is expected to close in January. If it goes through, Steve Madden expects the Mexico division to add about 2 cents to 3 cents per share to earnings in 2015. The company had an adjusted profit of $1.97 per share in 2013.
Shares of New York-based Steven Madden Ltd. fell 28 cents to $32.56 in late morning trading on Tuesday. Shares have dropped about 11 percent in 2014.