Steven Madden buying Mexican licensee for about $15M; wants to build presence in Mexico

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.

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.