Offense is the best defense: Madden countersues YSL in a plagiarism case. Meanwhile, it grows 5.8% in the past trimester

First, the company’s balance sheet is solid, second, in court, Madden counterattacks. Let’s start from here. Steve Madden “countersued” YSL-Yves Saint Laurent, brand that had first sued the former for plagiarizing 2 of its creative patents. According to Footwear News, Madden considers the accusations false, and thus has decided to file a lawsuit with the District Court of New York, claiming that the French brand is trying to “suffocate fair competition via illicit interference and unfair commercial practices”. Some vendors, after YSL’s lawsuit, have chosen to stop showcasing the two models from their shelves, and have asked Madden to recall the products. Even with these “issues”, the US-based brand closed the second quarter (ending June 30th) with +5.8% net sales, reaching the 395.8 million USD quota, while net profit was 32.4 million USD, compared to 29 million USD for the same period of 2017. Madden expects net sales to increase between 5% and 7% in 2018 compared to the previous year. Edward Rosenfeld, president and ceo of the brand, has emphasized how the brands Dolce Vita and Blondo have performed very well. “Looking forward, – said Rosenfeld – we remain on the path to hit our goals for 2018, and we trust in the fact that our brands and business model will position our brand in a context of sustainable growth for years to come”.

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