Steve Madden has announced that he has purchased Schwartz&Benjamin, the historic footwear factory based in New York. Family owned, since its foundation, the company has been focusing its business on licenses and private designer labels such as Kate Spade, Rebecca Minkoff, Alice+Olivia and Avec Les Filles. The purchase deal was successfully completed upon cash payment; no notice of the amount was given though. Over the past 12 months, ended on 31 October 2016, Schwartz&Benjamin made a profit of $87,6 million (over 81 million euros), by supplying their footwear to large retailers, including department stores and specialty shops, as much as to their own partner brands retail stores. Steve Madden’s latest acquisition comes after the ones he carried out in the last two years, namely Blondo, a boot company, as well as Brian Atwood and Dolce Vita, footwear designer labels.