Shoe seller Steve Madden buys rival Topline

High-end shoe seller Steve Madden Ltd. said Monday that it had bought The Topline Corp., a privately held shoe company based in Washington state.

New York-based Steve Madden paid $55 million in cash for the company, and said it expects the acquisiton to add to earnings immediately.

Topline, headquartered outside Seattle in Bellevue, Wash., sells its shoes in specialty stores and department stores. Its brand names include Report, Report Signature and R2 by Report.

Topline had revenue of $189 million in 2010, according to the company. Steve Madden had about $635 million.

The companies didn't clarify the new job for Topline CEO William Snowden, but he said in a statement that he looked forward to working with the Madden team.

Steve Madden CEO Edward Rosenfeld said that Topline's private-label business "is one of the best in our industry and is highly complementary to our existing private-label footwear business."

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The company also said at the time that it is planning a 3-for-2 stock split.

On Monday, Steve Madden said it expects the Topline purchase to add between 5 cents and 7 cents to per-share earnings in one year, after the stock split. Last year, the company made $2.68 per share.

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