The joint venture group, named SM (Jiangsu), is co-owned 50% by Xuzhou C.banner and 50% by Madden Asia. SM (Jiangsu) will oversee the promotion, marketing, and sales and distribution of Steve Madden products in China “through integration of both online and offline channels,” said C.banner, in a press release.
In addition, the new group will open around 150 Steve Madden retail outlets in China by the end of 2020.
The JV’s distribution rights cover brand names Madden and Steve Madden, along with variations including Madden Girl and Steven By Steve Madden.
“We believe the brand value of Madden and Steve Madden not only offer a valuable opportunity for C.banner to further enhance its brand image, but also enable the group to further expand its business in the mid-to-high end footwear market of China,” said Hen Yixi, chairman of C.banner International Holdings Limited, in statement.
“In addition, the company considers this will add synergy to the group’s diversified brand portfolio and overall business, as well as assist the group to enhance its market share and influence in the industry, which will further consolidate the group’s status as an international integrated retailer.”
Footwear designer Steve Madden founded his namesake shoe brand in 1990. The Long Island, New York-headquartered company recorded revenue of $1.4 billion in 2015.