Steven Madden, Ltd. [NASDAQ: SHOO] declared that it has finally concluded the buying of the outstanding shares of a European joint venture. The firm has a 49.9% outstanding share in the European JV which it did not hold already. The European joint venture was established in June 2016. It disseminates Steve Madden-branded footwear and fittings to most states everywhere in Europe.
The firm disclosed that since its inception nearly five years ago this European JV has become successful in generating a strong position in the market. The JV has attained record-breaking revenue growth every year. Furthermore, the firm has disclosed that despite the ongoing pandemic the JV has generated a 21% revenue increase in 2020.
The firm is hoping to continue the growth in the region as it has taken the control of the joint venture. Shares of Steven Madden soared 1.00% at $38.50 during the trading session of Wednesday. The firm has recorded a trading volume of 407.45K and has gained +0.38 during the trading session of Wednesday. Steven has a total market capitalization of $3.16 billion at the time of writing.
Additionally, has also disclosed its plan to reveal its first-quarter 2021 earnings results on Wednesday, April 28, 2021. The firm has also disclosed that the management will hold a conference call to analyze the outcomes of the earning at 8:30 a.m. Eastern Time.