Steve Madden enters into JV with C.banner to open 150 retail outlets in China

C.banner International Holdings Limited, the leading international integrated retailer and mid-to-premium footwear brand in China, has announced that Xuzhou C.banner Footwear, Ltd , an indirect wholly-owned subsidiary of the company, has entered into the joint venture agreement with Madden Asia Holding Limited for the establishment of SM (Jiangsu) Co., Ltd, the joint venture company in the PRC. The JV company is principally engaged in the business of promoting, marketing, sales and distribution of products bearing the marks of ‘Steve Madden’ in the PRC through integration of both online and offline channels and will open around 150 retail outlets for ‘Steve Madden’ products in the PRC by end of 2020.
In addition, the JV company will sell the ‘Steve Madden’ products through multiple online sales platforms, including the brand’s official website and online platforms operated by third parties.
Pursuant to the JV agreement, the JV company is owned as to 50 per cent by Xuzhou C.banner and as to 50 per cent by Madden Asia. On 19 May 2017, Madden International Limited, the holding company of Madden Asia, entered into a trademark sublicense agreement with the JV company to grant the JV company an exclusive, non-transferable, non-assignable, limited right and sublicense to use ‘Madden’ and ‘Steve Madden’ along with variations thereof such as ‘Madden Girl’ and ‘Steven by Steve Madden’ in the PRC solely in connection with the promotion, marketing, sale and distribution of the products bearing the marks in the PRC.
Steve Madden, footwear fashion mogul of the 21st century, created ‘Steve Madden’ after his own name in 1990. ‘Steve Madden’ is known for its sexy-urban-fun elements, and its shoes are a combination of unprecedentedness, wildness and style. The brand is best known for its clunky shoes. ‘Steve Madden’ has caught the hearts of young women with its edgy and unique footwear since its establishment, and is wildly loved by stars, celebrities, and stylists across Europe and America. The brand grew with its target customers. ‘Steve Madden’ is now a stylish yet creative brand, and has expanded its business to other fashion accessories such as handbags, belts, jewelries, sunglasses and socks, all worshipped by fashion lovers across the globe.
Chairman of C.banner International Holdings Limited, Chen Yixi said, “It has been one of C.banner’s international brand strategies to introduce international famous fashion brand ‘Steve Madden’, targeting mid-to-premium footwear market by entering into the JV agreement with Madden Asia for the establishment of the JV Company. 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 the PRC. 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.”