Steve Madden Buys Handbag Company Big Buddha
We all wish we could buy Chanel, Louis Vuitton, and Gucci bags every time a new IT bag comes along and we fall in love. But we also know that’s virtually impossible. Lucky for us, Steve Madden just acquired handbag company Big Buddha.
Big Buddha handbags are all about designs for the modern woman that does it all and needs a bag that won’t break the bank and can keep up. Behind the totes and hobos is designer Jeremy Bassan and he aims to create polished classic styles to more playful and trendy pieces inspired from some of the designers we lust for.
In the past 7 years, 25 year-old Bassan has taken his small operation to $13 million in sales and is now acquired by Steve Madden for $11 million in cash, in addition to certain provisions. Not shabby for a little project that started in a dorm room in Santa Barbara.
Together, Madden and Big Buddha plan to build a strong line utilizing resources from Madden and expand into new stores, territories and categories. For us shop-a-holics, this means we get more wallet-friendly options and the potential to stock up on handbags for every outfit.