Steven Madden Ltd. said Thursday it acquired Big Buddha, a handbag maker. The acquisition is valued at $11 million in cash, in addition to certain provisions. The company had sales of about $13 million in 2009. “Big Buddha is a dynamic young brand that is a great complement to our current accessories portfolio. The handbags have generated a lot of buzz in the marketplace, and the brand has developed a loyal following among consumers,” Ed Rosenfeld, CEO of Steven Madden, said in a statement. “The business has clear opportunities for continued strong top-line growth, and we look forward to using our resources at Steve Madden to help Big Buddha expand in new accounts, territories and categories.”

about Big Buddha

Seven years ago in the fledgling days of Big Buddha, handbag designer Jeremy Bassan caused quite a commotion when he started shipping a noticeable number of packages from his college dorm room.

From small beginnings designing purses from his home in Santa Barbara, California, the 25-year-old has been diligently working to establish Big Buddha as a front-runner in affordable fashion-forward handbags for women.

Bassan designs handbags for the modern woman who may juggle a career, school, or a family. Big Buddha bags are eco-friendly, stylish, fun and won’t break the bank. Bassan keeps busy overseeing every aspect of Big Buddha design and production.

Big Buddha bags work for women of any age – from polished and classic styles to playful, sassy shapes – the company’s designs continue to innovate and change with fashion trends.

Big Buddha’s handbags have been praised in a plethora of publication for their stand-out style and versatility: In Style, Lucky, Teen Vogue, Ladies’ Home Journal, and Marie Claire