Aldo Group Inc. inked a deal to buy the Camuto Group’s footwear and accessories business. The Camuto family, however, will continue to own and operate the apparel business.
Terms of the transaction were not disclosed.
Aldo said the deal was part of its “continued expansion” and that it will “significantly increase both companies’ capabilities and reach, and enhance their ability to offer the widest selection of footwear, handbags and accessories through all channels, including owned stores, franchise, online and wholesale.”
“Both of our companies are heavily product oriented, and they each evolved in different ways,” said David Bensadoun, Aldo’s chief executive officer. “While the Aldo Group comes from retail and has focused on international expansion, Camuto Group is an expert in wholesale and a powerful player in the U.S. market. We are very excited about the ways the two organizations can help each other grow, leveraging each other’s strengths.”
Camuto was founded by Vince Camuto, who died in early 2015.
Alex Del Cielo, Camuto’s ceo, will stay in his role and report to Bensadoun.
Del Cielo said: “After our first meeting, I immediately felt the synergy between the two organizations. Camuto Group and the Aldo Group share the same ethics, values and approach to business. We are strongly committed to our people, our partners, our customers and our product. We look forward to serving the global consumer as a unified team and continuing to grow together.”
The deal shows, again, that companies are growing keener to add bulk and diversify to combat weakness in the market, which has been fueled by the spending habits of Millennials, the rise of e-commerce and a decline in retail foot traffic.
Earlier this year, Coach Inc. bought Kate Spade & Co. and Michael Kors Holdings inked a deal to buy Jimmy Choo.
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