Montreal’s Aldo Group won’t be acquiring the footwear and accessories business from Camuto Group after all.Both parties on Thursday said, “After careful consideration and thoughtful discussion, both parties mutually decided not to pursue the transaction. Instead, they will continue building their businesses autonomously and focus on investments being made to strengthen and grow their respective companies.”The two firms emphasized that while they have chosen not to move forward with the transaction, they “look forward to a bright future partnering together” and “will work in close collaboration on a variety of mutual opportunities.”The parties had unveiled the deal in August, following on the heels of Coach Inc.’s $2.4 billion purchase of Kate Spade & Co. and Michael Kors Holdings Ltd.’s $1.35 billion deal for Jimmy Choo. The purchase price of Camuto's footwear business wasn’t disclosed, but market experts pegged the deal in the $250 million range. It was a transaction that was supposed to provide some scale to both firms, and significantly increase both companies’ capabilities and reach and enhance their ability to offer a wide selection of footwear, handbags and accessories through owned stores, franchises, online and wholesale distribution.David Bensadoun, chief executive officer of Aldo, said Camuto instead will become a “key strategic partner,” noting that the two firms have complementary strengths, capabilities and reach.Alex Del Cielo, ceo of Camuto Group, said over the last several months, “We have discovered many ways we can partner together and are excited about what the future holds for both organizations….We look forward to exploring ways to build a platform that will allow both companies to work together on a wide range of global opportunities.”Those opportunities could still involve ways to boost Camuto’s international and men’s business, while providing Aldo with some of Camuto’s capabilities in wholesale and expertise in the U.S. market.Both firms compete in different segments of the footwear market, with Aldo’s brands at the moderate-priced level and Camuto focusing on trend-driven contemporary and luxury labels.The late Vince Camuto, who passed away in 2015, founded Camuto in 2001. Aldo Bensadoun, father to David, founded Aldo in 1972.
To celebrate Pride 2018, @themarcjacobs released the #GratefulNotHateful campaign, a social media initiative aimed at extending Pride beyond the parade. Inspired by Jacobs’ everyday outlook, the campaign features Jacobs along with a group of models and social media stars who are members and supporters of the LGBT community, all seen wearing @marcbeauty’s Highliner Gel Eye Crayons in colors of the rainbow. Head to our Instagram stories to see close-ups of the liner. #wwdbeauty
Virgil Abloh’s dad Nee and Don Crawley, cofounder of RSVP Gallery, were some of the hometown crew at the Chicago-born designer’s debut show for Louis Vuitton. (📸: @jdiderich ) #wwdmens #louisvuitton #virgilabloh
About last night: @marycharteris and @adwoaaboah hit up Hyde Park for the Serpentine Galleries’ annual summer party held in partnership with @chanelofficial. Head to WWD.com to see more photos. #wwdfashion
“This is Paris, my first show. I’m all about democracy. If some kid shows up, flew from New Jersey to just be around, let’s get him a seat.” — @virgilabloh tells WWD’s @jdiderich ahead of his first show for @louisvuitton men’s. (📸: @alfredo_piola ) #wwdmens #virgilabloh #louisvuitton
“Kate Spade was a true fashion icon who brought joy to the lives of women around the world, and inspired women to live life to the fullest. We are dedicated to carrying on her legacy,” said Anna Bakst, brand president and chief executive officer of @katespadeny. The Kate Spade Foundation announced that it will be donating $1 million to suicide prevention and mental health awareness in tribute to the recent death of Kate Spade. Read more on WWD.com. #wwdnews (📷: @chinseephoto)
A first look at @virgilabloh’s sneakers for @louisvuitton. Abloh spoke to WWD about his debut collection for Louis Vuitton, creating @kendalljenner’s #metgala outfit and redefining the heritage brand. Read the full story on WWD.com. #wwdfashion 📷: @alfredo_piola)
The world’s largest producer of denim @iskodenim is sharing the strategy behind its product development process. Read our full interview with ISKO’s product development manager Baris Ozden on the company’s extensive research practices, upcoming denim trends and the latest material innovations on WWD.com. #iskodenim