Genesco Inc. has signed an agreement to acquire the 37-unit Little Burgundy footwear chain in Canada.
The Canadian subsidiary of Genesco signed the agreement with Aldo Group, which is still subject to certain closing conditions. Terms of the transaction were not disclosed. Genesco said it will keep the chain’s head office and store-level associates following completion of the acquisition. Margaret Thouez, who leads the Little Burgundy division in Montreal, will continue in that role as senior vice president and general merchandise manager. She will report to James C. Estepa, president and ceo of Genesco’s Journeys Group.
Little Burgundy targets fashion-forward 18-to-34-year olds seeking in-demand and on-trend branded footwear and accessories. The chain also operates a Web site, and has a media presence with consumers via social media, a national magazine and grass-roots events. It sells more than 50 brands including Converse, Vans, Nike, Toms, Timberland and Hunter and Herschel.
Robert J. Dennis, Genesco chairman, president and chief executive officer, said, “In addition to giving us access to a broader customer base than we are currently targeting in Canada, and one that is being well served by Little Burgundy in stores and online, the acquisition will add scale to our existing Canadian omnichannel operations.”
Estepa said, “After spending time in the Little Burgundy stores, we quickly recognized that Little Burgundy and Journeys share similar values, cultures and goals.” He cited how both serve customers who shop in full-service specialty stores and online for the latest in branded fashion footwear and accessories.
Patrik Frisk, ceo of Aldo Group, said, “Genesco’s multibrand retail expertise provides Little Burgundy with an unmatched opportunity for growth.”
Based in Nashville, Tenn., Genesco is a specialty retailer of branded footwear and licensed and branded accessories. It is also a wholesaler of branded and licensed footwear.