Camuto Group’s taken over e-commerce merchant Sole Society as part of an effort to sharpen its digital chops and expand its digital operations.
The footwear company also said it would expand Sole Society’s category offerings and build on its accessories, apparel and other businesses.
The Soul Society brand will also be developed for what Camuto described as “global wholesale opportunities in several categories.”
Terms of the deal were not disclosed, but Nordstrom Inc., which together with Insight Venture Partners pumped $8 million into Sole Society in July 2015, remains a minority owner and will continue to carry the brand’s goods. (Sole Society was initially spun off from Haute Look when the digitally acquisitive Nordstrom acquired the flash sales site in 2011.)
Alex Del Cielo, Camuto’s chief executive officer, said: “The team at Sole Society continues to be industry leaders in customer satisfaction and we plan to leverage their expertise to provide today’s consumer with the best experience in all channels, both online and in-store. Furthermore, we are looking forward to working closely with Nordstrom to develop the business as part of our joint strategic efforts.”
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Blake Nordstrom, copresident of Nordstrom, applauded the deal and said the department store would continue to carry Sole Society styles.
“Our focus is to offer customers highly relevant and differentiated product and our customers continue to respond favorably to the on-trend style Sole Society offers,” Nordstrom said.
The deal could help supercharge Sole Society, which is led by founding member and ceo Andy Solomon.
“We anticipate accelerated growth through enhanced resources and the expansion of distribution that will fuel our continued development and evolution,” Solomon said.
Fashion companies — particularly Nordstrom, but also other players such as Under Armour Inc. and Macy’s Inc. — have become more active in the acquisitions game, snatching up smaller companies that can expand their businesses or digital efforts.
And more could be coming from Camuto, which noted: “The partnership marks the first digital acquisition for Camuto Group and underscores the company’s commitment to strategic growth through innovation and progressive partnerships.”