- Danielle Wightman-Stone |
Canadian footwear company Aldo has announced that it has entered into an agreement to acquire Camuto Group's footwear and accessories businesses, for an undisclosed amount.
The move is part of Aldo group’s continued expansion plans and it is hoped that this acquisition will “significantly increase both companies' capabilities and reach”, as well as enhance their ability to offer the widest selection of footwear, handbags, and accessories through all channels, including owned stores, franchise, online and wholesale.
The Camuto Group is a privately-owned company, founded by fashion industry icon Vince Camuto, and following the acquisition, Aldo has confirmed that the Camuto family will continue to own and operate the Camuto apparel businesses. In addition, Camuto’s chief executive Alex Del Cielo will remain in his role and report to the Aldo Group’s chief executive.
David Bensadoun, Aldo Group's chief executive officer, said: ”We're thrilled to have found a partner that has the skills and infrastructure required to support our vision. Both of our companies are heavily product oriented, and they each evolved in different ways.
“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 US market. We are very excited about the ways the two organisations can help each other grow, leveraging each other's strengths.”
Aldo Group to buy Vince Camuto to “significantly increase both companies' capabilities and reach”
Bensadoun added: "A huge part of our attraction to the Camuto Group is an understanding of their amazing design skills, excellent distribution network, and sourcing capabilities. We also believe the Aldo Group's broad international and cross-channel experience will unlock Camuto Group's global potential. This is the perfect combination to drive long-term, sustainable growth and strengthen our overall platform.”
Del Cielo commented: "After our first meeting, I immediately felt the synergy between the two organisations. 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.”
Camuto Group products are sold in more than 5,400 doors worldwide and has numerous brands including Vince Camuto, Louise et Cie, and Imagine Vince Camuto, as well as holding footwear license for Jessica Simpson and the footwear and handbag licenses for Lucky Brand and ED Ellen DeGeneres.
Aldo Group was founded in 1972 by Aldo Bensadoun. It operates more than 3,000 points of sale in over 100 countries around the world, under its two signature brands, Aldo and Call It Spring, and a multi-brand retail concept, Globo.
Image: via Camuto Group