Canada's Aldo Group in deal to create new footwear giant
By Marianne Wilson - Aug 4th 2017, 15:37
Another retail sector continues to consolidate.
The Aldo Group Inc. said it will acquire the footwear and accessories businesses of the Camuto Group. Both companies are family owned. The news comes just over a week after Michael Kors announced it was buying Jimmy Choo.
Terms of the Aldo-Camuto deal were not disclosed. The acquisition will create a new footwear powerhouse, at retail and wholesale. It will significantly increase both companies' capabilities and reach, and enhance their ability to offer a wide selection of footwear, handbags, and accessories through all channels, including owned stores, franchise, online and wholesale.
"We're thrilled to have found a partner that has the skills and infrastructure required to support our vision," said David Bensadoun, CEO of the Aldo Group.
Both the companies are heavily product oriented but in different ways. Aldo operates its own stores and is heavily focused on retail and international, Camuto Group is an expert in wholesale and licensing and is mostly focused on the U.S. market.
"We are very excited about the ways the two organizations can help each other grow, leveraging each other's strengths," said Bensadoun.
Based in Greenwich, Connecticut, Camuto Group is a privately-owned company and was founded by fashion designer Vince Camuto, who died in 2015. The Camuto Group produces shoes for such brands as Jessica Simpson Collection, Tory Burch and Lucky Brand Jeans
"A huge part of our attraction to the Camuto Group is an understanding of their amazing design skills, excellent distribution network, and sourcing capabilities," said Bensadoun. "We also believe the Aldo Group's broad international and cross-channel experience will unlock Camuto Group's global potential."
The new company will operate two home offices, with one in Greenwich, Conn., where Camuto is based and the other in Montreal, where Aldo is headquartered. The Camuto family will continue to own and operate the apparel businesses. Alex Del Cielo will remain in his role as CEO of Camuto Group and will report to Bensadoun.
"We are excited to become a part of the Aldo Group family" stated Del Cielo. "The Aldo Group will preserve Camuto's autonomy, each brand's identity as well as retaining key talent, ensuring for a smooth transition."
Founded in 1972 by Aldo Bensadoun, Aldo has 3,000 points of sale in over 100 countries around the world. It is also a wholesale distributor and third-party sourcing provider of fashion footwear, handbags and accessories.
The Camuto Group produces shoes and apparel for the Jessica Simpson Collection, Tory Burch and Lucky Brand Jeans, in addition to its namesake Vince Camuto collection. © 2017 Chain Store Age. All Rights Reserved
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