Aldo buys Vince Camuto shoe brand to expand product line
The Aldo Group Inc. is acquiring Camuto Group for its footwear and accessories businesses. For Aldo Group, the deal enhances the buyer’s product capabilities and distribution reach with a wider selection of footwear, handbags, and accessories. Financial terms of the deal were not disclosed.
Camuto Group is a family business that designs, manufactures and distributes women’s fashion footwear and clothing materials. Founded by Vince Camuto, the Greenwich, Connecticut-based target produces a number of clothing collections, including the eponymous Vince Camuto shoe and clothing name brand, for the fashion retail industry. In 2016, the target added Sole Society to its stable of brands. Camuto Group also holds the footwear license for the Jessica Simpson brand, and the footwear and handbag licenses for the Lucky Brand and ED Ellen DeGeneres brands. Ann Taylor, Tory Burch, All Saints, Lord & Taylor, and J. Crew sell the Camuto Group fashion items. The Camuto family will continue to own and operate its portfolio of branded apparel businesses.
"A huge part of our attraction to the Camuto Group is an understanding of their amazing design skills, excellent distribution network, and sourcing capabilities,” states Aldo Group CEO David Bensadoun. “This is the perfect combination to drive long-term, sustainable growth and strengthen our overall platform."
The Aldo Group was founded in 1972 in by Aldo Bensadoun. Selling a range of footwear and accessory products, the buyer owns nearly 3,000 retail locations in over 100 countries across the global. The Aldo Group operates under two signature brands, Aldo and Call It Spring, and also uses a multi-brand retail concept called Globo. The buyer expects to “unlock Camuto Group’s global potential” using its international and cross-channel experience.
Despite shifting consumer habits from brick & motar stores to e-commerce, acquisitions involving footwear and fashion accessories have continued. Related shoe deals include: Steve Madden’s acquisition of Schwartz and Benjamin Inc.; CCMP Capital Advisors LLC’s purchase of slip-resistant shoe maker Shoes for Crews; DSW Inc.’s (NYSE: DSW) deal for Ebuys Inc. to expand online and into international markets.; Coach Inc.’s (NYSE: COH) completed acquisition of Stuart Weitzman for nearly $574 million; Berkshire Partners’, along with New Balance Athletic Shoe Inc., acquiring the Rockport Co. from the Adidas Group (ETR: ADS) for $280 million; and Toronto-based private equity firm Lynx Equity’s purchase of North American Shoe Co.