Aldo has agreed to acquire the footwear and accessories operations of the Camuto Group, founded by the late fashion designer Vince Camuto. The assets will give Aldo a bigger footprint in fashion: the Camuto Group produces shoes and clothing for brands such as Tory Burch, Lucky Brand Jeans and the Jessica Simpson Collection. Terms of the deal were not disclosed.
Camuto’s five children inherited the Connecticut-based business after Camuto died in 2015. While the Camuto family will continue to run the company’s apparel business, the deal will allow them to move away from the business, as “they were not interested in operating the company,” according to The New York Times.
David Bensadoun, CEO of the Aldo Group, said the merger will strengthen the businesses to drive long-term, sustainable growth. He added that both companies will stay separate — Aldo operating out of its HQ in Canada and the Camuto Group out of Greenwich, Conn. There are no plans to sell Camuto products in Aldo stores.
"We're thrilled to have found a partner that has the skills and infrastructure required to support our vision,” said Bensadoun in a statement. “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 U.S. market. We are very excited about the ways the two organizations can help each other grow, leveraging each other's strengths."