Montreal-based footwear company ALDO Group has agreed to acquire Camuto Group’s footwear and accessory businesses. The Camuto family will continue to own and operate the Camuto apparel businesses.

ALDO Group Inc was founded in 1972 by Aldo Bensadoun, now boasting more than 3,000 points of sale in over 100 countries around the world. It operates two signature brands, Aldo and Call it Spring, as well multi-brand retail concept, GLOBO. It also wholesales extensively through third party sources.

Camuto Group designs, develops and distributes women’s fashion footwear, and was founded by the late Vince Camuto (he passed away in January of 2015). Camuto’s brands include Louise et Cie, Imagine Vince Camuto, Sole Society and the recently introduced 1.State and Mercedes Castillo brands. Camuto Group also holds the footwear license for Jessica Simpson and the footwear and handbag licenses for Lucky Brand and ED Ellen DeGeneres. Camuto Group products are sold in more than 5,400 doors worldwide.

According to a press release, "this acquisition will significantly increase both companies' capabilities and reach, and enhance their ability to offer the widest selection of footwear, handbags, and accessories through all channels, including owned stores, franchise, online and wholesale.”

ALDO Group CEO David Bensadoun 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 organizations can help each other grow, leveraging each other's strengths."

Camuto Group, which is based in Greenwich, Connecticut, is privately-owned and was founded by late fashion designer Vince Camuto. "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,” said Mr. Bensadoun.

"We are excited to become a part of the ALDO Group family", said Alex Del Cielo, CEO of Camuto Group (he will remain in that role, reporting to Aldo’s Chief Executive). "After our first meeting, I immediately felt the synergy between the two organizations. 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.”

The ALDO Group will maintain Camuto's autonomy, each brand's identity, as well as retaining key talent in an effort to ensure "a smooth transition,” according to the press release. The transaction is subject to customary closing conditions. The terms of the agreement will not be disclosed publicly.

*Top photo: ELANTE MALL

Canadian Retail News From Around The Web: August 3, 2017