NEW YORK, Aug. 23, 2016 /PRNewswire/ -- Camuto Group announces the acquisition of Sole Society. As part of Camuto Group's focus on digital innovation, the company has acquired the majority stake in Sole Society with the strategy of enhancing category offerings and continuing to build on the strong accessories platform through extensions in apparel and other key classifications. In addition, the Sole Society brand will be developed for global wholesale opportunities in several categories. The acquisition will also expand Camuto Group's ecommerce footprint across a variety of brands. Nordstrom (NYSE: JWN) will continue to carry Sole Society merchandise at Nordstrom stores and Nordstrom.com and will remain a minority owner.
Alex Del Cielo, Chief Executive Officer of Camuto Group, says: "We are excited to be growing the Sole Society brand platform and creating opportunities through digital innovation and category enhancements. The team at Sole Society continues to be industry leaders in customer satisfaction and we plan to leverage their expertise to provide today's consumer with the best experience in all channels, both online and in-store. Furthermore, we are looking forward to working closely with Nordstrom to develop the business as part of our joint strategic efforts."
As part of a continued focus on growth, Blake Nordstrom, Co-President of Nordstrom, Inc. said: "We applaud the job Andy Solomon and the team at Sole Society have done and think the long-term partnership created with Camuto Group is a terrific next step. Our focus is to offer customers highly relevant and differentiated product and our customers continue to respond favorably to the on-trend style Sole Society offers. We think Camuto Group is a great organization and we look forward to continuing to carry Sole Society's product."
Sole Society Chief Executive Officer, Andy Solomon, comments: "We are thrilled by the transaction and look forward to building brands with the Camuto Group team. We anticipate accelerated growth through enhanced resources and the expansion of distribution that will fuel our continued development and evolution. We look forward to incorporating the knowledge and brand building prowess of Camuto Group to create a global brand and a powerful, multi-branded ecommerce business."
The partnership marks the first digital acquisition for Camuto Group and underscores the company's commitment to strategic growth through innovation and progressive partnerships.
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SOURCE Camuto Group