MONTREAL, Aug. 2, 2017 /PRNewswire/ - The ALDO Group Inc., a world-leading creator and operator of desirable footwear and accessory brands, announced today that it has entered into an agreement to acquire Camuto Group's footwear and accessories businesses. The Camuto family will continue to own and operate the apparel businesses. Camuto Group is known for its ability to design, develop and distribute lifestyle brands and is well-established as a leader in the North American market.
As part of the ALDO Group's continued expansion, 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.
David Bensadoun, the ALDO Group's Chief Executive Officer, 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."
Based in Greenwich, Connecticut, Camuto Group is a privately-owned leading organization, founded by fashion industry icon 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" continued Bensadoun.
Alex Del Cielo, Louise Camuto, and the executive team have led the company through a period of steady growth. Del Cielo will remain in his role as Chief Executive Officer of Camuto Group and will report to the ALDO Group's Chief Executive. "We are excited to become a part of the ALDO Group family", stated Del Cielo. "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 preserve Camuto's autonomy, each brand's identity as well as retaining key talent, ensuring for a smooth transition.
"After spending time with Alex Del Cielo and his leadership team, we quickly recognized that we share similar values and strategic vision. This is a perfect fit. One family business is acquiring another family business and from the very first meetings, we could feel a very similar culture," mentioned Bensadoun.
This transaction is subject to customary closing conditions and the terms of the agreement will not be disclosed.
About ALDO Group Inc. Founded in 1972 by Aldo Bensadoun, who had a vision to create a different kind of company, one built on ethics, compassion and understanding the customer to offer them the best possible products and services every day. The ALDO Group is a world-leading creator and operator of desirable footwear and accessory brands. With 3,000 points of sale in over 100 countries around the world, the organization operates under two signature brands, Aldo and Call It Spring, and a multi-brand retail concept, GLOBO. The ALDO Group is also an industry-recognized wholesale distributor and third-party sourcing provider of fashion footwear, handbags and accessories. In addition to the Head Office in Montreal, the ALDO Group has international offices in Europe and Asia. Equipped with the values of love, respect, and integrity, the ALDO Group is as unique as its people. For more information, visit www.aldogroup.com
About Camuto Group Camuto Group is a leading organization for design, development, and distribution of women's fashion footwear and was founded by fashion industry icon Vince Camuto. Renowned for its ability to develop lifestyle brands on a global scale, Camuto Group is building on the success of Vince Camuto®—extending into collections such as Louise et Cie®, Imagine Vince Camuto® and the recently introduced 1. State® and Mercedes Castillo®. 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 added Sole Society® to its stable of brands in 2016. Camuto Group products are sold in more than 5,400 doors worldwide. For more information, visit www.camutogroup.com
SOURCE ALDO Group