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Aldo Buys Camuto Group’s Footwear & Accessories Businesses

Privately held Canadian shoe company, The Aldo Group, announced Thursday it has entered into an agreement to acquire Camuto Group’s footwear and accessories operations for an undisclosed amount.

With this acquisition, Aldo significantly expands its footprint with globally recognized wholesale brands, including Vince Camuto, Louise et Cie, Imagine Vince Camuto and the recently introduced 1.State and Mercedes Castillo. Camuto also holds the footwear license for Jessica Simpson, ED Ellen DeGeneres and Sole Society.

“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,” state Aldo Group CEO David Bensadoun. “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.”

In an interview with the New York Times, Bensadoun said the company has been “on the hunt” for an acquisition target for more than a year.

“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 will remain in his role as Camuto Group CEO and will report to Benasdoun. In a press release, The Aldo Group stated that it will “preserve Camuto’s autonomy, each brand’s identity as well as retaining key talent, ensuring for a smooth transition.”

Founder Vince Camuto died in 2015. According to the NYT report, Camuto’s five children inherited the business and were not interested in operating the company. However, the Camuto family will continue to own and operate the apparel businesses.

The Camuto sale is the latest in a string of footwear mergers and sales. On Tuesday, Wolverine Worldwide announced it is divesting Sebago for $14.25 million. Michael Kors purchased Jimmy Choo last week for $1.2 billion. In July, Coach snapped up Kate Spade in a $2.4 billion deal.