Aldo Group has decided not to go ahead with the purchase of American shoe company Camuto Group. This decision comes almost three months after the Canadian shoe company announced its desire to acquire Camuto Group’s footwear and accessories business for an undisclosed sum.
At the time of the announcement about the deal, both companies were optimistic about the merger. Aldo had been looking for a profitable acquisition target for over a year, and felt that Camuto was the perfect fit. The Camuto family, on the other hand, wanted to exit the business after the 2015 death of its patriarch, fashion footwear guru Vince Camuto, who founded the company and also cofounded women’s footwear brand Nine West.
Aldo says that although the two companies came to a mutual decision to end the deal, there are still plans for future collaborations. And the Camuto Group is still slated to be one of Aldo’s key strategic partners going forward.
Camuto Group is the owner of brands like Vince Camuto, Louise et Cie and Imagine Vince Camuto, and has licenses and partnerships with Tory Burch, Ellen DeGeneres and Lucky Brand Jeans.