Camuto Group has joined the ranks of fashion firms enlisting the help of turnaround consultants this year.
According to a recent report in Reuters that cites an unnamed sources close to the deal, the footwear, apparel and accessories company has tapped Clear Thinking Group to review the business.
This latest development follows a failed attempt by the Camuto family to sell the accessories and footwear divisions to shoe company Aldo Group earlier this year. Although Aldo had been on the lookout for a deal opportunity, the agreement between the two entities fell through in October. That acquisition would have been the fourth big footwear related transaction of 2017, following Nine West’s acquisition of Kasper Group for an undisclosed sum, Coach’s $2.4 billion deal for Kate Spade and Michael Kors’ $1.2 billion takeover of Jimmy Choo.
The Camuto family is reportedly still looking to exit the business following the passing of founder Vince Camuto in 2015.
Camuto had a long legacy in the shoe business, having co-founded Nine West before launching his namesake company in 2001. The Camuto Group brands include Vince Camuto, Two by Vince Camuto and Louise et Cie. It also produces products under the Jessica Simpson, Tory Burch and Lucky Brand labels. Camuto Group products span 30 categories from fragrances to handbags and are distributed across 70 countries.
Camuto Group finds itself in the same difficult position so many others have this year. The company, which counts department stores as a key part of its distribution strategy, is facing slumping mall traffic, fickle consumers and the demands the e-commerce surge have placed on the retail industry at large.
In an interview with Forbes earlier this year, Camuto CEO Alex Del Cielo outlined the ways in which the company is attempting to satisfy customer demand. The tactics include conducting tons of trend related research, using predictive analytics to make decisions, being responsive to retail partner requests and offering clear value to the consumer.