Little Burgundy to be acquired

U.S. retailer Genesco is set to buy the Montreal-based footwear chain from Aldo Group.
Burgundy

U.S. retail company Genesco has reached an agreement to acquire Little Burgundy, the Montreal-based footwear chain, currently owned by Aldo Group. The deal is subject to closing conditions and terms were not disclosed.

Little Burgundy, which has 37 stores in Canada, caters to the 18-to-34 demographic of young, professional men and women.

“We are excited by the prospect of adding Little Burgundy to our portfolio of retail banners,” Genesco chairman, president, and CEO Robert J. Dennis said in a press release. “In addition to giving us access to a broader customer base than we are currently targeting in Canada, and one that is being well served by Little Burgundy in stores and online, the acquisition will add scale to our existing Canadian omnichannel operations.”

Genesco, based in Nashville, says it plans to retain Little Burgundy’s head office and store-level staff. Margaret Thouez, who currently leads the Little Burgundy division in Montreal, will continue in that role as SVP, general merchandise manager of Little Burgundy, reporting to James C. Estepa, president and CEO of Genesco’s Journeys Group, its teen specialty division.

Some of Genesco’s other banners include Journeys Kidz, Shi by Journeys, Schuh, Schuh Kids, Lids, Locker Room by Lids, Lids Clubhouse and Johnston & Murphy.

Image via the Little Burgundy Facebook page