Aldo Group expands with U.S. Camuto acquisition

The Montreal-based company adds to its footwear and accessories business.

Montreal’s Aldo Group is set to acquire the footwear and accessories businesses of Camuto Group.

The 16-year old Camuto Group is based in Greenwich, Conn. and owned by the Camuto family. Along with the Vince Camuto label, the company has a significant wholesale operation in the U.S., where it headquarters a number of lifestyle-focused shoe and accessory brands such as Jessica Simpson, Louise et Cie and Lucky Brand. The Camuto family will continue to operate its apparel businesses following the deal.

Camuto’s existing leadership team, led by CEO Alex Del Cielo, will remain in place to oversee the business from its current headquarters. Del Cielo will report to David Bensadoun, who was named Aldo’s CEO in March of this year.

In a statement, Bensadoun said that his company was drawn to Camuto’s design, distribution and sourcing operations. “We also believe the Aldo Group’s broad international and cross-channel experience will unlock Camuto Group’s global potential,” he said. “This is the perfect combination to drive long-term, sustainable growth and strengthen our overall platform.”

Aldo Group operates a number of retail banners (including Aldo, Globo and Call It Spring) in Canada, the U.S., U.K. and Ireland, with franchised operations in the Middle East and Mexico.

Terms of the deal have not been disclosed, and are subject to closing conditions.