Canadian shoe chain Aldo have agreed to purchase US retailer Camuto Group for an undisclosed figure.
The merger represents significant growth under Aldo’s name, something that companies are increasingly looking towards to strengthen their retail footprint. Just last week, Michael Kors bought Jimmy Choo in a deal worth $1.2bn.
“While Aldo comes from retail and has focused on international expansion, Camuto Group is an expert in wholesale and a powerful player in the US market,” said CEO David Bensadoun.
“We are very excited about the ways the two organisations can help each other grow, leveraging each other's strengths.
“We’ve been looking for an acquisition target for 18 months, and Camuto was the best fit.”
The company’s statement reflected Bensadoun’s comments, proclaiming excitement that the merger “will significantly increase both companies' capabilities and reach, and enhance their ability to offer the widest selection of footwear, handbags, and accessories through all channels, including owned stores, franchise, online and wholesale”.
Camuto Group's brands including Chaus and Cece will now join Aldo's existing portfolio, made up of Aldo, Aldo Rise, Mr. B's, Call It Spring, and Globo.