Aldo to Acquire Camuto Group
Footwear brand Aldo has agreed to acquire the footwear and accessories operations of Camuto Group. The takeover will give Aldo a bigger footprint in the fashion industry. The Camuto Group produces shoes for the Vince Camuto brand, as well as Jessica Simpson Collection, Tory Burch and Lucky Brand Jeans. The terms of the deal were not made public, and Alex Del Cielo, chief executive of the Camuto Group, will remain in his role.
Total Retail’s Take: This is the latest retail merger to be announced, a growing trend as many retailers look to expand through acquisitions in the face of customer acquisition challenges. Michael Kors recently bought Jimmy Choo for $1.2 billion, and in May, Coach acquired Kate Spade for $2.4 billion. Given the financial resources available, acquisitions can be an effective strategy for retailers to go after new customers and expand their footprint, rather than opening more stores in a changing retail climate.