Aldo Group calls off Camuto Group acquisition
Just a few months after announcing plans to acquire Camuto Group’s footwear and accessories businesses, Aldo Group said on Thursday the deal is no more. The Canadian footwear giant, who agreed to acquire the company founded by fashion impresario Vince Camuto, said “both parties mutually decided not to pursue the transaction."
“The Aldo Group continues to be focused on growth. Despite not moving forward with the acquisition, Camuto Group will become a key strategic partner for us. Our two organizations have complementary strengths, capabilities and reach, and we look forward to partnering in ways that will grow both businesses,” said David Bensadoun, Aldo Group’s Chief Executive Officer. “We built some great relationships with the Camuto team throughout this process. After several months working closely together there’s no denying that we share similar cultures and values.”
The shoe brand merger would have given Aldo a much larger footprint especially in the United States. The terms of the initial deal were not made public.
Aldo Group was founded in 1972. The company has over 3,000 points of sale in 100 countries around the world, operating under two signature brands, Aldo and Call It Spring, and a multi-brand retail concept, Globo.
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