Canadian brand Aldo is set to buy Vince Camuto, which sells men’s and women’s shoes, bags, clothing and accessories is part of the US-based Camuto. The Camuto Group produces shoes and apparel for brands including the Jessica Simpson Collection, Tory Burch and Lucky Brand Jeans.
The merger will create an impressive, large and scaled footwear operation. The takeover will give Aldo a bigger footprint at a moment when fashion brands are seeking growth through mergers and acquisitions.
Aldo was founded in 1972 by the son of a shoe merchant and the grandson of a cobbler. Aldo opened its first store in the United States in 1993 and now sells shoes in more than 3,000 locations worldwide. The company employs more than 20,000 people and has sales of about 1.5 billion dollars annually.
The brands will be kept separate, so there are no plans to sell Vince Camuto products in Aldo stores. Aldo’s takeover of the Vince Camuto brand is the latest transaction to reshape the fashion industry. Last week, Michael Kors said it would acquire Jimmy Choo for about 1.2 billion dollars. And in May, Coach agreed to pay 2.4 billion dollars to acquire Kate Spade.