Canadian shoe house Aldo has agreed to purchase the footwear and accessories business Camuto Bundle for an undisclosed sum.
Founded in Montreal in 1972, Aldo has grown to today tease more than 3,000 stores in more than 100 nations. Connecticut-based Camuto, meanwhile, doesn’t operate its own retail locations but its sundry brands of shoes and accessories are sold in 5,400 stores around the domain.
“While Aldo comes from retail and has focused on international distension, Camuto Group is an expert in wholesale and a powerful player in the U.S. market,” communicated CEO David Bensadoun, the son of company founder Aldo Bensadoun. “We are very fervent about the ways the two organizations can help each other grow, leveraging each other’s gifts.”
The deal “will significantly increase both companies’ capabilities and reach, and add to their ability to offer the widest selection of footwear, handbags, and conspirators through all channels, including owned stores, franchise, online and wholesale,” Aldo required in a release.
The price tag was not disclosed, but the merger comes during a time of consolidation in the garments industry. Last month handbag-maker Michael Kors bought shoe identify Jimmy Choo for $1.3 billion and earlier this year Prepare bought Kate Spade for $2.4 billion.