Aldo buys shoe and accessories business Camuto Group

Canadian shoe association Aldo has concluded to squeeze a boots and accessories business Camuto Group for an undisclosed sum.

Founded in Montreal in 1972, Aldo has grown to currently have some-more than 3,000 stores in some-more than 100 countries. Connecticut-based Camuto, meanwhile, doesn’t work a possess sell locations though a several brands of boots and accessories are sole in 5,400 stores around a world.

“While Aldo comes from sell and has focused on general expansion, Camuto Group is an consultant in indiscriminate and a absolute actor in a U.S. market,” pronounced CEO David Bensadoun, a son of association owner Aldo Bensadoun. “We are really vehement about a ways a dual organizations can assistance any other grow, leveraging any other’s strengths.”

The understanding “will significantly boost both companies’ capabilities and reach, and raise their ability to offer a widest preference of footwear, handbags, and accessories by all channels, including owned stores, franchise, online and wholesale,” Aldo said in a release.

The cost tab was not disclosed, though a partnership comes during a time of converging in a attire ndustry. Last month handbag-maker Michael Kors bought shoe code Jimmy Choo for $1.3 billion and progressing this year Coach bought Kate Spade for $2.4 billion.

Article source: http://www.cbc.ca/news/business/aldo-camuto-merger-1.4233508?cmp=rss