In the third major buy of the summer, Aldo announced that it will buy the footwear and accessories operations of the Camuto Group, founded by footwear giant Vince Camuto.
The Canada-based Aldo Group already has a worldwide footprint (ha) but, according to the New York Times, has been looking for an acquisition for 18 months. The Camuto Group produces shoes and apparel for the Jessica Simpson Collection, Tory Burch, and Lucky Brand Jeans, in addition to the eponymous collection Vince Camuto. The Times also reported that the brands will stay separate.
If three makes a trend then it’s official — mergers are de rigueur. Last week Michael Kors bought Jimmy Choo for $1.2 billion and Coach bought Kate Spade for $2.4 billion in May. Neither Aldo nor the Camuto group disclosed financial specifics.