October 27, 2020
Uncategorized

Aldo Group to Buy Camuto Group in Powerhouse Shoe Deal

The Aldo Group is buying Camuto Group in a deal that brings together two of the most storied names in shoes and creates a huge new powerhouse.
The marriage will significantly increase both companies’ capabilities and broaden their reach in a major way. Aldo derives most of its business from retail and international, while Camuto has robust wholesale and licensing operations and is focused mainly on the U.S market.
Terms of the agreement were not disclosed and the deal is subject to customary closing conditions. The new company will operate two distinct offices, one in Greenwich, Conn., where Camuto is based and the other in Montreal, where Aldo is headquartered. (The Camuto family will continue to operate the company’s apparel businesses.)
David Bensadoun, CEO of Aldo Group, told FN that his father, founder and company namesake Aldo Bensadoun first approached Camuto CEO Alex Del Cielo about a year ago to see “if the Camuto family might be ready to sell.” Four months ago, talks intensified.
“One family business is acquiring another. We both have that entrepreneurial spirit,” David Bensadoun said. “Both of our companies are heavily product oriented, and they each evolved in different ways.”
Del Cielo — who worked closely with the late Vince Camuto

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