Aldo Group calls off Camuto Group merger

Aldo Group has confirmed that they are not moving forward with their plans to acquire Camuto Group’s footwear and accessories business, after “both parties mutually decided not to pursue the transaction,” the Canadian footwear company said in a statement.

The proposed acquisition, which was announced in August, was part of Aldo’s expansion plans and was described at the time as a move to “significantly increase both companies' capabilities and reach”, however, the companies said the decision to no longer pursue the transaction was “after careful consideration and thoughtful discussion”.

David Bensadoun, Aldo Group’s chief executive officer, said: “The Aldo Group continues to be focused on growth. Despite not moving forward with the acquisition, Camuto Group will become a key strategic partner for us. Our two organisations have complementary strengths, capabilities and reach, and we look forward to partnering in ways that will grow both businesses.

Instead, Aldo stated that both companies will continue to “build their businesses autonomously and focus on investments being made to strengthen and grow their respective companies,” while adding that they will “work in close collaboration on a variety of mutual opportunities”.

Aldo calls off Camuto acquisition

Bensadoun, added: “We built some great relationships with the Camuto team throughout this process. After several months working closely together there’s no denying that we share similar cultures and values.”

Alex Del Cielo, chief executive officer of Camuto Group, added: “Working with the team at the Aldo Group over the last several months has been a pleasure. We have discovered many ways we can partner together and are excited about what the future holds for both organisations.

“We continue to believe that Aldo, under the leadership of David Bensadoun, and his strong executive team, will continue to flourish. We look forward to exploring ways to build a platform that will allow both companies to work together on a wide range of global opportunities.”

The footwear merger would have significantly increased both companies’ capabilities and broaden their reach, as well as enhance their ability to offer the widest selection of footwear, handbags, and accessories through all channels, including owned stores, franchise, online and wholesale.

Image: Aldo Facebook