Authentic Brands gets stronger in footwear by acquiring Camuto Group
After the deal, ABG’s brand portfolio accounts for revenues of 8.3 billion dollars (7.2 billion euros). In the last few months, the US-based retail group has bought brands such as Hervé Leger, Nautica and Nine West.
Authentic Brands Group (ABG) gains size with another acquisition. The US-based fashion group, which has broadened its brand portfolio heavily in the last year and a half, has taken a majority stake in Canadian footwear company Camuto Group. The deal, which also involves retailer DSW, has been reached for an undisclosed amount.
“This strategic arrangement preserves the Camuto Group operation, which will continue to service its current footwear partners, and provides a robust infrastructure for new brands and growth,” said Jamie Salter, chief executive officer of ABG. “In addition, our partnership with DSW links ABG to a footwear authority whose sourcing and manufacturing expertise will extend across our portfolio,” he added.
After the acquisition, ABG’s brand portfolio accounts for revenues of 8.3 billion dollars (7.2 billion euros). Camuto, founded in 2001 by Vincent Camuto, distributes its products across 8,000 points of sale globally, including monobrand stores, department stores and wholesale. The group operates with brands like Louise et Cie, Sole Society and Enzo Angiolini.
After Camuto’s acquisition, Authentic Brands revenues stand at 8.3 billion dollars (7.2 billion euros)
As part of the arrangement, DSW has taken a 40% stake in the company and operations of Camuto, including design, sourcing, manufacturing and wholesale operations. Besides, the US retailer has acquired the footwear and accessories licenses of Jessica Simpson, Lucky Brand and Max Studio, all owned by ABG.
Authentic Brands has broaden its fashion portfolio in the last year and a half through several acquisitions. The company, which owns labels such as Juicy Couture, Aeropostale, Thalia or Neil Lane, took over Hervé Léger, Nautica, Nine West and Brandolino, among others.
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