Aldo & Camuto Call Off Blockbuster Footwear Merger

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The powerhouse deal that was to bring together two of the most storied names in shoes is no more.

The Aldo Group and ​Camuto​ ​Group said today that their plans to merge — via a transaction that would have seen the former acquire the latter — are now off the table. The companies said the decision to no longer pursue the transaction was mutual and followed “​careful​ ​consideration​ ​and​ ​thoughtful​ ​discussion” by both​ ​parties. The firms further noted that they plan to continue working together autonomously.

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

When they announced their plans to join forces in August, Aldo and Camuto said the new venture would significantly increase both companies’ capabilities and broaden their reach. They had also planned that the new company would continue to operate two distinct offices, one in Greenwich, Conn., where Camuto is based, and the other in Montreal, where Aldo is headquartered.

“Working​ ​with​ ​the​ ​team​ ​at​ ​the​ ​Aldo ​Group​ ​over​ ​the​ ​last​ ​several​ ​months​ ​has​ ​been​ ​a pleasure​,” Camuto Group CEO​ ​Alex​ ​Del​ ​Cielo said today of the deal’s demise. ​​“We​ ​have discovered​ ​many​ ​ways​ ​we​ ​can​ ​partner​ ​together​ ​and​ ​are​ ​excited​ ​about​ ​what​ ​the​ ​future holds​ ​for​ ​both​ ​organizations.​ ​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.”