Camuto Group has landed its first digital acquisition.
The company will announce today that it has snapped up a majority stake in women’s shoes, bags and accessories brand Sole Society. Former majority owner Nordstrom will remain a minority owner.
Camuto Group CEO Alex Del Cielo said the new digital-focused buy will help the firm ramp up its own e-commerce presence, extending the multibrand reach of Sole Society by adding a variety of owned, licensed and outside brands to the platform.
“We are excited to be growing the Sole Society brand platform and creating opportunities through digital innovation and category enhancements,” Del Cielo said. “The team at Sole Society continues to be industry leaders in customer satisfaction and we plan to leverage their expertise to provide today’s consumer with the best experience in all channels, both online and in-store. We are looking forward to working closely with Nordstrom to develop the business as part of our joint strategic efforts.”
Founded in 2011, Sole Society is currently available in a few Nordstrom stores but is sold mostly on its website http://www.solesociety.com and on www.nordstrom.com. Nordstrom will continue to carry Sole Society merchandise at its store; co-president Blake Nordstrom said he views the new partnership as a “terrific next step.”
“Our focus is to offer customers highly relevant and differentiated product and our customers continue to respond favorably to the on-trend style Sole Society offers,” he said. “We think Camuto Group is a great organization and we look forward to continuing to carry Sole Society’s product.”
Among its major plans for the brand, Camuto Group said it would pursue international wholesale opportunities and develop Sole Society’s category offerings through extensions in apparel and other classifications.
“We anticipate accelerated growth through enhanced resources and the expansion of distribution that will fuel our continued development and evolution,” Sole Society CEO Andy Solomon said. “We look forward to incorporating the knowledge and brand building prowess of Camuto Group to create a global brand and a powerful, multi-branded ecommerce business.”
The terms of the transaction have not been disclosed.
In addition to its ownership of the Vince Camuto brand, Camuto Group holds the footwear licenses for the Jessica Simpson Collection and BCBGeneration. It also holds the footwear and handbag licenses for Lucky Brand and ED Ellen DeGeneres.