Footwear retailer Aldo Group has called off its acquisition of US brand house Camuto Group, less than three months after it made the announcement about its intention to buy it.
In August, Aldo Group said it planned to buy Camuto Group’s footwear and accessories businesses for an undisclosed sum.
Aldo has released a statement saying “both parties mutually decided” not to pursue the sale.
David Bensadoun, Aldo chief executive, 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 organizations have complementary strengths, capabilities and reach.”
US company Camuto owns brands including Vince Camuto, Jessica Simpson Clothing and ED (Ellen DeGeneres’s lifestyle brand). It also produces private-label clothing for retailers such as AllSaints, J Crew and Kurt Geiger.