Brand house Authentic Brands Group (ABG) has bought US brand house Camuto Group in partnership with American footwear retailer Designer Shoe Warehouse (DSW).
ABG has bought a 60% stake in the intellectual property of Camuto Group’s brands including Vince Camuto, Louise et Cie, and Sole Society, and DSW has taken the remaining 40%.
As part of the acquisition, ABG will assume the marketing, business development and licensing functions of these brands. The deal boosts ABG’s portfolio of global brands to more than $8.7bn (£6.7bn) in annual retail sales.
DSW will undertake Camuto Group’s operations including design, sourcing, production and wholesale infrastructure.
The news comes after Aldo Group called off its acquisition of the Camuto Group last month.
ABG bought footwear business Nine West and Bandolino from Nine West Holdings in July this year.