CAMUTO GROUP ACQUIRES MAJORITY OWNERSHIP OF SOLE SOCIETY

In What's New, Industry News by Lauren Parker

sole societyAs part of its focus on digital innovation, Camuto Group has acquired the majority stake in Sole Society with the strategy of enhancing category offerings and continuing to build on the strong accessories platform through extensions in apparel and other key classifications.  The partnership marks the first digital acquisition for Camuto Group and underscores the company’s commitment to strategic growth through innovation and progressive partnerships.

Launched in 2011, Sole Society is an on-trend, affordable lifestyle brand of women’s shoes, bags and accessories. with the mission of teaching women how to start their look from the shoes up.

The acquisition will expand Camuto Group’s e-commerce footprint across a variety of brands, and additionally, the Sole Society brand will be developed for global wholesale opportunities in several categories. Nordstrom will remain a minority owner in Sole Society and will continue to carry Sole Society merchandise at Nordstrom stores and Nordstrom.com.

sole society2“We are excited to be growing the Sole Society brand platform and creating opportunities through digital innovation and category enhancements,” Alex Del Cielo, Chief Executive Officer of Camuto Group, says: “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.  Furthermore, we are looking forward to working closely with Nordstrom to develop the business as part of our joint strategic efforts.”

As part of a continued focus on growth, Blake Nordstrom, Co-President of Nordstrom, Inc. said: “We applaud the job Andy Solomon and the team at Sole Society have done and think the long-term partnership created with Camuto Group is 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. We think Camuto Group is a great organization and we look forward to continuing to carry Sole Society’s product.”

Sole Society Chief Executive Officer, Andy Solomon, comments: “We are thrilled by the transaction and look forward to building brands with the Camuto Group team.  We anticipate accelerated growth through enhanced resources and the expansion of distribution that will fuel our continued development and evolution.  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.”

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