Nashville, TN–Genesco Inc.announced today that its Canadian subsidiary has entered into an agreement with the Aldo Group Inc. to acquire the 37-store Little Burgundy retail footwear chain in Canada. The transaction is subject to customary closing conditions. Terms of the transaction were not disclosed.
Based in Montreal, Little Burgundy serves a fashion-oriented 18- to 34-year-old clientele ranging from students to young professionals, looking for in-demand and on-trend branded footwear and accessories.
Genesco Chairman/President/CEO Robert J. Dennis said, “We are excited by the prospect of adding Little Burgundy to our portfolio of retail banners. In addition to giving us access to a broader customer base than we are currently targeting in Canada, and one that is being well served by Little Burgundy in stores and on-line, the acquisition will add scale to our existing Canadian omnichannel operations.”
Genesco plans to retain Little Burgundy’s head office and store-level employees following completion of the acquisition. Margaret Thouez, who currently leads the Little Burgundy division in Montreal, will continue in that role as senior vice president, general merchandise manager of Little Burgundy, reporting to James C. Estepa, president/chief executive officer of Genesco’s Journeys Group.
“After spending time in the Little Burgundy stores, we quickly recognized that Little Burgundy and Journeys share similar values, cultures and goals. We are both extremely passionate about serving customers who shop in full-service specialty stores and on-line for the very latest branded fashion footwear and accessories. Like Journeys, Little Burgundy employees embody their customers’ lifestyle and attitude and we are excited to welcome them to the Journeys Group,” said Estepa.