CAMUTO GROUP and Ownership of SOLE SOCIETY
Camuto Group today announced the acquisition of Sole Society. As part of Camuto Group’s focus on digital innovation, the company 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. In addition, the Sole Society brand will be developed for global wholesale opportunities in several categories. The acquisition will also expand Camuto Group’s ecommerce footprint across a variety of brands. Nordstrom (NYSE: JWN) will continue to carry Sole Society merchandise at Nordstrom stores and Nordstrom.com and will remain a minority owner.
Alex Del Cielo, Chief Executive Officer of Camuto Group, says: “We are excited to be growing the Sole Society brand platform and creating opportunities through digital innovation and category enhancements. 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.”
The partnership marks the first digital acquisition for Camuto Group and underscores the company’s commitment to strategic growth through innovation and progressive partnerships.
About Camuto Group
Camuto Group is an international company that designs, develops and distributes fashion footwear, accessories and apparel. The company was founded by fashion legend Vince Camuto. Renowned for its ability to develop lifestyle brands on a global scale, Camuto Group builds on the success of the Vince Camuto® brand—extending to collections that include Louise et Cie®, Two By Vince Camuto®, Vince Camuto™ Men’s, Imagine Vince Camuto® and 1. STATE®. Camuto Group also holds the footwear licenses for Jessica Simpson®, BCBGeneration®, BCBGMAXAZRIA®, and both the footwear and handbag licenses for Lucky Brand® and ED Ellen DeGeneres™. Camuto Group acquired Bernard Chaus Inc. to expand Camuto Group’s platform and develop apparel opportunities for partners. Most recently, Camuto Group entered into a partnership with Mercedes Castillo to launch an advanced contemporary lifestyle collection. Camuto Group and its partners operate 120 retail locations globally and products are sold in more than 5,400 doors worldwide.
Nordstrom, Inc. is a leading fashion specialty retailer based in the U.S. Founded in 1901 as a shoe store in Seattle, today Nordstrom operates 329 stores in 39 states, including 121 full-line stores in the United States, Canada and Puerto Rico; 200 Nordstrom Rack stores; two Jeffrey boutiques; and one clearance store. Additionally, customers are served online through Nordstrom.com, Nordstromrack.com and HauteLook. The company also owns Trunk Club, a personalized clothing service serving customers online at TrunkClub.com and its five clubhouses. Nordstrom, Inc.’s common stock is publicly traded on the NYSE under the symbol JWN.
About Sole Society
Sole Society is a lifestyle brand of women’s shoes, bags and accessories dedicated to thoughtful and easy style for every day. Launched in 2011, Sole Society’s mission is to teach women how to start their look from the shoes up. Sole Society is committed to providing quality on-trend shoes, bags and accessories at surprisingly affordable prices. Sole Society is available at www.solesociety.com and www.nordstrom.com as well as select Nordstrom stores nationwide. The product can also be purchased on QVC, www.qvc.com and select boutiques around the country.