Online retailer Sole Society of Culver City is fashioning a bigger footprint with the help of footwear powerhouse Camuto Group.
Sole Society announced this month that Connecticut-based Camuto acquired a majority stake in the footwear and accessories brand, with Nordstrom remaining as a minority owner. Terms of the deal were undisclosed.
Andy Solomon, chief executive of Sole Society, said the deal will help push the company’s global expansion.
“We anticipate accelerated growth through enhanced resources and the expansion of distribution that will fuel our continued development and evolution,” Solomon said in a statement. “We look forward to incorporating the knowledge and brand-building prowess of Camuto Group to create a global brand and a powerful, multibranded e-commerce business.”
The acquisition will help Sole Society expand its product offerings as well as build out its accessories and apparel business. Camuto said it also intends to prime the label for global wholesale opportunities.
Sole Society launched in 2011 as a sister site to HauteLook, a flash-sale site offering designer goods at a discount, but spun off as a separate company after Nordstrom acquired HauteLook that same year for an estimated $270 million in stock.
Sole Society raised $8 million in funding last year from Nordstrom and New York investment firm Insight Venture Partners. The capital was used to help the online retailer open its first brick-and-mortar store last fall in Santa Monica. It also sells its goods through Nordstrom and TV shopping network QVC.
Alex Del Cielo, chief executive of Camuto, said it plans to leverage Sole Society’s digital expertise.
The purchase is the first digital acquisition for Camuto and a step toward helping the company expand its digital arm.
Camuto was founded by footwear designer Vince Camuto, who also founded Nine West, and includes labels Vince Camuto and Louise et Cie. It also holds the footwear licenses for brands Jessica Simpson, BCBGGeneration, and BCBGMaxAzria.
The mattress industry has seen a bit of disruption from hip new online mattress brands such as Casper, Helix Sleep, and Tuft &Needle. And one local company is hoping to make an even bigger impact in the industry.
Bedaga, an online mattress company in Miracle Mile, launched this month offering customers a high-end product with four layers of premium textiles.
Doron Silverman, a co-founder, said the idea was to introduce a well-designed offering that would also provide customers a better shopping experience.
“Our philosophy in building products has always been to use the finest materials and most innovative technologies to create stunning, stylish pieces that look beautiful, feel wonderful, and last,” Silverman said in a statement.
For reprint and licensing requests for this article, CLICK HERE.
Stories You May Also Be Interested In
- Camuto Group Acquires Majority Stake in Shoe Company Sole Society
- Shoe Seller Sees Next Step As Brick-and-Mortar Shop
- Stock Should Rise At Flash-Sale Site
- Off the Clock
- Joining the Club
- Investors Back Expansion Of Online Fashion Vendor
- Silicon Beach Report Feb. 14: HauteLook Hacked
- Investors Step Into Customizable Footwear Firm