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.
The mattresses are made in the United States and engineered to offer maximum support and comfort. The proprietary design incorporates features such as soy-based quilting, gel-infused memory foam, and a technology that replicates the feel of a spring mattress without using the heavy coils found in traditional mattresses.
Prices range from $950 for a full-size mattress to $1,350 for a king.
Bedaga was co-founded by Silverman, Yoni Kassar, Darren Romanelli, and Nate Hahn – all with experience designing and building luxury furnishings for hotels, restaurants, and designers such as Tom Ford and Kelly Wearstler.
Danish consumer electronics company Bang & Olufsen will be reopening its Beverly Hills store this week after a renovation. … Fitness and wellness destination the Ranch Malibu will launch an at-home meal delivery service called the Ranch Daily on Sept. 6, offering consumers a two- or three-meal-a-day plan. Inspired by its wellness programs, the chef-prepared and plant-based meals range from $240 for a three-day plan to $1,780 for a 21-day plan. … Mainland Poke restaurant in Beverly Grove will open an additional outpost at Caruso Affiliated’s Waterside at Marina del Rey property in the fall. An additional location will open at Caruso’s 252 S. Brand project in Glendale across from Americana at Brand this fall. … Courtney Allegra, a 19-year-old swimwear designer, opened her first namesake flagship store in the Melrose Avenue shopping district last week. … Banking firm Capital One will be launching the 11,000-square-foot Capital One Café at the Americana at Brand this winter. It will offer customers four ATMs and four nooks as well as two meeting rooms to be used as workspaces.
Staff reporter Subrina Hudson can be reached at email@example.com or (323) 549-5225, ext. 251.
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