Camuto Group Acquires Majority Stake in Shoe Company Sole Society

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Online retailer Sole Society in Culver City is fashioning a bigger footprint with the help of footwear powerhouse Camuto Group in Greenwich, Conn.

Sole Society announced this month that Camuto Group 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. “We look forward to incorporating the knowledge and brand building prowess of Camuto Group to create a global brand and a powerful, multi-branded e-commerce business.”

The acquisition will help Sole Society expand its product offerings as well as build out its accessories and apparel business. Camuto Group said it also intends to prime the label for global wholesale opportunities.

Sole Society launched in 2011 as a sister site to HauteLook, the 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.

The online retailer raised $8 million in funding last year from Nordstrom and New York investment firm Insight Venture Partners. And the capital was used to help Sole Society open its first brick-and-mortar store in Santa Monica last fall. It also sells its goods through Nordstrom and TV shopping network QVC.

Alex Del Cielo, chief executive of Camuto Group, said it plans to leverage Sole Society’s digital expertise.

The purchase is the first digital acquisition for Camuto Group and a step towards helping the company expand its digital arm.

Camuto Group was founded by footwear designer Vince Camuto, who also founded Nine West, and includes labels Vince Camuto and Louise et Cie. It is also holds the footwear licenses for brands Jessica Simpson, BCBGGeneration, and BCBGMaxAzria.

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