Montreal-based Aldo Group has called off its plans to acquire Camuto Group's footwear and accessories businesses in a move it says was a mutual decision after "careful consideration and thoughtful discussion".

The acquisition, which was announced in August as part of Aldo's continued expansion, was designed to "significantly increase" both companies' capabilities and reach and enhance their ability to offer the widest selection of footwear, handbags, and accessories through all channels, including owned stores, franchise, online and wholesale.

Aldo acquires Camuto Group's footwear and accessories businesses

Now, despite calling off the acquisition, both companies say they look forward to a "bright future partnering together" and will work in close collaboration on what they called a variety of mutual opportunities.

"The Aldo Group continues to be focused on growth," says its CEO David Bensadoun. "Despite not moving forward with the acquisition, Camuto Group will become a key strategic partner for us. Our two organisations have complementary strengths, capabilities and reach, and we look forward to partnering in ways that will grow both businesses."

Based in Connecticut, Camuto Group is a privately-owned organisation, founded by fashion industry icon Vince Camuto. Known for its ability to design, develop and distribute lifestyle brands, the company is well-established as a leader in the North American market, holding the footwear and handbag licenses for Lucky Brand and ED Ellen DeGeneres, adding Sole Society to its stable of brands in 2016. Camuto Group products are sold in more than 5,400 doors worldwide. 

"Working with the team at the Aldo Group over the last several months has been a pleasure," adds Camuto Group CEO Alex Del Cielo. "We have discovered many ways we can partner together and are excited about what the future holds for both organisations. We continue to believe that Aldo, under the leadership of David Bensadoun, and his strong executive team, will continue to flourish. We look forward to exploring ways to build a platform that will allow both companies to work together on a wide range of global opportunities."