NEW YORK, Oct. 10, 2018 /PRNewswire/ -- Authentic Brands
Group LLC (ABG), a global brand development, marketing and
entertainment company, today announced that it has entered into a
definitive agreement to purchase a majority stake in the
intellectual property of the Camuto Group's proprietary brands in
partnership with DSW Inc. (NYSE: DSW), a leading North American
footwear and accessories retailer. This acquisition enhances ABG's
portfolio by significantly growing the company's stake in the
footwear and accessories market and increasing its brands'
collective value to more than $8.3
billion in annual retail sales.
"We are thrilled to welcome the Camuto Group to the ABG family
and forge a long-term relationship with DSW," said Jamie Salter, Chairman and Chief Executive
Officer of ABG. "This strategic arrangement preserves the Camuto
Group operation, which will continue to service its current
footwear partners, and provides a robust infrastructure for new
brands and growth. In addition, our partnership with DSW links ABG
to a footwear authority whose sourcing and manufacturing expertise
will extend across our portfolio."
Founded in 2001, the Camuto Group is a legendary footwear and
accessories organization best known for the eponymous Vince Camuto
brand. Today Vince Camuto comprises key categories including
footwear, fragrance, apparel, handbags and accessories and
can be found in over 8,000 retail locations including department
stores and specialty accounts.
DSW Inc. is known for challenging convention and for its
pioneering digital innovation, having twice been named "Best
Omnichannel Retailer" by Total Retail. The leading footwear
retailer now acquires the Camuto Group operation including its
renowned design, sourcing, production and wholesale infrastructure.
DSW Inc. will also acquire the licensing rights for Jessica
Simpson® footwear, and Lucky Brand® and Max Studio® footwear and
handbags. The company will also acquire joint venture participation
in the ED Ellen DeGeneres® and Mercedes Castillo® brands.
With this move, ABG takes a page from its acquisition playbook
for Aéropostale and Nautica, creating a similar structure that
secures a dedicated operating partner in footwear. ABG's proven
know-how in brand building, marketing and business development,
combined with the retail, ecommerce and wholesale expertise of DSW
Inc., provide a strong foundation for long-term growth.
"The purchase of the Camuto Group operation transforms DSW Inc.
into one of the largest footwear franchises in North America. Our new design and sourcing
capabilities create opportunities for us to pursue market share and
become integral to more consumer purchase decisions," said
Roger Rawlins, Chief Executive
Officer of DSW. "In addition to the licensing benefits of our
strategic partnership with ABG, this acquisition allows DSW Inc. to
harness Camuto Group's product development and wholesale
capabilities while supporting its growth as a global lifestyle
brand."
"The partnership with DSW and ABG creates an unmatched
opportunity for the Camuto Group to expand the platform for our
leading lifestyle brands," said Alex Del
Cielo, Chief Executive Officer of Camuto Group. "By
leveraging DSW's resources, we will strengthen our wholesale
business and bring to market an exciting and world-class,
direct-to-consumer experience that will grow our brand equity and
customer demand across additional points of sale. I believe our
founder Vince Camuto would be as excited about the transaction as
we are and view the opportunity as a way to extend the company's
reach and realize his vision."
As part of the agreement, ABG will partner with DSW Inc. to
acquire the intellectual property of Camuto Group's proprietary
brands, taking the majority stake of 60% and DSW Inc. taking the
balance of 40%. Brands include Vince Camuto®, Louise et Cie®, Sole
Society®, Enzo Angiolini® and others. The partnership will focus on
licensing the brands across existing lines in footwear, handbags
and jewelry, and new category development with a focus on building
out each brand's lifestyle offerings.
DSW Inc. has released a separate announcement, which can be
viewed by visiting https://investors.dswshoe.com/.
Under a separately negotiated agreement, ABG will purchase the
intellectual property of the Bernard Chaus Inc. (BCI) brands in
partnership with Ariel Chaus, the
current Chief Executive Officer and former owner of BCI. Brands
include the fashion and contemporary women's apparel labels
1.STATE®, CeCe® and Chaus®. Ariel
Chaus will also repurchase the BCI business from Camuto
Group and become the core women's apparel licensing partner for
Vince Camuto®. Together, ABG and BCI will galvanize the brands'
growth strategies and launch an elevated women's sportswear
platform that will service better department stores around the
world.
The transactions are subject to customary closing conditions and
are expected to close within thirty days.
Goldman Sachs & Co. LLC is serving as exclusive financial
advisor to DSW Inc. and Wachtell, Lipton, Rosen & Katz LLP is
serving as legal advisor to DSW. Paul
Weiss, Rifkind, Wharton & Garrison LLP is serving as
legal advisor to ABG. MMG Advisors Inc. is serving as financial
advisor to Camuto Group. Pryor Cashman LLP is serving as legal
advisor to Camuto Group.
About ABG
Authentic Brands Group (ABG) is a brand
development, marketing, and entertainment company, which owns a
portfolio of global entertainment and lifestyle brands.
Headquartered in New York City,
ABG manages, elevates, and builds the long-term value of more than
40* consumer brands by partnering with best-in-class manufacturers,
wholesalers, and retailers. Our brands have a global retail
footprint in more than 50,000 points of sale across the luxury,
specialty, department store, mid-tier, mass, and e-commerce
channels and more than 4,400 branded freestanding stores and
shop-in-shops around the world. ABG is committed to transforming
brands by delivering compelling product, content, business, and
immersive brand experiences. We create and activate original
marketing strategies to drive the success of our brands across all
consumer touchpoints, platforms, and emerging media. ABG's
global portfolio includes Marilyn Monroe®, Mini Marilyn®,
Elvis Presley®, Muhammad Ali®, Shaquille O'Neal®, Dr. J®,
Greg Norman®, Neil Lane®, Thalia®, Michael Jackson®
(managed brand), Nautica®, Aéropostale®, Juicy Couture®, Vince
Camuto®*, Herve Leger®, Judith Leiber®, Frederick's of
Hollywood®, Nine West®, Frye®, Jones New York®, Louise et
Cie®*, Sole Society®*, Enzo Angiolini®*, Hickey Freeman®, Hart
Schaffner Marx®, Adrienne Vittadini®, Taryn Rose®, Bandolino®,
Misook®, 1.STATE®*, CeCe®*, Chaus®*, Spyder®, Tretorn®, Tapout®,
Prince®, Airwalk®, Vision Street Wear®, Above The Rim®, and Hind®.
ABG-NYC.com. *Pending closing in Q4 of 2018.
About DSW Inc.
DSW Inc. is a leading footwear and
accessories retailer that operates a portfolio of several value
retail concepts under the DSW Designer Shoe Warehouse, Shoe
Company, Shoe Warehouse and Town Shoes brands. DSW also supplies
footwear at leased locations in the U.S. through its Affiliated
Business Group and franchised international
locations. Products are available across North
America at nearly 1,000 retail outlets and via e-commerce
sites and a mobile app. More information can be found
at www.dswinc.com.
About Camuto Group
Camuto Group is an international
company that designs, develops and distributes fashion footwear,
accessories and apparel. Founded in 2001 by Vince Camuto, the
company is renowned for its ability to develop lifestyle brands on
a global scale. Camuto Group builds on the success of Vince
Camuto®, extending to brands that include Louise et Cie®, Two
By Vince Camuto®, Vince Camuto®
men's, Imagine Vince Camuto® and 1. STATE®. Camuto Group also holds
footwear licenses for Jessica Simpson®, as well as footwear and
handbag licenses for Lucky Brand® and ED Ellen DeGeneres®. To
expand Camuto Group's platform and develop apparel opportunities
for partners, the company acquired Bernard Chaus Inc. in 2015. As
part of the company's focus on digital innovation and demand
prediction, Camuto Group added Sole Society® to its stable of
brands in 2016. In addition, Camuto Group entered into a
partnership with Mercedes Castillo® to launch an advanced
contemporary lifestyle collection. Camuto Group products including
footwear, handbags and jewelry are sold in more than 5,400
doors worldwide.
Contact:
Haley
Steinberg
hsteinberg@abg-nyc.com
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SOURCE Authentic Brands Group