Camuto Group Sold to DSW Inc. for $341 Million
Pryor Cashman client Camuto Group, the celebrated product design and brand development organization best known for the Vince Camuto® brand and the footwear licenses of Jessica Simpson® and Lucky Brand®, has sold its operations to North American footwear and accessories retailer DSW Inc. for approximately $341 million.
Under the deal, which closed on November 5, 2018, DSW and Authentic Brands Group LLC (ABG) formed a partnership to acquire numerous intellectual property rights from Camuto Group.
For its part, DSW contributed approximately $238 million toward the purchase price, which includes $181 million for Camuto Group's operations and $57 million for a 40% stake in the IP of Camuto Group’s proprietary brands, with ABG taking the majority 60% stake. The partnership will license the brands across existing lines in footwear, handbags and jewelry to DSW, and across new product categories to non-related parties with a focus on building out each brand's lifestyle offerings.
DSW will operate Camuto Group as a separate, standalone business under the current management team.
“With the complexity, magnitude and market importance of this transaction, we are proud to have been chosen to represent Camuto Group for this pivotal sale to DSW,” said John J. Crowe, a lead attorney on the deal. “With DSW’s resources, we expect that Camuto Group’s market presence and product offerings will significantly expand, further enhancing the company’s value premium.”
The Pryor Cashman Team
Representing Camuto Group on the transaction are Pryor Cashman partners Michael Goldberg, co-leader of the firm’s Fashion Group, John J. Crowe, co-chair of the Corporate Group, and counsel Robert Lamonica. Partners Michael Dunworth, Michael Weinsier, Ed Rayner and Richard Frazer, counsels Rebecca Schmutter and Matthew Young, and associates Kimber Hargrove and Maraiya Hakeem also worked on the deal.
