American footwear and accessories retailer DSW has completed the acquisition of the operations of Camuto Group’s brands for approximately $341m.

Of the total consideration, DSW will provide approximately $238m, which includes $57m for a 40% stake in the intellectual property, and $181m for Camuto Group’s operations.

The operations covered under the deal include Camuto Group’s entire global production, sourcing and design infrastructure, including operations in Brazil and China, a new distribution centre in New Jersey.

The deal also covers huge working capital featuring fresh branded inventory and accounts receivable.

In addition, DSW along with US-based brand development company Authentic Brands Group (ABG) completed the acquisition of 100% stake in the intellectual property of Camuto Group’s brands.

This partnership was announced through a definitive agreement signed in October this year.

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As part of the deal, ABG now owns 60% majority stake while DSW owns the remaining 40% stake.

The deal covers various brands of Camuto such as Vince Camuto, Louise et Cie, Sole Society and Enzo Angiolini, among others.

Both companies will now focus on licensing the brands across footwear, handbags and jewellery categories, as well as develop a new category to grow each brand’s lifestyle offerings.

DSW CEO Roger Rawlins said: “Our DSW, Shoe Company, Shoe Warehouse and leased footwear businesses have been steadily gaining market share through store expansion and comparable sales growth, and we’ve had recent successes in innovating experiences and service offerings.

“This acquisition allows us to capture more footwear transactions in new points of sale including at our own industry-leading DSW retail network.”

“However, to ensure the health of our business for years to come, we needed to think in the long-term and set a course for greater market share by owning a design and sourcing infrastructure to gain greater control of our product assortment.

“This acquisition allows us to capture more footwear transactions in new points of sale including at our own industry-leading DSW retail network and now in wholesale, brand-owned direct-to-consumer, as well as in licensing and international franchising.”

DSW will now operate Camuto Group as a separate, standalone business under the current management team led by Alex Del Cielo.

It will also continue to maintain existing customer relationships, partnerships and brand direction, as well as assistance, grow the business of its critical wholesale partners.