Genesco acquires Canadian footwear chain
Genesco is expanding its reach geographically and generationally with its latest acquisition.
The company has entered into an agreement with the Aldo Group Inc. to acquire the 37-store Little Burgundy retail footwear chain in Canada.
"We are excited by the prospect of adding Little Burgundy to our portfolio of retail banners," said Genesco chairman, president, and CEO Robert J. Dennis. "In addition to giving us access to a broader customer base than we are currently targeting in Canada, and one that is being well served by Little Burgundy in stores and on-line, the acquisition will add scale to our existing Canadian omnichannel operations."
Based in Montreal, Little Burgundy serves a fashion-oriented 18- to 34-year-old clientele ranging from students to young professionals, looking for in-demand and on-trend branded footwear and accessories. Little Burgundy offers a curated selection for both men and women in a unique and dynamic shopping environment with great customer service, according to Genesco.
The company says it plans to retain Little Burgundy's head office and store-level employees following completion of the acquisition. Margaret Thouez, who currently leads the Little Burgundy division in Montreal, will continue in that role as senior vice president, general merchandise manager of Little Burgundy, reporting to James C. Estepa, president and CEO of Genesco's Journeys Group.
"After spending time in the Little Burgundy stores, we quickly recognized that Little Burgundy and Journeys share similar values, cultures and goals. We are both extremely passionate about serving customers who shop in full-service specialty stores and on-line for the very latest branded fashion footwear and accessories. Like Journeys, Little Burgundy employees embody their customers' lifestyle and attitude and we are excited to welcome them to the Journeys Group," said Estepa.
Genesco Inc., a Nashville-based specialty retailer, sells footwear, headwear, sports apparel and accessories in 2,800 retail stores and leased departments throughout the U.S., Canada, the United Kingdom, the Republic of Ireland and Germany.
"This is great news for Little Burgundy and for the Aldo Group. Genesco's multi-brand retail expertise provides Little Burgundy with an unmatched opportunity for growth," said Patrik Frisk, CEO of the Aldo Group. "We are very happy to have found an industry leader that shares our values and is as deeply committed to its people and the continued success of Little Burgundy."