Aldo buys shoe and accessories business Camuto Group

Canadian shoe company Aldo has agreed to purchase the footwear and accessories business Camuto Group for an undisclosed sum.

Founded in Montreal in 1972, Aldohas grown to today have more than 3,000 stores in more than 100 countries. Connecticut-based Camuto, meanwhile, doesn't operate its own retail locations but its various brands of shoes and accessories are sold in 5,400 stores around the world.

"While Aldocomes from retail and has focused on international expansion, Camuto Group is an expert in wholesale and a powerful player in the U.S. market," said CEO David Bensadoun, the son of company founder AldoBensadoun."We are very excited about the ways the two organizations can help each other grow, leveraging each other's strengths."

The deal "will 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,"Aldosaid in a release.

The price tag was not disclosed, but the merger comes during a time of consolidation in the apparel industry. Last month handbag-maker Michael Kors bought shoe brand Jimmy Choo for $1.3 billionand earlier this year Coach bought Kate Spade for $2.4 billion.