The Camuto family will continue to own and operate its apparel businesses following the acquisition.
Aldo, which is also a family business, said the purchase will 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.
David Bensadoun, Aldo Group's chief executive, said: "We are thrilled to have found a partner that has the skills and infrastructure required to support our vision. Both of our companies are heavily product oriented, and they each evolved in different ways.
"While the Aldo Group comes from retail and has focused on international expansion, Camuto Group is an expert in wholesale and a powerful player in the US market. We are very excited about the ways the two organisations can help each other grow, leveraging each other's strengths."
Based in Connecticut in the US, Camuto was founded by Vince Camuto in 2001. Its products are sold in more than 5.400 outlets worldwide. Alex Del Cielo, Louise Camuto, and the executive team have recently led the company through a period of steady growth. Del Cielo will remain in his role as chief executive after the acquisition and will report to Bensadoun.
Meanwhile, Aldo was established in 1972 and has 3,000 points of sales in over 100 countries.
Bensadoun added: "A huge part of our attraction to the Camuto Group is an understanding of their amazing design skills, excellent distribution network, and sourcing capabilities. We also believe the Aldo Group's broad international and cross-channel experience will unlock Camuto Group's global potential. This is the perfect combination to drive long-term, sustainable growth and strengthen our overall platform."