DSW Stumbles With Its Camuto Group Acquisition [The Motley Fool]
Macy's Inc (M)
Last macy's inc earnings: 2/25 06:55 am
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Source: The Motley Fool
The footwear retailer is moving into a completely different business. Footwear retailer DSW ( NYSE:DSW ) shot itself in the foot earlier this month by partnering with Authentic Brands Group (ABG) to acquire brand designer and developer Camuto Group for $375 million. All the gains that DSW recently made in regaining its financial stability have been jeopardized by the abrupt strategy shift that this deal represents. CEO Roger Rawlins says the retailer needed to do something different because what got us here won't get us there. However, it looks like DSW overpaid to buy a business that won't be accretive to earnings for at least a year, while adding greater risk to its existing operations. Image source: Getty Images. Best foot forward? The Camuto acquisition is complicated. DSW is paying $200 million to acquire all of Camuto's global production, sourcing, and design infrastructure, as well as existing working capital of around $100 million. It will get oper
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