What was Vince Camuto's net worth?
Vince Camuto was an American footwear designer and businessman with an estimated net worth of $700 million at his passing. Born to a New York City seamstress, Vince accumulated his wealth by co-founding the women's fashion brand Nine West, which was sold to Jones Apparel Group in 1999 for $900 million.
Early Life
John Vincent Camuto was born on June 4, 1936, in New York City. His Sicilian father passed away when Vince was only two years old, leaving his mother Louise to raise him while working as a seamstress. Vince attended Seward Park High School and upon graduation, he started working as a shoe repair boy at a department store, eventually transitioning into sales.
Career
In the 1960s, Vince joined the Sudbury Shoe Company where he gained experience in large-scale shoe manufacturing. He successfully turned around a struggling factory in Maine during his tenure. In 1968, a chance encounter with Jerome 'Jack' Fisher during a flight led them to form a business partnership. They eventually managed a shoe factory in Brazil under a contract with Sumitomo Corporation.
Nine West
In 1977, Vince and Jack founded Nine West. The company revolutionized the industry by importing footwear of the same size in bulk, optimizing storage and inventory costs. Nine West opened numerous stores across the U.S. and went public in 1993. In 1999, Jones Apparel Group acquired Nine West for $900 million, equivalent to approximately $1.5 billion today after adjusting for inflation.
(Photo by Mike Coppola/Getty Images for Nordstrom)
Camuto Group
Two years after selling Nine West, Vince and his wife Louise founded the Camuto Group. This company specialized in designing, marketing, sourcing, and manufacturing shoes for various retailers and licensors, including Dillard’s, Antonio Melani, and Nurture. The group's notable licensing deals included manufacturing shoes for Max Azria, BCBG, Tory Burch, Jessica Simpson, and Lucky Brand Jeans.
One of its significant achievements was the creation of the Reva flat for Tory Burch, a $200 shoe that competed with high-end footwear priced between $700 and $1,000.
Jessica Simpson Brand
In 2005, the Camuto Group secured a master licensing deal with Jessica Simpson's clothing brand, encompassing all apparel types and acquiring 25% of her brand. The debut shoe under this collaboration was the 'Daisy'—a red high-heeled cowboy boot timed with Simpson's role in the 2005 film 'Dukes of Hazzard.' The brand expanded to include jeans, perfume, and more, reaching $750 million in gross sales by 2010 and surpassing $1 billion by 2014.
Personal Life and Passing
Vince Camuto passed away from prostate cancer on January 21, 2015, at 78 years old. His funeral program featured a quote from Jessica Simpson, acknowledging his influence: 'I will forever walk in your shoes… you made them.' Vince was married to Louise, a former Miss Sweden, from 1992 until his passing.
Real Estate
Vince's primary residence was a 23-acre estate in Greenwich, Connecticut named 'Chateau Ridge,' featuring a 16,000 square-foot mansion. The estate's annual property tax was approximately $130,000. The property was listed for auction in 2020 with a starting bid of $25 million:
In 2005, Vince and Louise purchased a Hamptons estate for $35 million from the Order of St. Dominic. Vince's widow sold the property for nearly $50 million in 2018:
