Tapestry to sell Stuart Weitzman brand to Caleres for $105m

(Sharecast News) - US fashion company Tapestry said on Wednesday that it has agreed to sell its Stuart Weitzman footwear brand to Caleres, a portfolio of consumer-driven footwear brands, for $105m in cash. The group, which also owns Coach and Kate Spade New York, said the deal is expected to close this summer.

Chief executive Joanne Crevoiserat said: "Stuart Weitzman is an iconic global footwear brand, whose teams have added to the passion, creativity, and craftsmanship of our organisation over the last decade.

"Importantly, as diligent stewards of our portfolio and disciplined allocators of capital, this transaction ensures that all our brands are positioned for long-term success and that we maintain a sharp focus on our largest value creation opportunities. At Tapestry, this means harnessing our position of strength to sustain Coach's leadership and momentum while reinvigorating Kate Spade to drive durable organic growth and shareholder value.

"At the same time, we are pleased that we found Stuart Weitzman a home in Caleres - an ideal owner to guide its next chapter of growth."

The Caleres portfolio includes Famous Footwear, Sam Edelman, Allen Edmonds and Naturalizer, among others.