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Caleres has inked a deal to acquire Stuart Weitzman from Tapestry Inc. for $105 million.
The move strengthens Caleres’ position in women’s fashion footwear, particularly in the contemporary segment of the market, while enabling Tapestry to focus on its Coach and Kate Spade brands.
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WWD and FN first reported last September that Tapestry was looking to sell off Stuart Weitzman.
“I have long admired Stuart Weitzman for the brand’s pivotal role in shaping the footwear industry. As we bring this iconic brand into the Caleres portfolio, we are committed to preserving its legacy of craftsmanship, quality and fit while driving it forward,” Jay Schmidt, president and chief executive officer of Caleres, said in a statement Wednesday morning.
“The acquisition of Stuart Weitzman advances our strategic agenda to grow our Brand Portfolio segment with more global and direct-to-consumer reach,” Schmidt added. “Stuart Weitzman will be a lead brand for Caleres, and with this combination, the segment will generate nearly half of our total revenue and will continue to generate over half of our operating profit. We will leverage our demonstrated, best-in-class footwear capabilities while pursuing category and channel growth.”
The CEO added that the company expects to operate the brand profitably post integration, and would work closely with Tapestry and the brand on the transition.
Joanne Crevoiserat, CEO of Tapestry, said in a statement, “Stuart Weitzman is an iconic global footwear brand, whose teams have added to the passion, creativity, and craftsmanship of our organization 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.”
For Tapestry, that means driving Coach’s momentum and 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,” Crevoiserat said.
Stuart Weitzman, launched in 1986, was acquired by Tapestry in 2015, when the company snapped up the brand from Sycamore Partners in a transaction valued at $574 million.
Looking ahead, Caleres and Tapestry said the transaction is expected to close in the summer of 2025. Caleres will fund the acquisition through the company’s revolving credit agreement, and it plans to provide more details regarding its integration plans and the financial impact of the acquisition after the transaction closes. The deal is subject to customary adjustments, Caleres indicated.