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Luxury retail group Tapestry has entered into a definitive agreement to sell the Stuart Weitzman brand to Caleres, a portfolio of footwear brands, for $105m (£83.2m) in cash.
News comes as the group is looking to focus more on its other brands, Coach and Kate Spade.
The transaction is expected to close this summer, subject to customary closing conditions.
Tapestry describes Stuart Weitzman as an “iconic” global footwear brand, whose team have added to “the passion, creativity and craftsmanship” of its organisation over the last decade.
Joanne Crevoiserat, chief executive of Tapestry, said: “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. 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.”
Jay Schmidt, president and CEO of Caleres, added: “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.
“The acquisition of Stuart Weitzman advances our strategic agenda to grow our brand portfolio segment with more global and direct-to-consumer reach. Stuart Weitzman will be a lead brand for Caleres. We expect to operate the brand profitably post integration and I look forward to partnering with both the Tapestry and Stuart Weitzman teams for a seamless and successful transition.”
