Tapestry sells Stuart Weitzman to Caleres for USD 105 million. Following the failed USD 8.5 billion deal between Tapestry and Capri Holdings, the two US companies are now looking at how they can proceed independently. Reports of indiscretions in early September 2024 had suggested that Tapestry was putting Stuart Weitzman up for sale, while Capri Holdings was preparing to divest Versace and Jimmy Choo. Tapestry reached its target first.
Caleres buys the brand
Tapestry announced on Wednesday, 19 February, that it has entered into a definitive agreement to sell the Stuart Weitzman brand to Caleres for USD 105 million. The transaction is expected to close in the summer of 2025. Joanne Crevoiserat, CEO of Tapestry, explained that this transaction will allow the company to “sustain Coach‘s leadership and momentum, while reinvigorating Kate Spade to drive sustained organic growth. At the same time, we are delighted to have found Caleres for Stuart Weitzman, an ideal owner to lead the brand’s next chapter of growth”. Stuart Weitzman, launched in 1986, is a global luxury footwear brand based in New York. It was acquired by Tapestry in 2015 for USD 574 million, as WWD recalls. In the last fiscal year, which ended 29 June 2024, sales were USD 241 million, down 14% from the previous year.
Still in American hands
The agreement strengthens Caleres’ position in women’s footwear, particularly in the contemporary segment. “We are committed to preserving its tradition of craftsmanship, quality and wearability, and carrying it forward. The acquisition of Stuart Weitzman advances our strategic program to grow this segment of our brand portfolio. Stuart Weitzman will be a leading brand”, comments Jay Schmidt, CEO of Caleres. He expects to run the brand profitably after the integration. Caleres is a US company that operates several footwear brands, including Famous Footwear, Sam Edelman, Allen Edmonds, Naturalizer, Vionic, and others. Products are distributed in nearly 1,000 shops it operates, as well as in hundreds of department and speciality shops.
Images: Stuart Weitzman
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