Stuart Weitzman is reportedly for sale. CEO Giorgio Sarnè has reportedly left the company already and may be joining Montblanc. All this while Tapestry, the shoe brand’s parent company, will defend its USD 8.5 billion acquisition of Capri Holdings against FTC (Federal Trade Commission); opposition that started on 9 September.
Is Stuart Weitzman for sale?
From the United States comes the rumour that Tapestry is ready to sell one of its three brands: Stuart Weitzman. The other two are Coach and Kate Spade. This acquisition of Capri Holdings, through which the brand portfolio would be enlarged with the arrival of Michael Kors, Versace and Jimmy Choo, is awaiting clearance. The CEO of Stuart Weitzman, Giorgio Sarné, has reportedly left the company already. He could be headed towards Montblanc, which was left without a CEO after the departure of Nicolas Baretzki.
Revolution in progress
According to WWD, which broke the news, the sale of Stuart Weitzman is not directly linked to the acquisition of Capri Holdings. In fact, it would demonstrate Tapestry’s desire to shake up its portfolio before the end of its lawsuit against the FTC. From the possible sale, Tapestry would raise extra cash and divest itself of a business that has struggled in the market recently. Tapestry acquired Stuart Weitzman in 2015, when it was still called Coach. Selling the brand was Sycamore Partners for USD 574 million.
The trial
The trial cited is one in which Tapestry and Capri Holdings are opposing the Federal Trade Commission. FTC filed a lawsuit last April to stop the merger of the two companies. The FTC claims that the deal would have created a pole capable of controlling the market for affordable luxury handbags.
Image from eu.stuartweitzman.com
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