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Tapestry said Wednesday that selling the brand would enable the
fashion company to focus on sustaining the growth of Coach,
while reinvigorating sales at Kate Spade. Meanwhile Caleres said
that buying Stuart Weitzman would help accelerate sales, with
the luxury brand being the lead label in its portfolio. It also
owns such labels as Famous Footwear, Sam Edelman, Allen Edmonds,
Naturalizer and Vionic.
“I have long admired Stuart Weitzman for the brand’s pivotal
role in shaping the footwear industry," said Jay Schmidt,
president and CEO of Caleres, in a statement. "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 deal comes roughly four months after a U.S. District judge
halted the merger between Tapestry and Capri Holdings Inc.,
whose labels include Versace, Michael Kors and Jimmy Choo
brands. In her ruling, the judge said the merger would reduce
competition and hurt consumers. The decision came six months
after the Federal Trade Commission sued to block Tapestry's $8.5
billion acquisition of Capri, saying that the deal would
eliminate direct competition between the fashion companies'
brands like Coach and Michael Kors in the so-called affordable
luxury handbag arena.
Tapestry and Caleres said the transaction is expected to close
this summer, subject to customary closing conditions
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