Tapestry Sells Stuart Weitzman to Caleres for $105 Million
New York, NY – Tapestry Inc. has signed an agreement to divest its Stuart Weitzman brand to Caleres, a leading footwear company. The transaction is valued at $105 million in cash.
Tapestry's decision to sell Stuart Weitzman aligns with its strategic focus on bolstering growth at Coach and revitalizing sales at Kate Spade. Caleres, on the other hand, views the acquisition as an opportunity to accelerate sales. Stuart Weitzman will become the flagship brand within Caleres' portfolio.
"Stuart Weitzman has played a significant role in shaping the footwear industry, and we are deeply committed to safeguarding its legacy of innovation, quality, and fit," said Jay Schmidt, President and CEO of Caleres.
The deal follows the termination of Tapestry's proposed merger with Capri Holdings Inc. In April 2023, a U.S. District judge ruled that the merger would stifle competition.
The transaction between Tapestry and Caleres is expected to close this summer, subject to customary closing conditions.