Tapestry Inc. today announced the sale of her Stuart Weitzman brand to Caleres, a portfolio of shoe brands, for $ 105 million in cash. Caleres stated that the takeover should be financed through a revolving loan.
“Stuart Weitzman is an iconic global shoe brand, whose teams have enriched the passion, creativity and craftsmanship of our company in the past decade,” said Joanne Crevoiserat, CEO of Tapestry Inc., in a statement on Wednesday. Tapestry is the parent company of leading accessory and lifestyle brands, including Coach and Kate Spade New York. “It is important that as conscientious administrators of our portfolio and disciplined capital allocation with this transaction ensure that all of our brands are positioned for long -term success and that we continue to focus on our greatest added value.”
Caleres takes over Stuart Weitzman, expanding his women’s shoe portfolio
“At Tapestry, this means that we use our position of strength to maintain the leading market position and dynamics of Coach and at the same time revive Kate Spade in order to achieve sustainable organic growth and value for shareholders. At the same time, we are pleased that we found a home for Stuart Weitzman at Caleres – an ideal owner to initiate the next chapter of growth. ”
With the sale, Caleres pursues his goal of consolidating his “leading position in the field of women’s shoes” and focuses on the modern market segment. Stuart Weitzman takes over three months after Nancy Bitetto was appointed Senior Vice President of the New York brand portfolio of Caleres. The company includes brands such as Vince, Veronica Beard and Franco Sarto. Your task is to further accelerate the growth of the portfolio.
The New York shoe brand Stuart Weitzman, founded in 1986, is known for her luxurious women’s shoe designs. Over the years, Stuart Weitzman expanded its offer with accessories, handbags and men’s shoes. In 2015, Stuart Weitzman was bought by Tapestry Inc. by Sycamore Partners for $ 574 million.
“I have long admired Stuart Weitzman for the central role of the brand in the design of the shoe industry,” said Jay Schmidt, President and CEO of Calles. “If we add this cult brand to the Calers portfolio, we are determined to preserve your legacy of craftsmanship, quality and fit and to develop it further at the same time. The takeover of Stuart Weitzman promotes our strategic agenda to expand our brand portfolio segment with a more global and direct range into a consumer. ”
“Stuart Weitzman will be a leading brand for Caleres, and with this combination, the Brand Portfolio segment will generate almost half of our total sales and continue to over half of our operating profit. We will use our proven, first -class shoe skills and at the same time drive growth in the category and channel. “
The sale of Stuart Weitzman will be completed in the coming summer and is subject to the usual reserved.
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