Coach parent Tapestry to sell Stuart Weitzman footwear brand for $105 million
Feb 19 (Reuters) - Coach parent Tapestry (TPR.N), opens new tab will sell the Stuart Weitzman brand to Dr Scholl's footwear owner Caleres (CAL.N), opens new tab for $105 million in cash, the companies said on Wednesday.
The divestment comes months after Tapestry and Michael Kors-owner Capri (CPRI.N), opens new tab abandoned their $8.5 billion merger following a legal challenge.
"Stuart Weitzman will be a lead brand for Caleres, and with this combination the brand portfolio segment will generate nearly half of our total revenue and will continue to generate over half of our operating profit," said Caleres CEO Jay Schmidt.
Caleres also houses Sam Edelman and Vince.
Tapestry witnessed strong demand for Coach's Tabby handbags in the reported quarter, while Kate Spade and Stuart Weitzman lagged.
The deal is expected to close in the summer of 2025, the companies said.
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