The Group Will Add Weitzman to Its Footwear Portfolio as Tapestry Shifts Focus to Coach and Kate Spade
Caleres, a company managing a diverse portfolio of footwear brands, has entered into a definitive agreement to purchase Stuart Weitzman from Tapestry Inc. for $105 million.
This acquisition bolsters Caleres’ presence in the women’s fashion footwear market, particularly within the contemporary segment, and allows Tapestry to concentrate on its Coach and Kate Spade brands.
“I have long admired Stuart Weitzman for the brand’s pivotal role in shaping the footwear industry. 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,” stated Jay Schmidt, president and chief executive officer of Caleres.
“The acquisition of Stuart Weitzman advances our strategic agenda to grow our Brand Portfolio segment with more global and direct-to-consumer reach,” Schmidt continued. “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. We will leverage our demonstrated, best-in-class footwear capabilities while pursuing category and channel growth. We expect to operate the brand profitably post-integration, and I look forward to partnering with both the Tapestry and Stuart Weitzman teams for a seamless and successful transition.”
Joanne Crevoiserat, CEO of Tapestry, remarked, “Stuart Weitzman is an iconic global footwear brand, whose teams have added to the passion, creativity, and craftsmanship of our organization over the last decade. Importantly, as diligent stewards of our portfolio and disciplined allocators of capital, this transaction ensures that all our brands are positioned for long-term success and that we maintain a sharp focus on our largest value creation opportunities.”
“At Tapestry, this means harnessing our position of strength to sustain Coach’s leadership and momentum while reinvigorating Kate Spade to drive durable organic growth and shareholder value,” Crevoiserat added. “At the same time, we are pleased that we found Stuart Weitzman a home in Caleres – an ideal owner to guide its next chapter of growth.”
The transaction is slated to close in the summer of 2025. Caleres plans to fund the acquisition through its revolving credit agreement and will provide more details about its integration plans and the financial impact of the acquisition after the deal closes. The acquisition is subject to customary adjustments, as indicated by Caleres.
Caleres’ portfolio includes Famous Footwear, Sam Edelman, Allen Edmonds, Naturalizer, Vionic, Dr. Scholl’s Shoes, among others, with products available in nearly 1,000 retail stores they operate, hundreds of department and specialty stores, on Caleres’ 15 branded e-commerce sites, and on various third-party retail websites.