Coach parent Tapestry to sell Stuart Weitzman footwear brand for $105 million (updated)

Caleres

19/02/2025 12:07

(Adds details in paragraphs 2-6)
       Feb 19 (Reuters) - Coach parent Tapestry  TPR.N  will
sell the Stuart Weitzman brand to Dr Scholl's footwear owner
Caleres  CAL.N  for $105 million in cash, the companies said on
Wednesday.
    The divestment comes months after Tapestry and Michael
Kors-owner Capri  CPRI.N  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.
        
  
    

 (Reporting by Savyata Mishra in Bengaluru; Editing by Sriraj
Kalluvila)
 ((Savyata.Mishra@thomsonreuters.com;))