CLAYTON鈥 Shoe manufacturer Caleres announced Wednesday that it intends to acquire luxury footwear brand Stuart Weitzman for $105 million.
New York City-based Stuart Weitzman is owned by Tapestry, Inc., a fashion company that includes brands such as Coach and Kate Spade. The deal is expected to close this summer.
Caleres president and CEO Jay Schmidt said the acquisition is part of Caleres鈥 plans to grow its brand portfolio segment with more global and direct-to-consumer names.
Schmidt said Stuart Weitzman will become a lead brand for Caleres and will help the brand portfolio segment bring in nearly half of Caleres鈥 total revenue.
鈥淲e will leverage our demonstrated, best-in-class footwear capabilities while pursuing category and channel growth,鈥 Schmidt said in a statement. 鈥淲e 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.鈥
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Already, Caleres鈥 brands include Famous Footwear, Sam Edelman, Allen Edmonds, Dr. Scholl鈥檚 Shoes and more.
Tapestry CEO Joanne Crevoiserat said she is pleased they found Stuart Weitzman a home in Caleres while Tapestry focuses on its Coach and Kate Spade brands.
鈥淭his 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,鈥 Crevoiserat said in a statement.
According to Tapestry鈥檚 website, Stuart Weitzman was founded in 1986 and makes $242 million in net sales. The brand also has 94 directly operated stores and 740 employees. In addition to boots, women's heels, sandals, sneakers and loafers, Stuart Weitzman also sells sunglasses and men's shoes. Footwear prices range from $350 to $950.
Caleres reported that sales were down 2.8% to $740.9 million during its most recent earnings call. Schmidt said performance was below company expectations because of softer seasonal demand in the boot category, late receipts of key athletic products at Famous Footwear, weaker than expected business in Chinam and a discrete customer credit issue that impacted shipments.
Caleres plans to fund the Stuart Weitzman purchase through the company鈥檚 revolving credit agreement. The company was founded in 1878 and is headquartered at 8300 Maryland Avenue.
Editor's note: This story was updated at correct the sales price to $105 million.聽
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