Caleres, the parent company of Famous Footwear, Sam Edelman, Allen Edmonds, Naturalizer, and Vionic footwear brands, among others, has signed a definitive agreement to acquire Stuart Weitzman from Tapestry, Inc.
The company said the acquisition “cements Caleres’ leadership position in women’s fashion footwear, particularly in the contemporary segment of the market.”
The value of the transaction was pegged at $105 million, subject to customary adjustments.
“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,” said Jay Schmidt, president and CEO 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 said Stuart Weitzman will be a lead brand for Caleres, and with this combination, the company’s Brand Portfolio segment will generate nearly half of its total revenue and continue to generate over half of its operating profit.
“We will leverage our demonstrated, best-in-class footwear capabilities while pursuing category and channel growth,” Schmidt continued. “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, Inc., added, “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. 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 expected to close in the summer of 2025.
Caleres said the company would fund the acquisition through its revolving credit agreement. The company also said it would provide more details regarding its integration plans and the financial impact of the acquisition after the transaction closes.
BofA Securities is Caleres’ financial advisor and BCLP (Bryan Cave Leighton Paisner) is its legal advisor. Morgan Stanley & Co. LLC is serving as Tapestry, Inc.’s financial advisor, and Latham & Watkins LLP is its legal advisor.
Due to the timing of this deal, Caleres is providing a business update for the year ending February 1, 2025. Caleres expects to report consolidated net sales and earnings per diluted share in line with its most recent guidance.
Image courtesy Stuart Weitzman
