US brand Caleres to acquire iconic Stuart Weitzman brand from Tapestry

“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. 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.”

Caleres will acquire Stuart Weitzman from Tapestry, Inc for $105 million, enhancing its leadership in women’s fashion footwear.
CEO Jay Schmidt aims to honour the brand’s legacy while expanding globally.
Tapestry CEO Joanne Crevoiserat views the sale as a strategic step.
The deal, closing in summer 2025, will be funded through Caleres’ revolving credit agreement.

Joanne Crevoiserat, Chief Executive Officer 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, and Caleres will fund the acquisition through the company’s revolving credit agreement. The company will provide more details regarding its integration plans and the financial impact of the acquisition after the transaction closes.

Advisors

BofA Securities is serving as Caleres’s 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.

Caleres Business Update

Due to the timing of this announcement, 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. Caleres plans to report earnings on March 19, 2025, before the market opens.

Note: The headline, insights, and image of this press release may have been refined by the Fibre2Fashion staff; the rest of the content remains unchanged.

Fibre2Fashion News Desk (RM)