Agreement in place for Caleres to acquire Stuart Weitzman
Footwear group Caleres has signed a definitive agreement to acquire the Stuart Weitzman brand from Tapestry. It said it will pay $105 million for the deal, “subject to customary adjustments”, and that the acquisition cement its “leadership position in women’s fashion footwear, particularly in the contemporary segment of the market”.
Chief executive of Caleres, Jay Schmidt, said he had long admired Stuart Weitzman for the brand’s “pivotal role in shaping the footwear industry”. He said Caleres was committed to preserving its legacy of craftsmanship, quality and fit, “while driving it forward”.
His counterpart at Tapestry, Joanne Crevoiserat, said the Stuart Weitzman brand and its teams had added “to the passion, creativity and craftsmanship of our organisation over the last decade”.
But she added that Tapestry wanted to “maintain a sharp focus” on its largest value-creation opportunities and that this sale would allow the group “to sustain Coach’s leadership and momentum while reinvigorating Kate Spade”.
The transaction is expected to close in the summer of 2025.
