“For a long time I have admired Stuart Weitzman for the fundamental role of the brand in the configuration of the footwear industry. As we bring this iconic brand to the waist portfolio, we are committed to preserving its craft legacy, quality and adjustment while advancing it, ”he said Jay Schmidt, president and CEO of Caleres. “The acquisition of Stuart Weitzman advances our strategic agenda to grow our brand portfolio segment with a more global and direct scope to the consumer. Stuart Weitzman will be a main brand for heaters, and with this combination, the brand portfolio segment will generate almost half of our total income and will continue to generate more than half of our operational profits. We will take advantage of our shoes demonstrated in class while we carry out the growth of the category and the channels. We hope to operate the brand in a profitable way after integration and I hope to partner with the Tapestry and Stuart Weitzman teams for a transition without problems and successful. “
Caleres will acquire Stuart Weitzman from Tapestry, INC for $ 105 million, improving his leadership in female fashion footwear. The CEO Jay Schmidt aims to honor the legacy of the brand while expanding worldwide. The CEO of Tapestry, Joanne Crevoiserat, sees the sale as a strategic step. The agreement, closing in the summer of 2025, will be financed through the renewable credit agreement of Caleres.
Joanne Crevoiserat, Executive Director of Tapestry, Inc.He added: “Stuart Weitzman is an iconic global footwear brand, whose teams have been added to the passion, creativity and crafts of our organization during the last decade. It is important to highlight that, as diligent administrators of our portfolio and disciplined assignments of capital, this transaction ensures that all our brands are positioned for long -term success and that we maintain a strong approach in our greatest opportunities for value creation. In Tapestry, this means taking advantage of our strength position to maintain the leadership and impulse of the coach while revitalizing Kate Spade to boost lasting organic growth and the value of shareholders. At the same time, we are pleased to have found Stuart Weitzman a house in Caleres, an ideal owner to guide his next growth chapter. “
The transaction is expected to close in the summer of 2025, and Caleres will finance the acquisition through the company's renewable credit agreement. The company will provide more details about its integration plans and the financial impact of the acquisition after the transaction is closed.
Advisors
Bofa Securities serves as Financial Advisor of Caleres and BCLP (Bryan Cave Leighton Paisner) is his legal advisor. Morgan Stanley & Co. LLC serves as a Financial Advisor at Tapestry, Inc. and Latham & Watkins LLP is his legal advisor.
Commercial Caleres Update
Due to the moment of this announcement, Caleres is providing a commercial update for the year that ends on February 1, 2025. Caleres hopes to inform net sales and profits consolidated by action diluted in line with its most recent orientation. Caleres plans to inform the profits on March 19, 2025, before the market is opened.
Note: The holder, the ideas and the image of this press release may have been refined by Fiber2Fashion staff; The rest of the content remains unchanged.
Fiber2Fashion News Desk (RM)
