This strategic acquisition further strengthens the heater position in the global footwear market and adds a historical name in luxury footwear to its diverse brand portfolio. With its legacy of crafts, innovation and iconic style, Stuart Weitzman promotes the ambition of leaders to lead with marks that have unique meaning and resonance with consumers.
Jonathan Lelonek, who joined Stuart Weitzman in 2012 and more recently served as Senior Vice President of Global Wholesale, has been appointed president of the Stuart Weitzman brand. Lelonek brings a deep experience of the industry and a solid history in luxury and contemporary footwear, since he previously occupied senior roles in sales and marketing in Prada, Salvatore Ferragamo and Paul Frank.
Caleres has acquired the luxury footwear brand Stuart Weitzman, strengthening its global position and increasing its diverse brand portfolio. Jonathan Lelonek has been appointed president of the brand. With $ 220 million in sales of 12 months, the brand will now be integrated into the Caleres portfolio, which will represent almost half of the total revenues.
“Stuart Weitzman is one of the most emblematic names in luxury footwear, and the original designs of the brand have incorporated elegance and modernity for decades. We have the honor to welcome Stuart Weitzman to Caleres as our most recent brand and congratulate Jonathan for his appointment as president of the brand,” he said Jay Schmidt, president and CEO of Caleres. “With the incorporation of Stuart Weitzman, our brand portfolio segment will represent almost half of our total income in the future. As we integrate this iconic brand, we remain committed to preserving the art, quality and renowned adjustment in the core of the brand.”
Stuart Weitzman generated sales of 12 months of approximately $ 220 million and maintains a strong presence in North America, Europe and Asia in wholesale channels and direct to the consumer. Caleres expects to take advantage of their capacities and experience in footwear to return the brand to profitability after a period of transition and integration through the balance of this fiscal year.
The acquisition of Stuart Weitzman was financed through the Caleres rotating credit agreement. Bofa Securities served as a financial advisor to the acquisition and Bryan Cave Leighton Paisner acted as legal advisor.
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Fiber2Fashion News Desk (RM)
