Tapestry Selling Weitzman Brand

Coach parent Tapestry (NYSE:TPR) will sell the Stuart Weitzman brand to Dr Scholl’s footwear owner Caleres for $105 million in cash, the companies said on Wednesday.The divestment comes months after Tapestry and Michael Kors-owner Capri abandoned their $8.5 billion merger following a legal challenge.“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,” said Caleres CEO Jay Schmidt.Caleres also houses Sam Edelman and Vince.Tapestry witnessed strong demand for Coach’s Tabby handbags in the reported quarter, while Kate Spade and Stuart Weitzman lagged.The deal is expected to close in the summer of 2025, the companies said.According to this morning’s news release, “Our global house of brands unites the magic of Coach, kate spade new york and Stuart Weitzman. Each of our brands are unique and independent, while sharing a commitment to innovation and authenticity defined by distinctive products and differentiated customer experiences across channels and geographies. “We use our collective strengths to move our customers and empower our communities, to make the fashion industry more sustainable, and to build a company that’s equitable, inclusive, and diverse. Individually, our brands are iconic. Together, we can stretch what’s possible.”TPR shares dipped 36 cents in price to $88.64.