Parent company of Famous Footwear, Sam Edelman to acquire Stuart Weitzman

Caleres is acquiring Stuart Weitzman for $105 million in cash.

Footwear giant Caleres has signed a definitive agreement to acquire Stuart Weitzman from Tapestry Inc. 

The company, whose brands include Famous Footwear, Sam Edelman, Allen Edmonds, Naturalizer and more, is buying the luxury footwear brand for $105 million in cash. The deal will allow Tapestry to focus on its two remaining brands — Coach and Kate Space — while enhancing Caleres’s position in women’s fashion footwear.

In a release, Caleres president and CEO Jay Schmidt said that Stuart Weitzman will be a lead brand for Caleres.

“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 Schmidt. “The acquisition of Stuart Weitzman advances our strategic agenda to grow our brand portfolio segment with more global and direct-to-consumer reach.”

With the acquisition, Caleres’ brand portfolio segment will generate nearly half of the company’s total revenue and will continue to generate over half of its operating profit, added Schmidt.