Tapestry Inc. says it has penned an agreement to sell the Stuart Weitzman brand to Caleres, a portfolio of footwear brands for $105 million in cash. Tapestry said Wednesday that selling the brand would enable the fashion company to focus on sustaining the growth of Coach, while reinvigorating sales at Kate Spade. Meanwhile Caleres said that buying Stuart Weitzman would help accelerate sales, with the luxury brand being the lead label in its portfolio.
Yahoo! Finance: CPRI News
