US-based footwear company Caleres has completed the acquisition of luxury footwear brand Stuart Weitzman from global fashion house Tapestry for $120.2m.
The total price includes $11.5m in cash received at close, bringing the net purchase price to $108.7m, subject to adjustments based on net working capital.
The acquisition was initially announced in February 2025.
Caleres is expected to reinforce its position in the women's fashion footwear sector through the acquisition, while Tapestry will concentrate its efforts on accelerating growth for its Coach and Kate Spade brands.
Jonathan Lelonek, who joined Stuart Weitzman in 2012 and most recently served as senior vice-president of global wholesale, has been appointed as the brand's president.
Lelonek's experience in the luxury and contemporary footwear sectors, including senior roles at Prada, Salvatore Ferragamo and Paul Frank, positions him well to steer Stuart Weitzman's future growth.
Stuart Weitzman has reported 12-month sales of $220m and maintains a robust presence in North America, Europe and Asia, spanning wholesale and direct-to-consumer channels.
Caleres aims to use its expertise in footwear to guide Stuart Weitzman back to profitability following a period of transition and integration for the remainder of the fiscal year 2025.
Caleres president and CEO Jay Schmidt stated: “Stuart Weitzman is one of the most iconic names in luxury footwear, and the brand’s original designs have embodied elegance and modernity for decades. We are honoured to welcome Stuart Weitzman to Caleres as our newest lead brand and to congratulate Jonathan on his appointment as brand president.
“With the addition of Stuart Weitzman, our brand Pportfolio segment will represent nearly half of our total revenue going forward. As we integrate this iconic brand, we remain committed to preserving the artistry, quality and renowned fit at the brand’s core.”
The acquisition was financed through Caleres' revolving credit agreement.
BofA Securities acted as financial advisor, and Bryan Cave Leighton Paisner provided legal counsel for Caleres in this transaction.
