Caleres Announces Definitive Agreement to Acquire Stuart Weitzman from Tapestry
Caleres (NYSE: CAL) has announced a definitive agreement to acquire Stuart Weitzman from Tapestry, Inc. for $105 million. The acquisition aims to strengthen Caleres' position in women's fashion footwear, particularly in the contemporary market segment.
The deal is expected to close in summer 2025, with Caleres funding the acquisition through its revolving credit agreement. Post-acquisition, the Brand Portfolio segment will generate nearly half of Caleres' total revenue and over half of its operating profit. The company expects to operate Stuart Weitzman profitably after integration.
BofA Securities and BCLP are serving as Caleres's financial and legal advisors respectively. Caleres also confirmed its expectations to report consolidated net sales and earnings per diluted share in line with its most recent guidance for the year ending February 1, 2025.
Caleres (NYSE: CAL) ha annunciato un accordo definitivo per acquisire Stuart Weitzman da Tapestry, Inc. per 105 milioni di dollari. L'acquisizione mira a rafforzare la posizione di Caleres nel settore delle calzature femminili, in particolare nel segmento di mercato contemporaneo.
Si prevede che l'affare si chiuda nell'estate del 2025, con Caleres che finanzierà l'acquisizione attraverso il suo accordo di credito revolving. Dopo l'acquisizione, il segmento del Portafoglio Brand genererà quasi la metà del fatturato totale di Caleres e oltre la metà del suo profitto operativo. L'azienda si aspetta di gestire Stuart Weitzman in modo redditizio dopo l'integrazione.
BofA Securities e BCLP stanno fungendo da consulenti finanziari e legali rispettivamente per Caleres. Caleres ha anche confermato le proprie aspettative di riportare vendite nette consolidate e utili per azione diluiti in linea con le sue ultime previsioni per l'anno che termina il 1 febbraio 2025.
Caleres (NYSE: CAL) ha anunciado un acuerdo definitivo para adquirir Stuart Weitzman de Tapestry, Inc. por 105 millones de dólares. La adquisición tiene como objetivo fortalecer la posición de Caleres en el calzado de moda femenino, especialmente en el segmento contemporáneo del mercado.
Se espera que el acuerdo se cierre en el verano de 2025, y Caleres financiará la adquisición a través de su acuerdo de crédito revolvente. Después de la adquisición, el segmento de Portafolio de Marca generará casi la mitad de los ingresos totales de Caleres y más de la mitad de su beneficio operativo. La empresa espera operar Stuart Weitzman de manera rentable tras la integración.
BofA Securities y BCLP están actuando como asesores financieros y legales, respectivamente, de Caleres. Caleres también confirmó sus expectativas de reportar ventas netas consolidadas y ganancias por acción diluida en línea con su orientación más reciente para el año que termina el 1 de febrero de 2025.
칼레레스 (NYSE: CAL)는 타페스트리(Tapestry, Inc.)로부터 스튜어트 웨이츠맨을 1억 5백만 달러에 인수하기 위한 확정 계약을 발표했습니다. 이번 인수는 여성 패션 신발 분야에서 칼레레스의 입지를 강화하는 것을 목표로 하고 있으며, 특히 현대 시장 세그먼트에서 중요합니다.
이번 거래는 2025년 여름에 마무리될 것으로 예상되며, 칼레레스는 회전 신용 계약을 통해 인수를 자금 조달할 예정입니다. 인수 후, 브랜드 포트폴리오 부문은 칼레레스의 총 수익의 거의 절반과 운영 이익의 절반 이상을 생성할 것입니다. 회사는 통합 후 스튜어트 웨이츠맨을 수익성 있게 운영할 것으로 기대하고 있습니다.
BofA 증권과 BCLP는 각각 칼레레스의 재무 및 법률 자문 역할을 하고 있습니다. 칼레레스는 또한 2025년 2월 1일 종료되는 연도에 대한 최근 가이드라인에 따라 통합 순매출 및 희석 주당 순이익을 보고할 것으로 예상하고 있습니다.
Caleres (NYSE: CAL) a annoncé un accord définitif pour acquérir Stuart Weitzman de Tapestry, Inc. pour 105 millions de dollars. Cette acquisition vise à renforcer la position de Caleres dans le secteur des chaussures de mode pour femmes, en particulier dans le segment contemporain du marché.
L'accord devrait être finalisé à l'été 2025, Caleres finançant l'acquisition par le biais de son contrat de crédit renouvelable. Après l'acquisition, le segment du portefeuille de marques générera près de la moitié du chiffre d'affaires total de Caleres et plus de la moitié de son bénéfice opérationnel. L'entreprise s'attend à gérer Stuart Weitzman de manière rentable après l'intégration.
BofA Securities et BCLP agissent respectivement en tant que conseillers financiers et juridiques de Caleres. Caleres a également confirmé ses attentes de rapporter des ventes nettes consolidées et un bénéfice par action dilué conforme à ses dernières prévisions pour l'année se terminant le 1er février 2025.
Caleres (NYSE: CAL) hat eine endgültige Vereinbarung zur Übernahme von Stuart Weitzman von Tapestry, Inc. für 105 Millionen Dollar bekannt gegeben. Die Übernahme zielt darauf ab, die Position von Caleres im Bereich der Damenmode-Schuhe zu stärken, insbesondere im zeitgenössischen Marktsegment.
Der Deal wird voraussichtlich im Sommer 2025 abgeschlossen, wobei Caleres die Übernahme über seine revolvierende Kreditvereinbarung finanziert. Nach der Übernahme wird das Segment Markenportfolio nahezu die Hälfte des Gesamtumsatzes von Caleres und mehr als die Hälfte des operativen Gewinns generieren. Das Unternehmen erwartet, Stuart Weitzman nach der Integration rentabel betreiben zu können.
BofA Securities und BCLP fungieren als finanzielle bzw. rechtliche Berater von Caleres. Caleres bestätigte auch seine Erwartungen, konsolidierte Nettoumsätze und den Gewinn je verwässerter Aktie in Übereinstimmung mit den neuesten Prognosen für das Jahr, das am 1. Februar 2025 endet, zu berichten.
- Strategic acquisition of Stuart Weitzman for $105 million strengthens market position
- Brand Portfolio segment will generate nearly 50% of total revenue post-acquisition
- Brand Portfolio segment will continue generating over 50% of operating profit
- Expected profitable operation of Stuart Weitzman post-integration
- Company performance aligned with recent guidance for FY2025
- Acquisition funded through revolving credit agreement, increasing debt burden
Insights
This strategic acquisition marks a pivotal moment for Caleres, significantly enhancing its luxury footwear portfolio at a relatively modest price point of
The transaction's transformative potential lies in its impact on Caleres' revenue mix, with the Brand Portfolio segment poised to generate nearly half of total revenue while maintaining its position as the primary profit driver at over
Stuart Weitzman's integration presents significant synergy opportunities in three key areas:
- Supply Chain Optimization: Caleres can leverage its established footwear manufacturing and distribution networks to potentially reduce Stuart Weitzman's production costs
- Channel Expansion: The acquisition provides immediate access to Stuart Weitzman's global direct-to-consumer infrastructure, particularly valuable in the luxury segment
- Market Positioning: The brand's strong presence in the contemporary luxury segment fills a strategic gap in Caleres' portfolio, allowing for premium pricing power
For Tapestry, the divestment aligns with their portfolio optimization strategy, enabling greater focus on their core Coach and Kate Spade brands. The timing of the sale, coupled with Caleres' positive business update, suggests both companies are negotiating from positions of strength, potentially leading to smoother transition and integration processes.
The summer 2025 closing timeline provides adequate preparation for the critical holiday shopping season, though careful attention must be paid to maintaining brand momentum during the transition period. The integration's success will largely depend on Caleres' ability to preserve Stuart Weitzman's luxury positioning while leveraging operational synergies.
Advances Caleres’ Strategic Objectives in Brand Portfolio Segment
(Photo: Business Wire)
“I have long admired Stuart Weitzman for the brand’s pivotal role in shaping the footwear industry. 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 Jay Schmidt, President and CEO of Caleres. “The acquisition of Stuart Weitzman advances our strategic agenda to grow our Brand Portfolio segment with more global and direct-to-consumer reach. 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. We will leverage our demonstrated, best-in-class footwear capabilities while pursuing category and channel growth. We expect to operate the brand profitably post-integration and I look forward to partnering with both the Tapestry and Stuart Weitzman teams for a seamless and successful transition.”
Joanne Crevoiserat, Chief Executive Officer of Tapestry, Inc., added, “Stuart Weitzman is an iconic global footwear brand, whose teams have added to the passion, creativity, and craftsmanship of our organization over the last decade. Importantly, as diligent stewards of our portfolio and disciplined allocators of capital, this transaction ensures that all our brands are positioned for long-term success and that we maintain a sharp focus on our largest value creation opportunities. At Tapestry, this means harnessing our position of strength to sustain Coach’s leadership and momentum while reinvigorating Kate Spade to drive durable organic growth and shareholder value. At the same time, we are pleased that we found Stuart Weitzman a home in Caleres – an ideal owner to guide its next chapter of growth.”
The transaction is expected to close in the summer of 2025, and Caleres will fund the acquisition through the company’s revolving credit agreement. The company will provide more details regarding its integration plans and the financial impact of the acquisition after the transaction closes.
Advisors
BofA Securities is serving as Caleres’s financial advisor and BCLP (Bryan Cave Leighton Paisner) is its legal advisor. Morgan Stanley & Co. LLC is serving as Tapestry, Inc.’s financial advisor and Latham & Watkins LLP is its legal advisor.
Caleres Business Update
Due to the timing of this announcement, Caleres is providing a business update for the year ending February 1, 2025. Caleres expects to report consolidated net sales and earnings per diluted share in line with its most recent guidance. Caleres plans to report earnings on March 19, 2025, before the market opens.
About Caleres
Caleres is a market-leading portfolio of global footwear brands that includes Famous Footwear, Sam Edelman, Allen Edmonds, Naturalizer, Vionic, and more. Our products are available virtually everywhere - in the nearly 1,000 retail stores we operate, in hundreds of major department and specialty stores, on our 15 branded e-commerce sites, and on many additional third-party retail websites. Combined, these brands make Caleres a company with both a legacy and a mission. Our legacy is our more than 140 years of craftsmanship and our passion for fit, while our mission is to continue to inspire people to feel great… feet first. Visit caleres.com to learn more about us.
About Stuart Weitzman
Since 1986,
About Tapestry, Inc.
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. To learn more about Tapestry, please visit www.tapestry.com. For important news and information regarding Tapestry, visit the Investor Relations section of our website at www.tapestry.com/investors. In addition, investors should continue to review our news releases and filings with the SEC. We use each of these channels of distribution as primary channels for publishing key information to our investors, some of which may contain material and previously non-public information. The Company’s common stock is traded on the New York Stock Exchange under the symbol TPR.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
This press release contains certain forward-looking statements and expectations regarding the company’s future performance and the performance of its brands. Such statements are subject to various risks and uncertainties that could cause actual results to differ materially. These risks include (i) changing consumer demands, which may be influenced by general economic conditions and other factors; (ii) inflationary pressures and supply chain disruptions (iii) rapidly changing consumer preferences and purchasing patterns and fashion trends; (iv) supplier concentration, customer concentration and increased consolidation in the retail industry; (v) intense competition within the footwear industry; (vi) foreign currency fluctuations; (vii) political and economic conditions or other threats to the continued and uninterrupted flow of inventory from
View source version on businesswire.com: https://www.businesswire.com/news/home/20250219641073/en/
Caleres Investor Contact
Liz Dunn
ldunn@caleres.com
Caleres Media Contact
Kelly
kmalone@caleres.com
Tapestry Investor Contact
Christina Colone
ccolone@tapestry.com
Tapestry Media Contact
Jennifer Leemann
jleemann@tapestry.com
Source: Caleres
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