Caleres Acquires Luxury Shoe Brand Stuart Weitzman
American Caleres has completed the acquisition of luxury women's footwear brand Stuart Weitzman from Tapestry Inc. for $108,7 million.
Caleres also announced that Jonathan Lelonek has been named president of the Weitzman brand. Lelonek joined the brand in 2012 and previously served as senior vice president of global wholesale.
“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,” said Jay Schmidt, president and CEO of Caleres. “We are honored to welcome Stuart Weitzman as our new flagship brand and congratulate Jonathan on his appointment as brand president.”
Caleres' portfolio also includes footwear brands such as Famous Footwear, Sam Edelman, Allen Edmonds, Naturalizer, Vionic and Dr. Scholl's Shoes.
The Stuart Weitzman brand has a strong presence in North America, Europe and Asia in both wholesale and direct-to-consumer sales, with annual sales of $220 million. Caleres plans to leverage its reach and expertise in the footwear industry to leverage the transition to return the global luxury brand to profitability.
The deal was originally announced in February, with Caleres buying the brand for $105 million. At the time of closing, the deal was worth $120,2 million. The larger amount represents an $11,5 million cash consideration that Tapestry retained in a related Spanish company, as well as working capital in the form of inventory and accounts receivable transferred to Tapestry. Excluding the cash consideration, the deal is worth $108,7 million.
In June, Caleres secured financial support to close the deal on time. The global footwear company amended its credit agreement to include an expanded credit facility, which will allow it to both close the deal and provide increased liquidity to invest in Caleres’ growth areas.
Meanwhile, Caleres Inc. is struggling. The company reported a drop in net income to $3 million for the first quarter of the year ended May 6,9, as net sales fell 6,8% to $614,2 million. Famous Footwear sales fell 6,3%, while portfolio brand sales fell 6,9%. Direct-to-consumer sales accounted for 70% of total net sales.
According to Footwearnews, Caleres was partly affected by additional costs associated with moving goods and canceled orders after US President Donald Trump announced global tariffs on April 2. Another factor was customer credit issues at some wholesale stores.
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