Stuart Weitzman to expand sneaker and ballerina categories amid declining sales Stuart Weitzman, Soho Pearl Loafer
22.08.2023 3335

Stuart Weitzman to expand sneaker and ballerina categories amid declining sales

Tapestry, owner of Stuart Weitzman footwear brand, reported a decline in shoe brand sales in the fourth quarter. Stuart Weitzman's fourth-quarter net sales fell 4% to $13 million from $62,6 million in the same period last year.

For the full year, the brand's net sales were down 11% to $281,6 million, compared to $317,7 million in 2022.

Tapestry's company-wide net sales for the fourth quarter were $1,62 billion, in line with the same period last year. For the entire fiscal year, Tapestry recorded net sales of $6,66 million, up from $6,68 million in 2022. The numbers come a week after the company closed the deal to acquire Capri.

Analysts note that Stuart Weitzman and Kate Spade, who are part of the Tapestry portfolio, are not showing very good results. And the Coach brand is doing relatively well.

Analysts criticized the Weitzman range: "Despite some interesting collections at the beginning of the year, such as the collaboration with KidSuper, the products were a bit modest and not eye-catching enough."

Stuart Weitzman CEO Joan Crevoiserat attributed the brand's sales weakness to external factors that are challenging the business in China and North America. She noted that Stuart Weitzman's low-top pumps and ankle boots continue to perform well, in line with consumers' shift to casual and office wear. In particular, Crevoiserat noted that the brand's SoHo and Stuart collections were the best performers in the fourth quarter.

Looking ahead to 2024, she said, the company will focus on driving growth in the brand’s core and iconic categories and adding depth to under-explored categories with high growth potential. That includes launching an expanded range of sneakers and ballet flats in the second quarter of 2024.

Tapestry plans to accelerate the brand's growth in China and expects to capitalize in the new fiscal year on the recovery of this "high-margin region", which accounted for almost 40% of Stuart Weitzman's FY2021 sales.

Tapestry, owner of Stuart Weitzman footwear brand, reported a decline in shoe brand sales in the fourth quarter. Stuart Weitzman's fourth-quarter net sales fell 4% to $13 million on...
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