Starting off the first quarter with big news is Coach, who has officially acquired Stuart Weitzman. This is the company’s first major purchase, ever.
For a hefty $574 million the American leather goods company bought the 12-year-old brand known for luxury shoes. And the pair seem to be happy about the new partnership.
“In Coach, we have found a strategic partner that respects our culture, and offers the scale, resources and global business acumen to enable us to realize our full potential,” Stuart Weitzman, creative director and executive chairman of the label that he founded, told WWD.
The buy-out comes after an uneasy 2014 under the umbrella of Sycamore Partners, which currently has investments in Jones New York, Nine West and Aeropostale. They were also involved in a bitter legal battle with Rachel Roy.
Coach hopes to zero in on the mid-market customer and expand Weitzman’s brand overseas. “Stuart Weitzman is a leading American luxury designer footwear brand with a solid growth trajectory and further significant domestic and international development potential,” noted Victor Luis, chief executive officer of Coach.