Tapestry Inc.'s stock dipped premarket Wednesday, after the company announced it's selling its Stuart Weitzman footwear brand to Caleres Inc. for $105 million in cash.
Tapestry (TPR) will retain its two other brands, Coach and Kate Spade. Caleres $(CAL)$ is home to a portfolio of footwear brands, including Famous Footwear, Sam Edelman, Allen Edmonds, Naturalizer, Vionic, and more.
"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," Tapestry CEO Joanne Crevoiserat said in prepared remarks.
The news comes just months after a federal judge blocked Tapestry's planned $8.5 billion acquisition of Michael Kors parent Capri Holdings $(CPRI)$, agreeing with regulators that the deal would hurt competition in the handbag industry.
Tapestry's stock has gained 93.9% in the last 12 months, while the S&P 500 SPX has gained 22.5%.
(This is a breaking news story. Check back for updates)
-Ciara Linnane
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February 19, 2025 07:27 ET (12:27 GMT)
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