1431 ET - Tapestry's sale of its high-end Stuart Weitzman shoe business to Caleres is no surprise on Wall Street. The market had been speculating about a deal since Tapestry and Capri Holdings--owner of Versace, Jimmy Choo and Michael Kors--ended their merger plan in November. In November, Raymond James analysts said that Tapestry could be considering the sale of Stuart Weitzman, noting that it only represented 4% of its revenue due to its lagging performance and the lack of synergy to its overall portfolio. Tapestry shares barely moved after the news of the sale and are up 0.3% to $89.28. Caleres trades 4.6% higher at $17.25. (sabela.ojea@wsj.com; @sabelaojeaguix)
(END) Dow Jones Newswires
February 19, 2025 14:31 ET (19:31 GMT)
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