The move strengthens Caleres’ position in women’s fashion footwear, particularly in the contemporary segment of the market, while enabling Tapestry to focus on its Coach and Kate Spade brands.

WWD and FN first reported last September that Tapestry was looking to sell off Stuart Weitzman.

“I have long admired Stuart Weitzman for the brand’s pivotal role in shaping the footwear industry. As we bring this iconic brand into the Caleres portfolio, we are committed to preserving its legacy of craftsmanship, quality and fit while driving it forward,” Jay Schmidt, president and chief executive officer of Caleres, said in a statement Wednesday morning.

“The acquisition of Stuart Weitzman advances our strategic agenda to grow our Brand Portfolio segment with more global and direct-to-consumer reach,” Schmidt added. “Stuart Weitzman will be a lead brand for Caleres, and with this combination, the segment will generate nearly half of our total revenue and will continue to generate over half of our operating profit. We will leverage our demonstrated, best-in-class footwear capabilities while pursuing category and channel growth.”

The CEO added that the company expects to operate the brand profitably post integration, and would work closely with Tapestry and the brand on the transition.

Joanne Crevoiserat, CEO of Tapestry, said in a statement, “Stuart Weitzman is an iconic global footwear brand, whose teams have added to the passion, creativity, and craftsmanship of our organization over the last decade. 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.”

For Tapestry, that means driving Coach’s momentum and reinvigorating Kate Spade “to drive durable organic growth and shareholder value.” “At the same time, we are pleased that we found Stuart Weitzman a home in Caleres – an ideal owner to guide its next chapter of growth,” Crevoiserat said.

Stuart Weitzman, launched in 1986, was acquired by Tapestry in 2015, when the company snapped up the brand from Sycamore Partners in a transaction valued at $574 million.

Looking ahead, Caleres and Tapestry said the transaction is expected to close in the summer of 2025. Caleres will fund the acquisition through the company’s revolving credit agreement, and it plans to provide more details regarding its integration plans and the financial impact of the acquisition after the transaction closes. The deal is subject to customary adjustments, Caleres indicated.

Caleres’ portfolio of footwear brands includes Famous Footwear, Sam Edelman, Allen Edmonds, Naturalizer, Vionic, Dr. Scholl’s Shoes, among others. The company’s products are available in nearly 1,000 retail stores that it operates, as well as in hundreds of department and specialty stores, on Caleres’ 15 branded e-commerce sites, and on various third-party retail websites.

Schmidt has been building his executive team with new talent and striking deals early in the new year.

This month, Caleres revealed that it signed a licensing agreement to produce the first shoe collection for Favorite Daughter for fall 2025. Favorite Daughter was launched in 2020 by sisters Erin and Sara Foster — in partnership with Centric Brands. Also last month, Caleres disclosed that Brian Costello, formerly with Nordstrom, joined Famous Footwear as chief merchandising officer.

For its part, Tapestry reported a good fiscal second quarter. While net income slipped 3.7 percent to $310.4 million, or $1.38 a diluted share, adjusted earnings per share came in at $2, beating Wall Street forecasts by 25 cents. Revenues for the three-month period rose 5 percent to $2.2 billion, ahead of the $2.11 billion analysts projected, and were driven by progress at Coach, Tapestry’s biggest brand.

However, the top-line growth at Coach was offset somewhat by Kate Spade, which saw organic sales drop 10 percent to $416.4 million. And Stuart Weitzman also declined, with sales falling 16 percent to $69.7 million.

For the past year and a half, Tapestry sought to buy Capri Holdings for $8.5 billion, but the proposed deal was blocked by government regulatory action and a Manhattan federal judge who effectively nixed the deal by granting a preliminary injunction requested by government antitrust lawyers. The deal is now off.

Capri, meanwhile, will hold an investor’s day Wednesday. The company is said to be trying to sell its Jimmy Choo and Versace brands in order to focus on the core Michael Kors subsidiary, which has been struggling for several years.

Kurt Geiger’s private equity parent Cinven was first said to be considering a sale of the company back in 2023.

“With this acquisition, we are excited to add Kurt Geiger London, a brand that has exhibited exceptional growth over the last several years. [Its] unique brand image, high-quality and statement-making styles and compelling value proposition have driven success across multiple product categories, led by handbags,” said Edward Rosenfeld, chairman and chief executive officer of Steve Madden in a statement.

The CEO lauded the Kurt Geiger brand’s international following, focus on accessories and emphasis on direct-to-consumer channels, noting the business was complementary to Madden’s existing portfolio. (The deal will close in the second quarter, pending regulatory approval.)

Cinven bought Kurt Geiger back in 2015 in a deal with Sycamore valued at $372 million. Since then the company has focused on building its namesake brand, with major expansion in the U.S. and other markets.

“While we’ve delivered remarkable growth in recent years, we believe we are in the early stages of our growth journey, with significant expansion opportunities available to us,” said Kurt Geiger CEO Neil Clifford. “With its global infrastructure and proven track record of supporting and growing its brands, we believe Steve Madden is the right strategic partner to help us reach our potential.”

The companies said in a statement that Kurt Geiger’s revenue was $400 million pounds for the 12 months ended Feb. 1. In addition to its core brand, the company operates department store concessions at department stores across the U.K., including Harrods and Selfridges.

Steve Madden, founder and creative and design chief of his eponymous firm, marveled at how far his company has come in the past 30 years.

“When I started this company in 1990, I never dreamed we would be where we are today. Owning Dolce Vita, Betsey Johnson and ATM Collection, and now being able to partner with Kurt Geiger, is one of the great accomplishments of my career. The brand is doing better and better every year, and the opportunity to collaborate with them is thrilling. I get goosebumps just thinking about it,” he said.

The Montreal-based company acquired Cougar in October 2024, uniting two competing brands of The Great White North. Now under one roof, Pajar has outlined a set of lofty goals for the newly purchased division, especially when it comes to product.

“There is a lot of opportunity in that middle section of the market, where we can create a lot of volume,” Pajar president Michel Golbert told FN, noting that Cougar’s mid-price point is new territory for the company.

Perhaps, though, he added, the greatest opportunity is the reintroduction of kids’ footwear, which will arrive in the U.S. in 2025.

“Cougar, in the past, only sold women’s in the U.S.” Golbert said. “We’re going to be introducing kids, which is a huge part of the business in Canada — probably 40 to 50 percent of the business; it’s pretty sizable. We’ve shown it to many customers, from Nordstrom to Bloomingdale’s to all the big boys, and everyone’s very interested in it.”

What’s more, the exec confirmed Cougar will once again offer a men’s collection, starting in 2026. “[Cougar] had dabbled in men’s maybe 10, 15 years ago, but basically abandoned the men’s division. We feel there’s a big opportunity for men’s as well,” he said.

Additionally, Golbert said Cougar will launch several other categories including outerwear, hosiery and bags.

And international expansion is on the horizon as well. Pajar has its sights set on expanding Cougar into Europe, Scandinavia and Asia. “It took us a long time to bring Pajar to where we are today, but with Cougar, we can accelerate that by leveraging our contacts,” Golbert said.

To keep Cougar operating as a separate entity, footwear distributor Trend Marketing was brought on
to handle sales responsibilities in Canada. The brand’s U.S. operations are currently being overseen in house, with Pajar senior vice president Greg Nicoghosian handling sales for both brands in the States. However, Golbert said Pajar could look for a potential distributor going forward.

He also confirmed that the entire breadth of Cougar product will be sold globally in 2026.

About the Author

Peter Verry is the Senior News and Features Editor for Athletic and Outdoor at Footwear News. He oversees coverage of the two fast-paced and ultracompetitive markets, which includes conducting in-depth interviews with industry leaders and writing stories on sneakers and outdoor shoes. He is a lifelong sneaker addict (and shares his newest purchases via @peterverry on Instagram) and spends most of his free time on a trail. He holds an M.A. in journalism from Hofstra University and can be reached at peter.verry@footwearnews.com.

Mellon, who co-founded the business in 1996 with Mr. Jimmy Choo, is among the players looking to buy the brand from Capri Holdings, according to three sources familiar with the process. 

While Mellon helped catapult Jimmy Choo and its sky-high heels into the zeitgeist, the business has been struggling lately as casual styles have become more popular.

A new owner would be nothing new to the business. Jimmy Choo passed through a number of different hands before Michael Kors Holdings bought the company for 898 million pounds in 2017. That was part of an acquisition push that would also see the company buy Versace and adopt the name Capri.

But the power of a portfolio was not quite enough for Capri, which agreed to sell itself to Coach-parent Tapestry Inc. only to see that buyout tripped up by regulators last year. 

Now Capri, which reports its third-quarter results on Wednesday, is recalibrating and has been working with Barclays to sell off both Versace and Jimmy Choo. 

While it’s Versace that has been garnering most of the interest in that process, Jimmy Choo has actually had the stronger business lately. 

Jimmy Choo’s revenues for the six months ended Sept. 28 slipped 0.6 percent to $313 million, producing an operating loss of $1 million. (Versace’s revenues dropped 22.1 percent to $420 million with a $20 million operating loss for the six months). 

Neither Capri nor Barclays responded to requests for comment or have acknowledged the sale process, which was first reported by WWD in December. 

In November, after the Tapestry deal fell through, Capri chairman and chief executive officer John Idol laid out his vision for Jimmy Choo and looked back at its recent past. 

“To accelerate Jimmy Choo’s growth, we are focusing on engaging and energizing both new and loyal consumers, broadening our product offering, improving store productivity and stabilizing wholesale,” Idol said. 

“Reflecting on the past one-and-a-half years, like our other brands, Jimmy Choo’s sales have been impacted by softening demand for luxury fashion goods globally with an outsized decline in China,” he said. “Additionally, occasion wear experienced a notable slowdown following the post-COVID rebound, impacting Jimmy Choo’s sales of both footwear and accessories. Although we have been expanding our casual assortments, we need to respond more quickly to this shift in trend. Sales of our casual assortments continued to increase double digits over the past two years. However, this growth was not enough to offset the more significant declines in occasion wear.”

But that work might well be picked up by someone else, maybe someone who was there at the very beginning.

According to a recent report from PwC, consumer market deal activity was up 4 percent in the second half of 2024, compared to a 4 percent decline in the first half of the year. And this growth is on track to continue into 2025, as executives seek out inorganic growth strategies to counter price stagnation and slower consumer demand.

Despite the slow start, there were some big deals in the shoe and retail space throughout 2024. Perhaps most notable was JD Sports’ July acquisition of Hibbett Sports, which added 1,179 stores to the retailer’s fleet.

Below is a quick look at some of the most notable M&A deals that were announced* in 2024. (*Not all deals had closed as of press time.)

JD Sports acquires Hibbett

European retailer JD Sports, winner of the 2024 FNAA for best retailer, said in April that it planned to acquire Hibbett Sports as part of its efforts to dig deeper into the U.S. market. At the time, JD said it intended to acquire 100 percent of Hibbett, implying an enterprise value of $1.11 billion. As a result of the deal, which closed in July, JD now operates 2,500 stores in the U.S., which includes 1,179 Hibbett stores that were added to its portfolio.

EssilorLuxottica acquires Supreme

In July, giant eyewear group EssilorLuxottica announced it had reached an agreement with VF Corporation to acquire the Supreme brand for $1.5 billion in cash. The transaction was expected to close by the end of the year, subject to customary closing conditions and regulatory approvals. VF Corp. bought Supreme for $2.1 billion in 2020. The Supreme brand runs a digital-first business and operates 17 stores in the U.S., Asia and Europe.

Authentic Brands Group buys Sperry

In early January 2024, Authentic Brands Group announced that it acquired Sperry, the heritage boat shoe brand, from Wolverine Worldwide. Authentic also inked a deal with the Aldo Group to serve as Sperry’s North American operating partner for wholesale, e-commerce and store operations, as well as the brand’s partner for footwear design, production and distribution globally. Wolverine said in a statement that the transaction closed on January 10, and would generate total proceeds of approximately $130 million in the first quarter to pay down debt.

Saks Owner HBC on track to close deal for Neiman Marcus Group

After a years-long pursuit and endless speculation, Richard Baker’s Hudson’s Bay Co. in July was said to have reached a definitive agreement to buy Neiman Marcus Group for about $2.65 billion, bringing the luxury department store together with Saks Fifth Avenue, according to sources familiar with the transaction. The deal was finalized in late December for a total enterprise value of $2.7 billion. Amazon was an investor in the deal, as were private equity giants Apollo and Salesforce

Deckers sells Sanuk to Lolë Brands

Nearly a year after Deckers Brands announced its intention to divest Sanuk, the outdoor lifestyle shoe brand was sold to Canadian active company Lolë Brands. Terms of the deal, which closed on Aug. 15, were not disclosed. According to Todd Steele, chief executive officer of Lolë, when the company heard that Deckers was selling Sanuk, it “jumped” at the opportunity. Steele said he saw potential to expand Sanuk’s consumer base as well as its core product assortment.

Shoe Carnival buys Rogan’s Shoes

Shoe Carnival in February expanded its retail network with the $45 million acquisition of Rogan’s Shoes, a 53-year-old work and family footwear company with 28 locations across Wisconsin, Minnesota, and Illinois. According to Shoe Carnival, the acquisition was funded with cash flow generated in fiscal 2023 and was expected to be immediately accretive to the company’s fiscal 2024 earnings. Shoe Carnival added that the buy advanced its strategy to be the nation’s leading family footwear retailer.

RG Barry gets new majority owner

RG Barry Corporation, the parent company to Dearfoams, Baggallini, Columbus Product Group and Planet A, revealed in June that it had been acquired by the Marubeni Growth Capital U.S. (MGCU) a subsidiary of the Tokyo-based Marubeni Corporation. Under the deal, which closed on June 4, 2024, Blackstone exited its minority ownership position in RG Barry. Private equity firm Mill Road Capital maintained a minority equity stake and MGCU took on an undisclosed majority stake. According to RG Barry chief executive officer Bob Mullaney, the acquisition was meant to help fuel increased investments into RG Barry’s portfolio of existing brands.

Arklyz Group acquires Lloyd Shoes

Arklyz Group, owner of The Athlete’s Foot, Asphaltgold, Intersocks and other global licenses and distribution deals, in May closed a deal to acquire German shoe store manufacturer Lloyd Shoes from Ara AG, a family owned German shoe company. The terms of the deal, which was first announced in January, were not disclosed. Owner and chief executive officer of Arklyz Group Param Singh said in a statement at the time that the “goal is to transform Lloyd into a globally appealing lifestyle brand.”

Designer Brands Inc. acquires Rubino

Designer Brands Inc. announced in June that it acquired Canadian footwear retailer Rubino in the first quarter of fiscal year 2024. The DSW parent company said the deal, which includes 28 Rubino stores in the Quebec province of Canada, helps expands DBI‘s presence in the country. DBI chief financial officer Jared Poff said in a June call with investors that Rubino generated 47 million Canadian dollars in 2023. DBI expects Rubino to contribute similar operating income as the retailer’s entire Canadian segment.

Shoes For Crews gets new ownership

After filing for Chapter 11 bankruptcy protection in April, Shoes For Crews underwent a sale of its assets to first lien secured lenders via a stalking horse credit bid, thus emerging from Chapter 11 bankruptcy and eliminating more than $300 million of debt. The slip resistant footwear company said in July that a group of top-tier global investment firms — who had previously invested in the company — will now own Shoes For Crews and its international entities. Shoes For Crews said it will not make any changes to its management team or employee base.

Arezzo & Co. and Grupo Soma merge

Schutz parent company Arezzo & Co said in February it would merge with fellow Brazilian fashion company Grupo Soma in a new deal that would see the union of two of the largest fashion companies in Latin America. As part of the deal, Arezzo and Grupo Soma will join together in a newly-formed company, with Arezzo owning a 54 percent controlling interest and Soma owning 46 percent. While specific terms of the deal were not disclosed, Arezzo noted that the new company would have yearly revenues of 12 billion reals ($2.42 billion) with a collective portfolio of 34 brands, including Arezzo, Farm Rio, Hering, Reserva, Animale, Schutz, NV, Anacapri, Alexandre Birman, Cris Barros, Carol Bassi and Oficina, among others.

HanesBrands sells Champion to Authentic Brands Group

HanesBrands Inc. sold Champion to Authentic Brands Group for $1.2 billion in June. The deal, which included the brand and some of its operating assets, extended Authentic’s reach in the growing active segment, where the company already owns Reebok. HanesBrands, which will use the money to pay down debt, started exploring its options for the ailing Champion brand in September.

According to a new report from PwC, consumer market deal activity was up 4 percent in the second half of 2024, compared to a 4 percent decline in the first half of the year. And this growth is on track to continue into 2025, as executives seek out inorganic growth strategies to counter price stagnation and slower consumer demand. The report, which analyzed S&P Capital IQ data, also found that deal volume in the consumer sector at the start of Q4 had already started to increase, which bodes well for 2025.

“M&A has always been an important aspect for growth and innovation in this space,” said Mike Ross, PwC’s U.S. consumer markets deals leader, in an interview with FN. “And I think what we’re seeing right now is a bit of a resurgence or a return to normal.”

In the footwear sector, deal activity notably picked up in the second half of 2024 after a slow start to the year. In June, RG Barry Corporation revealed it had been acquired by the Marubeni Growth Capital U.S. (MGCU) a subsidiary of the Tokyo-based Marubeni Corporation. And in July, JD Sports Fashion completed its deal to acquire Hibbett Sports.

More recent deals have included Steve Madden’s December acquisition of the ATM apparel brand, Vida Shoes International’s September acquisition of Aquatalia and Bluestar Alliance’s September acquisition of Off-White from LVMH.

According to Ross, private equity investment groups have held onto some assets for longer than their usual holding time. Now, favorable conditions in the U.S. market are encouraging them to make more deals.

“They’re getting increasing pressure from their investor groups to create liquidity,” Ross said. “When you combine that with some of the other positive things we’re seeing here, it’s another reason why I’m a bit more bullish on the activity uptick heading into 2025.”

Throughout the back half of 2024, Ross noted that several of his clients in the consumer space have focused on becoming “deal ready” in order to be set up to make the necessary moves when the timing is right. This preparation involves undergoing portfolio reviews, analyzing balance sheets and focusing on categories that can be useful for inorganic growth through M&A.

When it comes to the type of acquisitions to expect in the consumer space, smaller deals are the most common, though larger deals like the Saks and Neiman Marcus merger are still on the table. When it comes to the smaller deal side, Ross said there is more intentionally with regard to how a new asset fits in with the long term goals of a company.

“They’re spending a lot more time thinking about how to preserve the secret sauce of what they’re buying, which is so important in the consumer space,” Ross said. “They’re making sure that we don’t just buy this company and run them through our M&A acquisition machine without any thoughts about how are we actually creating value and preserving the value of what we bought.”

Within footwear, Ross said newer brands that have already succeeded in DTC and social channels would likely be “interesting” targets for larger players as well as private equity.

“There is still a lot of capital and a lot of specialty expertise in those mid-market private equity players to actually be successful in taking these earlier stage brands and really helping them grow in this competitive environment,” Ross said.

The terms of the deal, which closed in late September and was just announced, were not disclosed.

Vida, which designs, sources, markets and distributes shoes for footwear for women, men and children, owns brands such as Jambu, JBU, J Sport and Andre Assous. Vida is also a licensee of brands like BCBG, Bruno Magli, Splendid, Kenneth Cole, Stride Rite, Carter’s, Merrell Kids, Saucony Kids, Kurt Geiger and OshKosh B’Gosh and makes private label shoes for various retailers.

Solomon Dabah, president of Vida Shoes International, said in a statement that the Aquatalia acquisition will help Vida expand its luxury fashion portfolio as well as its presence in women’s shoes.

“We take great pride in being a world-class company across multiple footwear categories,” Dabah said. “Bringing Aquatalia into our family of brands enhances our position within the women’s category, allowing us to reach even more fashion-minded consumers. We are excited to build upon and strengthen our relationships with retailers in the luxury segment while increasing our sourcing presence with Europe’s finest factories.”

Founded in 1994, Aquatalia is a made-in-Italy shoe brand that combines European design standards with modern technologies like stain-resistant materials.

“Aquatalia is a significant opportunity for Vida to grow our top of the pyramid product offerings,” said said senior executive vice president of Vida Shoes International Gabe Safdeye in a statement. “It has a heritage luxury waterproof product with a loyal customer base, and we plan to expand from that platform. We think we’ve acquired one of the great gems in the attainable luxury space.”

Footwear deal activity has begun to heat up in the latter half of 2024. In June, RG Barry Corporation revealed it had been acquired by the Marubeni Growth Capital U.S. (MGCU) a subsidiary of the Tokyo-based Marubeni Corporation. According to PwC’s 2024 consumer M&A outlook from January, there will likely be more fashion transactions throughout 2024 as brand owners look to review their portfolios and change their structures. 

This week, Pajar Canada revealed it has acquired Cougar. While terms of the deal remain undisclosed, Pajar called the deal a “significant milestone” in the evolution of both brands with the promise of enhanced product offerings.

As for whether the Cougar team will remain in place, it doesn’t seem likely. “At this time Pajar will be assuming responsibility for all Cougar operations, while Canadian sales have been delegated to the capable team at Trend Marketing,” a Pajar representative told FN.

Based in Montreal, Pajar Canada is a fifth-generation family shoe business founded in 1963. According to the company, its acquisition of Cougar “aligns with its vision” to expand its footprint in both the Canadian and U.S. markets and leverage its international outreach across Europe and Asia.

The Sedlbauer family started the Burlington, Ontario-based Cougar as a boot manufacturer in 1948 and in the 1970s expanded with other footwear products, including its now-iconic leather Pillow Boot.

By coming together, Cougar shoes will be able leverage the company’s “combined expertise to create unique products that resonate with both longstanding customers and new generations of consumers alike,” Pajar said in a release on Thursday.

“This acquisition represents a significant step forward for Pajar and Cougar,” Michel Golbert, president of Pajar Canada, said in a statement. “By bringing together our two brands, we are not only preserving our heritage but also enhancing our ability to innovate and respond to the evolving needs of our customers. We are excited about the opportunities this acquisition presents and look forward to continuing our legacy of quality and craftsmanship.”

This acquisition comes at a time of change for Pajar. In 2021, the company opened its first standalone store in the U.S. in the SoHo neighborhood of New York City. At the time of the opening, chief executive officer Jacques Golbert told FN that SoHo “is the place where we feel our brand is going to be best shown throughout the world.”

According to the company, the SoHo store is now closed but Pajar continues to operate a standalone store in Mirabel, Quebec. “[We] are always looking for our next retail opportunity,” the rep said.

Multi-brand technology platform CSC Generation Enterprise said Monday that is has acquired the digitally-led Park City, Utah-based outdoor retailer. Under the deal, the terms of which were not disclosed, CSC has acquired Backcountry along with its family of brands such as MotoSport, Competitive Cyclist and Steep and Cheap.

CSC owns and operates more than 10 brands including Sur La Table, One Kings Lane and now Backcountry, which will continue to operate under its brand name.

“We were drawn to Backcountry for several compelling reasons: their extensive and varied product range, deep connections with the outdoor community, and the remarkable passion and loyalty of their customers,” said CSC founder and chief executive officer Justin Yoshimura in a statement. “By integrating their strengths with our commitment to digital innovation, we believe there is significant potential for continued growth.”

Backcountry was founded in 1996 in Park City, Utah as a website selling outdoor gear. TSG Consumer Partners acquired Backcountry in 2015 with a plan to expand the retailer into new categories and international markets. Although digitally-led, Backcountry opened two physical stores in 2021 and continued to expand its fleet to a total of six stores through 2022. In 2023, the retailer opened three new stores and announced its entry into wholesale by offering its in-house Backcountry products to other retailers across the U.S..

Bloomberg reported last June that Backcountry’s former owner TSG Consumer Partners was weighing a potential sale of the outdoor e-commerce retailer that could be valued at hundreds of millions of dollars. At the time, the report stated that Backcountry sees close to $1 billion a year in revenue.

“Joining CSC is a significant milestone for us,” said Backcountry chief executive officer Melanie Cox in a statement. “Our team is enthusiastic about utilizing CSC’s expertise and resources to accelerate the Backcountry strategy. We are confident that this acquisition will enable us to expand our market presence and continue delivering outstanding outdoor experiences.”

J.P. Morgan Securities, LLC served as Backcountry’s financial advisor and Ropes & Gray served as legal counsel. Sheppard, Mullin, Richter & Hampton represented CSC.

The acquisition comes as the consumer deal market shows strong signs of a rebound. According to a July report from PwC, 52 percent of announced and completed M&A transactions in the first half of 2024 came from the retail sector. Across the entire consumer landscape, the report found that consumer deal volume was up 7 percent in the first four months of 2024 compared to the same prior the prior year. And total deal value in the first quarter of 2024 hit the highest levels since Q4 in 2022.

Throughout the first quarter, several executives from top shoe and retail brands indicated a desire to lean into more deal-making in the near future.

The brand’s chief executive officer Giorgio Sarné is also leaving the company, but will be in place until October, Tapestry confirmed.

A spokesperson for the company declined to comment further.

Tapestry owns Coach, Kate Spade and Stuart Weitzman and is looking to expand with Capri’s portfolio of Michael Kors, Versace and Jimmy Choo. 

The Federal Trade Commission sued to stop the deal in April, charging, in part, that the buyout would give the firm undo control over the accessible luxury handbag market. 

The sale of Stuart Weitzman wouldn’t change that equation, but it would demonstrate a certain willingness for Tapestry to shake up its portfolio ahead of the trial. A deal for Stuart Weitzman would also help Tapestry raise some extra funds and offload a business that has struggled recently. 

Even before the FTC challenged the acquisition of Capri, there was speculation that Tapestry would seek to sell some of its smaller businesses to help fund the deal and focus on the larger brands. 

For the fiscal year ended June 29, Stuart Weitzman’s revenues fell 14 percent to $241.5 million with operating losses of $21.2 million, according to Tapestry’s latest financial report. The brand has 34 doors in North America and 60 stores in the rest of the world. 

On a call with analysts last month, Joanne Crevoiserat, Tapestry’s chief executive officer, said of Stuart Weitzman: “Our results for the year were challenged, significantly impacted by external pressures in the brand’s 2 key markets of North America and Greater China. Despite disappointing financial results, we continue to focus on brand building initiatives to drive awareness, growth and profitability long term.”

During the fiscal fourth quarter, Stuart Weitzman expanded its assortment of shoes and extended into new and emerging categories, including men’s and handbags.

“Importantly, new innovation is driving traction at wholesale with the business growing double digits at [points of sales] in North America in Q4,” Crevoiserat said. “Further, order bookings through the spring ’25 season are up over 30 percent to last year. This will support an improvement in revenue and profitability trends in the year ahead.”

Tapestry, then Coach Inc., acquired Stuart Weitzman in 2015 from Sycamore Partners in a $574-million deal.

—With contributions from Miles Socha