Coach Inc. announced it is acquiring women’s luxury footwear designer Stuart Weitzman Holdings LLC. through private equity firm Sycamore Partners.
The transaction will complement Coach’s current leadership position in premium handbags and accessories, while immediately adding to the company’s earnings as it continues to make progress against brand transformation.
“We look forward to advancing the Stuart Weitzman brand’s global development, especially by leveraging Coach’s international infrastructure and expertise in handbags and accessories,” said Victor Luis, chief executive officer of Coach, Inc. in a press release.
Stuart Weitzman markets its products in specialty and department stores worldwide and in its own retail stores in the U.S. and Europe. It has realized net revenues of approximately $300 million for the 12 months ending Sept. 30, 2014.
Stuart Weitzman has experienced robust growth with sales growing at a 10% compounded annual rate driven by distribution, ecommerce and same store sale gains. It has also gained increased global recognition through key celebrities.
Stuart Weitzman has developed a global multichannel distribution network including directly operated stores in the U.S. and Europe, international licensed stores and shop-in-shops and a significant global wholesale business with the brand currently available in 70 countries.