Coach is on the cusp of finalizing its first acquisition, American footwear brand Stuart Weitzman. According to WWD, the purchase price is somewhere in the neighborhood of $580 million.
Coach is looking to buy the brand from private equity firm Sycamore Partners, which has investments in a number of fashion and accessories brands, including Kurt Geiger, Jones New York, Nine West and Hot Topic. Coach is going through a rebranding of sorts as Creative Director Stuart Vevers tries to expand the label’s offerings into apparel and pricier options. At the very least, this acquisition can give Coach a stronger presence in the footwear arena.
We don’t know yet if Stuart Weitzman himself will stay at the label after the purchase, which will be officially announced this week.