India, Feb. 19 -- Caleres, Inc. (CAL), a footwear company, said on Wednesday that it has inked a deal to acquire Stuart Weitzman from Tapestry, Inc. (TPR), a fashion firm, for $105 million. The acquisition is expected to boost Caleres' position in women's fashion footwear, particularly in the contemporary segment of the market.
Jay Schmidt, CEO of Caleres, said: "The acquisition of Stuart Weitzman advances our strategic agenda to grow our Brand Portfolio segment with more global and direct-to-consumer reach. Stuart Weitzman will be a lead brand for Caleres, and with this combination the Brand Portfolio segment will generate nearly half of our total revenue and will continue to generate over half of our operating profit."
The transaction, ...