Women’s shoe retailer Stuart Weitzman is getting ready to launch its own sale process, according to Reuters, and has approached Goldman Sachs and Citigroup for funding.
Stuart Weitzman’s trademark use of cork, vinyl, lucite, wallpaper, and 24-karat gold, and his meticulous attention to detail, has made him shoemaker to the globe, selling in more than 70 countries.
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Meanwhile, Sycamore Partners, which acquired the brand in its $2.2 billion buyout of Jones Group Inc. (formerly Jones Apparel Group), has been looking to sell the outfit.
Reuters suggested sale could bring in as much as $800 million, but only if Weitzman, who is in his 70s, stays on through the sale. Otherwise the brand’s expected valuation could go below $500 million.
According to Fashion Times, Weitzman sold the brand in the 1970s, to some European company, then bought it back and resold it in 2010 to Jones Apparel Group (now The Jones Group Inc.) for $180 million.
Finally, this fall Stuart Weitzman will be using Gisele Bündchen to advertise his shoes. His press release reads:
“With her lithe physique, bronzed skin and tousled golden locks, Gisele personifies the confidence, empowerment, beauty and ease women feel the moment they slip into their Stuart Weitzman shoes.”
Now you see why the great designer’s presence onboard adds $300 million to the value of his company. Because of the poetry.
