Coach is increasing its stride in the women’s footwear space, and is acquiring Stuart Weitzman, whose shoes have been seen on red carpets and have graced the feet of the Kate Middleton, as reported by the New York Times. Coach’s iconic handbag offerings have been troubled of late with increased competition, and Coach has decided to expand into fashion accessories and footwear to create a lifestyle brand.
Coach will be paying $574 million to private equity group Sycamore Partners, which owned Weitzman along with Jones New York and Nine West. Stuart Weitzman shoes have been popular with celebrities; its most sought after brands are the Corkswoon wedge pumps and its Nudist sandals and Nudist pumps, which have lightweight, barely there elegance. Stuart Weitzman, who made his foray into footwear at his father’s shoe factor, will remain as head of the company when Coach takes it over. Weitzman’s shoes have been produced in-house, which saves on costs and add flexibility if changes need to be made in design.
Mr Weitzman said in a statement, “In Coach, we have found a strategic partner that respects our culture, and offers scale, resources and global business acumen to enable us to realize our full potential. We are excited to be working with the Coach team and leveraging its strong infrastructure to help us drive efficiency and expand our product mix to an even broader customer base worldwide.”