Tapestry Completes Sale of Stuart Weitzman Brand to Caleres

Tapestry Inc. (NYSE:TPR) is one of the best performing S&P 500 stocks to buy now. On August 4, Tapestry announced the completion of the sale of its Stuart Weitzman brand to Caleres. The sale was first announced previously, but the finalization makes Stuart Weitzman a part of Caleres’s portfolio of consumer footwear brands.

During the transaction, Tapestry was advised by Morgan Stanley & Co. LLC as its financial advisor and Latham & Watkins LLP as its legal advisor. On the other side, Caleres was advised by BofA Securities as its financial advisor and BCLP (Bryan Cave Leighton Paisner) as its legal advisor.

Tapestry Completes Sale of Stuart Weitzman Brand to Caleres

A close-up of diverse group of people wearing the company’s small leather goods.

With this sale, Tapestry’s brand portfolio now includes Coach and Kate Spade New York, while Caleres’s brands include Famous Footwear, Sam Edelman, Allen Edmonds, Naturalizer, and Vionic, among others. Stuart Weitzman has been a New York City-based luxury footwear brand since 1986. Caleres is a company with a history of more than 140 years in craftsmanship.

Tapestry Inc. (NYSE:TPR) provides luxury accessories and branded lifestyle products in North America, Greater China, the rest of Asia, and internationally. The company operates in three segments: Coach, Kate Spade, and Stuart Weitzman.

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Disclosure: None. This article is originally published at Insider Monkey.