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Share Name | Share Symbol | Market | Type |
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Tapestry Inc | NYSE:TPR | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.24 | 0.61% | 39.48 | 39.945 | 39.34 | 39.67 | 3,384,945 | 21:52:15 |
By Dana Mattioli, Ryan Dezember and Chelsey Dulaney
Coach Inc. has agreed to buy upscale shoe brand Stuart Weitzman in a deal valued at up to $574 million, a rare acquisition for the purse retailer as it seeks to expand its reach.
The Wall Street Journal first reported Coach was nearing the deal late Monday.
Coach, which has historically focused on organic growth, will pay private-equity firm Sycamore Partners $530 million in cash, in addition to up to $44 million in contingent payments if it hits certain revenue targets over the next three years.
Sycamore inherited Stuart Weitzman and several other brands when it took Jones Group Inc. private last year. At the time, Sycamore paid $1.2 billion for a collection of brands that included Jones New York apparel, Easy Spirit, Nine West and Stuart Weitzman.
A number of interested parties bid on the shoe brand and retailer, including other shoe makers and private-equity firms, said people familiar with the sales process.
Coach, which is best known for its handbags, has been making an effort to bolster other parts of its business, with a particular focus on footwear.
Sales of the New York-based Coach have been in a downward spiral, along with its stock price. Shares of Coach, down 34% in the past year, edged up 12 cents in premarket trading.
Coach's new chief executive, Victor Luis, stepped into the helm last year replacing longtime CEO Lew Frankfort. Since becoming CEO, Mr. Luis has tried to scale back discounts on merchandise that have eaten into profits.
Coach expects the deal, which could close by May, to add immediately to its earnings. For the year ended Sept. 30, Stuart Weitzman posted $300 million in revenue. Coach reported $4.81 billion in revenue in its last fiscal year.
Write to Dana Mattioli at dana.mattioli@wsj.com, Ryan Dezember at ryan.dezember@wsj.com and Chelsey Dulaney at Chelsey.Dulaney@wsj.com
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