There are just way too many puns to be made about buying a shoe company so let’s get them out of the way now: The shoe apparently fits just right for Coach, which announced its stepping up its footwear game by shelling out $530 million to buy its very own brand, Stuart Weitzman Holdings LLC.
Coach is hoping to transform its brand mostly luxury handbag and accessories brand with this footwear expansion, after recently announcing that it’s shuttering around 70 underperforming stores in fiscal 2015, notes the Associated Press.
It’s also been cutting down on the level of its promotions and switching up its product offerings in attempts to lure customers away from other high-end competitors.
Stuart Weitzman is sold in 70 countries in fine specialty and department stores, as well as its own retail stores in the United States and Europe. These are not cheap shoes, we’ll put it that way.
“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 consumer base worldwide,” Stuart Weitzman, creative director and executive chairman of Stuart Weitzman Holdings, said in a statement on Tuesday. He’ll be staying on in those roles.
If the Shoe Fits: Coach Buying Stuart Weitzman for $530M [Associated Press]
by Mary Beth Quirk via Consumerist
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