Coach, Inc. a leading New York design house of modern luxury accessories and lifestyle collections, has announced that it has completed the acquisition of Stuart Weitzman Holdings LLC, a leading designer and manufacturer of women's luxury footwear from private equity firm Sycamore Partners.
In a statement, Coach said this transaction complements its current global leadership position in premium handbags and accessories, while immediately contributing to the company’s earnings as Coach continues to make meaningful progress against its brand transformation announced earlier this year.Coach, Inc. a leading New York design house of modern luxury accessories and lifestyle collections, has announced that it has completed the #
Stuart Weitzman markets its products in fine specialty and department stores worldwide and in its own retail stores in the US and Europe. Stuart Weitzman realised net revenues of $313 million for the 12 months ended December 31, 2014.
Stuart Weitzman is continuing as creative director and executive chairman of Stuart Weitzman Holdings LLC, and together with Wayne Kulkin, chief executive officer of Stuart Weitzman, and their management team, remains fully committed to the growth of the business, the statement said.
At the deal closing, Coach made initial cash payments of approximately $530 million to Sycamore Partners. In addition, Coach will make up to $44 million in contingent payments to Sycamore Partners upon the successful achievement of selected revenue targets over the three years following the closing of the acquisition.
Coach financed the transaction with cash on hand. The acquisition is expected to be accretive to earnings per share, exclusive of transaction-related charges including anticipated purchase accounting adjustments and contingent payments related to the transaction.(SH)
Fibre2fashion News Desk - India
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