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Coach Completes Acquisition of Stuart Weitzman

Coach, Inc. announced its completion of the acquisition of Stuart Weitzman Holdings LLC, from private equity firm Sycamore Partners. Stuart Weitzman will continue as creative director and executive chairman of Stuart Weitzman Holdings LLC, and Wayne Kulkin will maintain his position of chief executive officer.

At the deal closing, Coach made cash payments of $530 million to Sycamore Partners. In three years, upon the achievement of selected revenue targets, Coach will make up $44 million in contingent payments.

In fiscal year 2014, Stuart Weitzman made net revenues of $313 million. Coach’s acquisition of the brand is expected to be accretive to Coach’s earnings per share, exclusive of the transaction-related charges, including anticipated purchase accounting adjustments and contingent payments.

This marks progress toward Coach’s brand transformation announced last year, aimed at turning the brand into a global fashion and lifestyle player.