Footwear fanatics, rejoice: Two of your favorite labels are joining forces. In the latest fashion move, Coach has signed an agreement to purchase the Stuart Weitzman brand in a transaction valued at $574 million, WWD reports.
The buyout marks Coach's first acquisition, and it's certainly an exciting one. Both brands are beloved celebrity favorites—the recently revamped Coach boasts fans like Kate Bosworth, Kirsten Dunst, and Emily Blunt, while Stuart Weitzman's stilettos have been worn by practically every starlet to walk the red carpet. Plus, who can argue with a label fronted by the incomparable Gisele Bündchen?
"In Coach, we have found a strategic partner that respects our culture, and offers the scale, resources and global business acumen to enable us to realize our full potential," Weitzman said. Victor Luis, chief executive officer of Coach, also added his excitement over the partnership: "Stuart Weitzman is a leading American luxury designer footwear brand with a solid growth trajectory and further significant domestic and international development potential."
Lovers of their famed "Nudist" sandal can breathe easy—founder Stuart Weitzman and the existing management team will continue with the company to oversee the brand's operations, working closely with Coach's team to breathe new life into their designs. We think this new deal is a fashion match made in heaven!