Tapestry is said to be working to sell Stuart Weitzman just as it prepares to defend its $8.5 billion acquisition of Capri in a Manhattan federal court.
The reshuffling seems to have already begun at Tapestry Inc., which multiple sources have said is close to selling off itsbrand — just as the company prepares to defend its $8.5 billion buyout of Capri Holdings Ltd. in Manhattan federal court on Monday.
For the fiscal year ended June 29, Stuart Weitzman’s revenues fell 14 percent to $241.5 million with operating losses of $21.2 million, according to Tapestry’s latest financial report. The brand has 34 doors in North America and 60 stores in the rest of the world. On a call with analysts last month, Joanne Crevoiserat, Tapestry’s chief executive officer, said of Stuart Weitzman: “Our results for the yearsignificantly impacted by external pressures in the brand’s two key markets of North America and Greater China. Despite disappointing financial results, we continue to focus on brand building initiatives to drive awareness, growth and profitability long term.
During the fiscal fourth quarter, Stuart Weitzman expanded its assortment of shoes and extended into new and emerging categories, including men’s and handbags. “Importantly, new innovation is driving traction at wholesale with the business growing double digits at in North America in the fourth quarter,” Crevoiserat said. “Further, order bookings through spring ’25 season are up over 30 percent to last year. This will support an improvement in revenue and profitability trends in the year ahead.”'We Did It, Joe': Kamala Harris' Stepdaughter Ella Emhoff Designed….
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