Tapestry (TPR.US) has sold its luxury footwear brand, Stuart Weitzman, to Caleres (CAL.US) for $105 million.

Coach's parent company Tapestry (TPR.US) announced on Wednesday that it will sell its luxury footwear brand Stuart Weitzman to footwear company Caleres (CAL.US) for $105 million in cash. The transaction is expected to be completed in summer 2025.

The deal will drive the development of Caleres' brand portfolio division while allowing Tapestry to focus on its Coach and Kate Spade brands for sustainable organic growth.

"The acquisition of Stuart Weitzman advances our strategic agenda and makes our brand portfolio division more global and direct-to-consumer. Stuart Weitzman will be the lead brand of Caleres, and the combined brand portfolio division will generate nearly half of total revenue and continue to generate over half of operating profit," said Jay Schmidt, president and CEO of Caleres.

Caleres will fund the transaction through a revolving credit facility and will provide more details on its integration plans and acquisition financial impact after the transaction closes.

As of the time of writing, Tapestry and Caleres' premarket stock prices changed little.