Tapestry Inc. says it has penned an agreement to sell the Stuart Weitzman brand to Caleres, a portfolio of footwear brands, for $105 million in cash

Coach parent Tapestry will sell its Stuart Weitzman brand to Dr Scholl's footwear owner Caleres for $105 million in cash, the companies said on Wednesday. The divestment comes months after Tapestry said it was focused on driving growth for its organic business and had "significant runway ahead" following a derailed $8.