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The company agreed to buy brand-name coach Stuart Weitzman shoe company as michael kors uk site much as $ 574 million, is part of the restructuring in order to increase the luxury handbag maker's image in the sales decline and competition.
Private equity firm Sycamore Partners is selling the units, cheap michael kors handbags uk which will increase profits immediately, headquartered in New York, said in a statement, said the coach today.
Coach, the largest US luxury handbag maker, has been committed to the transformation of stores, discount minimize pulled trough. Stuart Weitzman in 70 countries, and in its own retail stores in the United States and Europe, sales of shoes. For the coach, the deal will polish michael kors handbags outlet uk their brand internationally and help it move from positive markdowns, says Oppenheimer analyst in New York, Anna Andreyeva.
"There may be some halo effect," she said. "In Europe, a huge Stuart Weitzman's brand value."
Coach, which reported a decline in same-store discount michael kors handbags sales in North America, 24% in the quarter ended September 27, an increase of marketing in an attempt to regain market share lost to competitors such as Michael Kors holding company in June, says coach will close its fifth in North America, or 70 stores, and in October, is expected to continue declining comparable store sales in fiscal year 2015.
Luxury handbag maker will pay about $ 530 million in cash to the Indus partners began. In addition a $ 44000000 will be completed in three years to achieve revenue targets after the acquisition is expected to occur in May to pay. Stuart Weitzman's sales in the cheap michael kors handbags September 30 there are about 12 months ended $ 300 million, according to the statement.
Coach, which fell 33 percent, a decrease of 1.2% last year, to $ 36.30 at the close in New York.