Joele Frank, Wilkinson Brimmer Katcher represents $3.5B private equity firm Sycamore Partners, which is selling its Stuart Weitzman luxury shoe business to Coach Inc. for $574M.
The deal is a rare acquisition for mostly handbag marketer Coach, which has been under siege by the Michael Kors brand.
Weitzman has been growing at a 10 percent annual clip. It operates near 50 stores in the US (New York, Beverly Hills, Las Vegas and Boston) and about 70 shops overseas.
Under new CEO Victor Luis, Coach has been undergoing a brand transformation program.
He's attracted to the sixe, scope and vibrancy of the Weitzman brand.
Sycamore's roster of companies includes Talbots, Nine West Holdings, Jones New York, Coldwater Creek, Hot Topic, Kurt Geiger and Aeropostale.
Michael Freitag of JFWBK reps Sycamore on its deal.
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Omnicom CEO John Wren reports Q1 revenues jumped 5.4 percent to $3.6M, powered by a solid 7.0 percent rise in its advertising & media segment.
Public Policy Holding Company registered 24.1 percent growth to a record $135M during the past year, which included the results of the March 1 acquisition of Multistate Assocs.
Stagwell CEO Mark Penn reported Q4 net revenues dipped 5.6 percent to $551.1M during a “challenging year for marketing services and digital transformation.”
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