Global fashion house Tapestry has agreed to sell its luxury footwear brand, Stuart Weitzman, to Caleres in $105m cash deal. With this acquisition, Caleres strengthens its leadership in women’s fashion footwear while Tapestry will sharpen focus to fuel growth at Coach and Kate Spade.

The news comes just months after a federal judge blocked Tapestry’s planned $8.5 billion acquisition of Michael Kors parent Capri Holdings Ltd.

Footwear expert Caleres has reached an agreement to acquire Stuart Weitzman shoe brand from Tapestry for a bargain price of $105 million. It's a win/win for both companies.