Caleres Inc. has a new lead brand in its shoe portfolio.

The St. Louis-based footwear firm said on Monday that it has closed the acquisition of the Stuart Weitzman brand from Tapestry Inc.

Caleres also revealed that Jonathan Lelonek has been named brand president for Weitzman. Lelonek joined the brand in 2012 and was most recently senior vice president of global wholesale. He previously held senior roles in sales and merchandising at Prada, Salvatore Ferragamo and Paul Frank, bringing deep industry experience and a strong track record in luxury and contemporary footwear.

“Stuart Weitzman is one of the most iconic names in luxury footwear, and the brand’s original designs have embodied elegance and modernity for decades,” Jay Schmidt, Caleres’ president and CEO, said. “We are honored to welcome Stuart Weitzman as our newest lead brand and to congratulate Jonathan on his appointment as brand president.”

Schmidt noted that with the addition of Stuart Weitzman, the brand portfolio segment will represent nearly half of total revenue going forward. “As we integrate this iconic brand, we remain committed to preserving the artistry, quality and renowned fit at [its] core,” he said.

The move further deepens Caleres’ position in the global footwear market. Other shoe brands in its portfolio include Famous Footwear, Sam Edelman, Allen Edmonds, Naturalizer, Vionic and Dr. Scholl’s Shoes, among others.

Caleres plans to use the balance of 2025 as a period of transition and integration. The Stuart Weitzman brand, which has a strong presence across North America, Europe and Asia in both the wholesale and direct-to-consumer (DTC) channels, generated trailing 12-month sales of $220 million. The St. Louis-based footwear firm plans to leverage its capabilities and expertise in the shoe sector to use the transition period to return the global luxury brand to profitability.

The shoe deal was initially disclosed in February. At the time, the agreement was for Caleres to buy the brand for $105 million. The transaction at the close was for $120.2 million. The higher amount represents a reimbursement of $11.5 million in cash that Tapestry left in a connected Spanish entity, along with working capital in the form of inventory and accounts receivable, being transferred over. Excluding the cash reimbursement, the transaction value is $108.7 million.

Caleres in June made sure it had its financial ducks in a row in time to close on the transaction. The global footwear firm amended its credit agreement to include an expanded facility to allow it to both close on the deal and provide enhanced liquidity for investment in Caleres’ growth vectors. Over the longer term, the plan is to balance its investment priorities with debt reduction and the return of capital to shareholders.

Caleres is expected to provide additional details on integration plans, as well as an update on business guidance, when it reports second quarter results in early September.

For the first quarter ended May 3, the company said net income fell to $6.9 million on a 6.8 percent decline in net sales to $614.2 million. Famous Footwear sales were down 6.3 percent, while the brand portfolio saw sales fall 6.9 percent. DTC sales represented 70 percent of total net sales. Caleres was impacted in part by additional costs associated with moving goods and canceled orders following U.S. President Donald Trump’s disclosure of global reciprocal tariffs on April 2. Another impact was customer credit issues at some wholesale accounts, such as the Canadian Hudson’s Bay retail chain, which shuttered all its doors on June 1.

The shoe firm expects to have 10 percent or less sourced from China in the back half of 2025. And to adjust for the increase in costs due to tariffs, Caleres followed others in the shoe industry by selectively raising prices.

Caleres is among the 80 companies that signed the FDRA letter in April to Trump urging an exemption for shoes from tariffs.

Schmidt is believed to always have had his eye on the Stuart Weitzman brand, according to industry sources. These sources told Footwear News that Caleres had actively pursued a purchase of the brand back in 2015 when it was put up for sale by private equity firm Sycamore Partners. Caleres was outbid by Tapestry, which went on to close on its deal with Sycamore, valued at $574 million.

Shoe designer Stuart Weitzman launched his eponymous label in 1986. The New York-based brand was known for its lasts, coupled with its attention to detail and craftsmanship. It later expanded into handbags and men’s shoes. Weitzman continued working at the brand after the Tapestry acquisition, but left the company and his creative director role in 2017.