US women’s footwear retailer Stuart Weitzman is preparing to launch a sale process and has tapped investment banks Goldman Sachs Group and Citigroup to …
US women’s footwear retailer Stuart Weitzman is preparing to launch a sale process and has tapped investment banks Goldman Sachs Group and Citigroup to assist with the effort, people familiar with the matter have told Reuters. The selling price could be well below $1bn, two of the people said, while others put the price tag at around $800m. Stuart Weitzman’s private equity owner Sycamore Partners acquired the brand as part of its $2.2bn purchase of Jones Group earlier this year.
The people asked not to be named because the plans are not public. Representatives for Sycamore Partners, Citigroup and Goldman Sachs declined to comment. A Stuart Weitzman representative did not immediately respond to a request for comment.
The planned divestiture of Stuart Weitzman comes as Sycamore Partners is seeking other takeover targets.
The buyout firm has held talks to buy regional discount store operator Fred’s and is also attempting to take over womenswear retailer Express to add to a retail portfolio that includes Aeropostale, Coldwater Creek, Hot Topic, Jones New York and Talbots.