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This week, Caleres announced that it closed on the over $120 million deal with Stuart Weitzman owner Tapestry, Inc., a New York-based fashion company that has brands such as Coach and Kate Spade.

The deal was initially announced in February for $105 million. Jonathan Lelonek, senior vice president of global wholesale at Stuart Weitzman, has been named Stuart Weitzman brand president.

Caleres president and CEO Jay Schmidt said the acquisition is part of Caleres’ plans to grow its brand portfolio segment with more global and direct-to-consumer names.

“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,� Schmidt said in a statement. “With the addition of Stuart Weitzman, our brand portfolio segment will represent nearly half of our total revenue going forward.�

Stuart Weitzman was founded in 1986. In addition to boots, women’s heels, sandals, sneakers and loafers, Stuart Weitzman sells sunglasses and men’s shoes. Footwear prices range from $350 to $950.

Already, Caleres’ brands include Famous Footwear, Sam Edelman, Allen Edmonds, Dr. Scholl’s Shoes and more.

In its most recent quarter, ending May 3, Caleres reported sales of $614 million, down almost 7% compared to the same quarter last year. Schmidt attributed the weaker quarter to tariff escalation, lower gross margins, increased reserves and costs to cancel and move inventory.

As a result, the company plans to decrease selling, general and administrative expenses by $15 annually, through “structural expense cuts,� it said in a press release.

Caleres was founded in 1878 and is headquartered at 8300 Maryland Avenue.