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.

Coach parent Tapestry will sell its Stuart Weitzman brand to Dr Scholl's footwear owner Caleres for $105 million in cash, the companies said on Wednesday. The divestment comes months after Tapestry said it was focused on driving growth for its organic business and had "significant runway ahead" following a derailed $8.

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.