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.

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.

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