Coach has closed the planned acquisition of Stuart Weitzman from Sycamore Partners, which had acquired the business from the former Jones Group. The leathergoods giant has made an initial cash payment of $530 million to Sycamore. It will be followed by the payment of up to $44 million, depending on the attainment of certain revenue targets in the next three years. Stuart Weitzman had sales of $313 million in 2014. The eponymous designer, the company's chief executive, Wayne Kulkin, and the rest of the management team will remain fully committed to the business, says Coach in a public statement.

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