Tapestry Inc. says it has penned an agreement to sell the Stuart Weitzman brand to Caleres, a portfolio of footwear brands for $105 million in cash. Tapestry said Wednesday that selling the brand would enable the fashion company to focus on sustaining the growth of Coach,

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

Tapestry has struck a deal to sell its Stuart Weitzman shoe brand to footwear seller Caleres for $105 million in cash.

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.