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Coach to buy luxury shoe maker Stuart Weitzman

[NEW YORK] Coach Inc said it would buy luxury footwear company Stuart Weitzman Holdings LLC from private equity firm Sycamore Partners in a deal valued at up to US$574 million.

Coach said it would make initial cash payment of about US$530 million to Sycamore Partners.

Coach will also pay up to US$44 million in contingent payments to Sycamore Partners on achievement of certain revenue targets over the three years after the acquisition closes.