Coach snags Stuart Weitzman.

The affordable luxury brand buys the shoe label in a deal valued at up to $574 million.

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Eager to expand its offering of high-end goods, Coach has purchased luxury shoe label Stuart Weitzman. CNBC reports that the New York City-based brand will make an initial cash payment of $530 million to Sycamore Partners, which acquired Stuart Weitzman last year as part of its $2.2 billion purchase of the Jones Group, followed by an additional $44 million in contingent payments over the next three years. The deal comes as Coach gears up to compete with the likes of affordable luxury brands Michael Kors and Kate Spade. Stuart Weitzman will hold onto his existing roles as creative director and executive chairman at his eponymous company and will pay $2.5 million to Coach when the transaction is expected to close in May.

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