US clothing and accessories firm Coach is among the companies bidding to acquire footwear label Stuart Weitzman, in a deal that is likely to be agreed before the end of the year.
Final bids for Stuart Weitzman, which is owned by private equity firm Sycamore Partners, are due this month and are expected to value the company at between $600m and $700m, according to The Financial Times.
It is understood US footwear group Brown Shoe Company, which owns brands including Sam Edelman, and at least one private equity buyer are also interested in acquiring the company.
Sycamore has been working with Citigroup and Goldman Sachs on a sale of the business since the middle of the year.
A takeover of Stuart Weitzman would add a higher-end brand to Coach’s and Brown Shoe Company’s footwear offers.
Coach has been grappling with sliding sales and profits amid fierce competition from rivals such as Michael Kors and Kate Spade. In its most recent financial results for the year to June 28, sales dropped 5% year on year at Coach to $4.8bn (£3bn).
Coach could not be reached for comment.