"In our view, Coach may have been better served keeping its sole focus on its own transformation," Jefferies analyst Randal Konik wrote in a note to investors. While Konik has reported signs of progress, he says Coach still has a way to go.
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As part of its plan to revive U.S. sales, Coach is attempting to capture a more fashion-savvy customer and recover its pricing power. It's also hoping to evolve from a brand known for its handbags to one offering a "lifestyle" spanning multiple categories.
The latter strategy includes growing its footwear category, which currently accounts for about 10 percent of sales, according to Sterne Agee analyst Ike Boruchow.
"Under normal circumstances, a leading American handbag brand acquiring a leading footwear brand would be a reasonable strategy, but Coach may have too many balls in the air right now," Boruchow said.
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Stuart Weitzman's sales were around $300 million for the 12 months ended September. While that's nothing to scoff at, Wells Fargo analyst Paul Lejuez said "it will be difficult to make a meaningful impact on Coach's overall results," which ring in near $4 billion annually.