Coach buying Stuart Weitzman for $530M

NEW YORK - Luxury handbag and accessories company Coach (COH) is expanding its footwear collection, buying Stuart Weitzman Holdings LLC from private equity firm Sycamore Partners for about $530 million.

Coach Inc. will also make up to $44 million in contingent payments to Sycamore Partners if certain revenue targets are hit over the three years after the deal closes.

Stuart Weitzman had approximately $300 million in revenue for the 12 months ended Sept. 30, 2014. The brand is currently available in 70 countries.

The transaction is expected to close by May.