Coach has bought the women's footwear brand Stuart Weitzman from the private equity firm Sycamore Partners for $530 million.

The transaction, which is expected to close by May, also includes $44 million in contingent payments upon the achievement of selected revenue targets.

"Stuart Weitzman is a leading American luxury designer footwear brand with a solid growth trajectory and further significant domestic and international development potential," says Victor Luis, chief executive officer, Coach. "Importantly, the size, scope and vibrancy of the Stuart Weitzman brand, along with the continuity of its management team, allows for a seamless transition to Coach ownership, as we continue to focus on Coach’s brand transformation. Over the medium term, we look forward to advancing the Stuart Weitzman brand’s global development, especially by leveraging Coach’s international infrastructure and expertise in handbags and accessories. In addition, we look forward to benefiting from the Stuart Weitzman team’s expertise in footwear development where they’re proven leaders in fashion and fit."