Footwear expert Caleres has reached an agreement to acquire Stuart Weitzman shoe brand from Tapestry for a bargain price of $105 million. It's a win/win for both companies.

Tapestry Inc. says it has penned an agreement to sell the Stuart Weitzman brand to Caleres, a portfolio of footwear brands for $105 million in cash. Tapestry said Wednesday that selling the brand would enable the fashion company to focus on sustaining the growth of Coach,

Caleres (NYSE:CAL) shot higher in Wednesday trading after striking a deal to acquire the Stuart Weitzman brand from Tapestry (TPR) for $105 million. Moving forward, Stuart Weitzman will be a lead brand for Caleres (NYSE:CAL).