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Coach buying Stuart Weitzman

(AP) Coach is expanding its footwear collection. The luxury handbag and accessories company is 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. The deal is expected to bolster Coach’s image while creating growth opportunities as it struggles to turn around its brand under new CEO Victor Luis, who took the post in January 2014. For shoe retailer Stuart Weitzman, the deal will expand its business overseas. It’s a rare acquisition for Coach, which has long grown internally. While analysts praised the deal, some worry that it could be a distraction to its core business, especially when efforts so far to rework the designs haven’t seen much traction.