Tapestry news and archive

Coach parent Tapestry posts increase in Q4 profit, sales remain flat

Coach owner Tapestry has reported widening profit in the fourth quarter despite its sales remaining flat. The group, which last week announced plans to acquire rival US fashion giant Capri Holdings, made a net profit of 224 million dollars in the three months ended July 1, up from 189 million dollars a year earlier. Sales in the fourth quarter...

ManagementFeatured

Coach owner Tapestry to acquire Michael Kors parent Capri Holdings in 8.5 billion dollar deal

Luxury fashion group Tapestry, the parent company of Coach, Kate Spade, and Stuart Weitzman, has reached a definitive agreement to acquire competitor Capri Holdings Limited. Under the terms of the transaction, Capri Holdings shareholders will receive 57 dollars per share, valuing the deal at approximately 8.5 billion dollars, the companies...

ManagementFeatured

Coach parent Tapestry raises FY outlook on strong Q3

Luxury fashion group Tapestry has upped its full-year guidance after outperforming its own expectations in the third quarter of the year. The New York-based group, which owns brands Coach, Kate Spade, and Stuart Weitzman, reported a 5 percent increase in net sales to 1.51 billion dollars in the three months to April 1. The company saw strong...

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Tapestry appoints Alan Lau to its board of directors

Tapestry, Inc. has appointed Alan Lau to its board of directors. The appointment of Lau to the board brings the membership to eleven. Alan Lau is the chief business officer for Animoca Brands since July 2022. In this role, Lau oversees and provides support to the company’s more than 340 portfolio companies and leads M&A and business development....

BusinessFeatured

ELeather rebrands as Gen Phoenix and announces new funding

ELeather, the world’s first and only producer of sustainable recycled leather at scale, is rebranding as Gen Phoenix after securing 18 million US dollars in funding to further its mission to create premium and eco-conscious next-gen materials. In a statement, ELeather said it will now be called Gen Phoenix, a name inspired by the cyclical...

ManagementFeatured

Coach owner Tapestry ups FY profit outlook

Luxury fashion group Tapestry has upped its full-year profit guidance after reporting record earnings in the second quarter. The New York-based group, which owns brands Coach, Kate Spade, and Stuart Weitzman, said it now expects earnings per diluted share (EPS) of between 3.70 dollars and 3.75 dollars, up from previous guidance of between 3.60...

ManagementFeatured

Coach parent Tapestry expects currency headwinds to impact FY23 results

For its first quarter Tapestry, Inc., parent to Coach, Kate Spade, and Stuart Weitzman, reported net sales of 1.51 billion dollars, an increase of approximately 2 percent. The company said, excluding a 370 basis point headwind from currency due to the appreciation of the U.S. dollar revenue rose over 5 percent versus last year. Gross profit...

Retail |In Pictures

Kate Spade opens festive pop-up in London

Kate Spade New York, the fashion accessory brand part of Tapestry, has opened an experiential pop-up for the holiday season in London. Located at 59 Greek Street in London, the festive pop-up will be open for four days, until November 13, and has been designed as a visual expression of the brand’s holiday campaign, complete with a secret disco...

Schools

Tapestry and Kate Spade partner with Harlem’s Fashion Row on university programme

Tapestry and Kate Spade New York have announced a three-year partnership with Harlem’s Fashion Row’s (HFR) annual Historically Black Colleges and Universities (HBCU) Fashion Summit in a bid to support a diverse range of fashion talent. The collaborative programme will offer students at Bowie State University access to connect with Kate Spade’s...

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Tapestry sets 8 billion dollars revenue goal by 2025

Tapestry, parent company of Coach, Kate Spade and Stuart Weitzman plans to achieve revenue of 8 billion dollars by fiscal year 2025, representing a three-year CAGR of 6 percent to 7 percent. The company expects to reach earnings per diluted share of over 5 dollars, for a low-to-mid-teens three-year CAGR. Commenting on the plan, Joanne...

ManagementFeatured

Tapestry's FY22 revenues grow 15 percent, digital sales cross 2 billion dollars

Tapestry, Inc. reported fourth quarter revenue of 1.6 billion dollars, representing 7 percent growth over FY19 pre-pandemic levels. Compared to last year, net sales increased approximately 1 percent on a reported basis. For the fiscal year 2022, Tapestry achieved 6.7 billion dollars in revenue, representing an increase of over 15 percent...

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Tapestry COO Tom Glaser to retire, CFO Scott Roe to assume dual role

Tapestry, Inc. has announced the retirement of Tom Glaser, 61, the company’s chief operations officer (COO). Effective immediately, and in keeping with Tapestry’s succession planning, the company said, Scott Roe, who has been chief financial officer since June 2021, will take on additional responsibility as COO. As part of these changes, the...