Tapestry news and archive

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...

Business

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....

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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...

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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...

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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...

Business

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...

Business

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...

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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...

Business

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...

BusinessFeatured

Tapestry’s Q3 sales improve, cuts FY22 profit outlook

Net sales at Tapestry, Inc. totalled 1.44 billion dollars for the third quarter, a 13 percent increase compared to the same quarter in the prior year. The company is modifying its fiscal 2022 outlook due to an estimated headwind of 25 cents to 30 cents resulting from incremental Covid-related pressure in China and an anticipated negative impact...

Tapestry names David Casey as chief inclusion and social impact officer

Tapestry, Inc. has appointed David L. Casey as chief inclusion and social impact officer, effective May 16, 2022. The company said in a release that Casey will have responsibility for continuing to shape and deliver Tapestry’s equity, inclusion and diversity strategy and will oversee the company’s social impact efforts through advocacy,...