Tapestry news and archive

Tapestry responds to FTC's lawsuit blocking acquisition of Capri Holdings

The Federal Trade Commission (FTC) has sued to block Tapestry’s 8.5 billion dollars acquisition of Capri Holdings Limited, a deal that seeks to combine three close competitors – Tapestry’s Coach and Kate Spade brands and Capri’s Michael Kors brand. The Commission issued an administrative complaint and authorised a lawsuit in federal court to...

Business

Tapestry and Capri merger gains EU and Japan antitrust approval

The planned merger between luxury powerhouses Tapestry and Capri Holdings has been approved by market regulators in both Japan and the European Union, bringing the duo one step closer to their goal. In a regulatory filing, Tapestry confirmed the news that the merger plan had been cleared by the European Commission under the EU Merger Regulation...

Retail

Coach opens first global dining & hospitality experience in Jakarta, Indonesia

Coach has opened its first-ever Coach Restaurant and Coach Coffee Shop at the Grand Indonesia Mall in Indonesia as the luxury brand marks its debut venture into the hospitality industry. Inspired by Coach’s vision of Expressive Luxury, first revealed in 2022, the Coach Restaurant and the adjacent coffee shop mark the first of a series of dining...

People

Kevin Hourican and David Elkins join Tapestry board of directors

Tapestry, Inc. has appointed Kevin Hourican, president and CEO of Sysco Corporation and David Elkins, executive vice president and CFO of Bristol Myers Squibb to the company’s board of directors. Commenting on the new board appointees, Joanne Crevoiserat, CEO of Tapestry said: “We are pleased to welcome Kevin and David to our board – two proven...

Business

Tapestry raises profit guidance on strong Q2

Tapestry’s net sales in the second quarter totaled 2.08 billion dollars, representing growth of 3 percent on both a reported and constant currency basis. Gross profit totaled 1.49 billion dollars, while gross margin was 71.6 percent, net income was 322 million dollars and earnings per diluted share were 1.39 dollars. On a non-GAAP basis, net...

Business |Interview Featured

Coach CEO talks widening Tapestry’s fulfilment capabilities in the US

Expansion has been in the air at Tapestry throughout 2023. In August, it was revealed that the luxury group’s family was to be welcoming more members as it snapped up fellow rival Capri Holdings and its slew of premium brands – namely Michael Kors, Versace and Jimmy Choo. And it wasn’t just the portfolio that grew. Earlier this month, Tapestry...

Business

Tapestry opens new fulfillment center in North Las Vegas

Tapestry, Inc., the group that owns the portfolios of Coach, Kate Spade, and Stuart Weitzman, has opened a new full-scale fulfillment center in North Las Vegas, Nevada, to better serve its West Coast customers. The new fulfillment center implements some of the latest advancements in material handling technology to optimize Tapestry's fulfillment...

BusinessFeatured

Coach owner Tapestry posts marginal sales growth

First quarter net sales at Tapestry totalled 1.51 billion dollars, slightly above the prior year. Excluding a 130 basis point headwind from currency due to the appreciation of the U.S. dollar revenue increased approximately 2 percent versus last year. Gross profit for the quarter was 1.10 billion dollars, while gross margin was 72.5 percent,...

Business

Tapestry cuts revenue forecast

Tapestry, the group that owns the portfolios of Coach, Kate Spade, and Stuart Weitzman, issued a revision to its annual sales projection on Thursday, with analysts citing a downturn in demand for its handbags and footwear across the United States. While Tapestry reported a 6 percent uptick in first-quarter revenue on a comparable basis to 2022,...

Fashion

Michael Kors to show in Dubai in December

American designer label Michael Kors, which was recently acquired by luxury fashion group Tapestry, the parent company of Coach, Kate Spade, and Stuart Weitzman, has announced it will present a complete collection catwalk show outside of New York for the first time in Dubai. Michael Kors will present an exclusive catwalk showcase in Dubai on...

BusinessFeatured

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...

BusinessFeatured

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...