Tapestry, Inc.

Tapestry, Inc.
FormerlyCoach, Inc. (2000–2017)
Company typePublic
Industry
PredecessorCoach Leatherware Company
FoundedJune 1, 2000; 24 years ago (2000-06-01)
Headquarters10 Hudson Yards
New York City, US
Key people
Joanne Crevoiserat (CEO)[1]
Scott Roe (CFO)[2]
Brands
RevenueIncrease US$6.67 billion (2024)
Decrease US$1.14 billion (2024)
Decrease US$816 million (2024)
Total assetsIncrease US$13.4 billion (2024)
Total equityIncrease US$2.90 billion (2024)
Number of employees
18,600 (2024)
Websitetapestry.com
Footnotes / references
Financials as of June 30, 2024.[3]

Tapestry, Inc. is an American multinational fashion holding company. It is based in New York City and is the parent company of three major brands: Coach New York, Kate Spade New York and Stuart Weitzman. Originally named Coach, Inc., the business changed its name to Tapestry on October 31, 2017.[4]

History

Coach New York

Coach was founded in 1941. Starting as a workshop, it grew into a company with over 17,000 employees.[4] Seeking wider recognition and a larger market, the company acquired brands such as Kate Spade and Stuart Weitzman. This broadened the appeal to consumers of all three brands. The company changed names, reducing the share price because investors felt that the name change was not well received by customers. The share price later recovered.[5]

Kate Spade New York

American fashion designer Kate Spade founded Kate Spade New York in 1993. It was initially similar to the Coach company. The company was purchased by Coach in 2017 in a $2.4 billion deal.

Stuart Weitzman

Stuart Weitzman (born 1941) began working in the early 1960s for Seymour Shoes,[6] a company set up by his father Seymour Weitzman and his older brother Warren in Haverhill, Massachusetts in the late 1950s.

After the company was taken over by a Spanish company in 1971, it was bought by Stuart Weitzman in 1994. Over the years, and following a series of takeovers, the company has grown considerably to become one of the Tapestry group's luxury brands.

The brand was purchased by Coach in 2015 for $574 million. It was made to broaden Coach's product line.[7]

Tapestry, Inc.

The business originally named Coach changed its name to Tapestry to better represent its broader product range when it expanded beyond Coach-brand handbags.[7] The company officially changed its name and ticker symbol on the New York Stock Exchange from COH to TPR on October 31, 2017.[8] Most of these products are accessories, such as handbags, key-chains, shoes and other small fashion items. Most of these items are leather goods and are produced by the individual subsidiaries.[5]

In late July, 2020, the company named Joanne Crevoiserat, Tapestry's CFO since early 2019, the new CEO. She became the 36th female to lead a Fortune 500 company.[9]

Attempted acquisition of Capri Holdings

Tapestry announced it would acquire Capri Holdings in August 2023 for $8.5 billion.[10] Capri owns the brands Versace, Michael Kors, and Jimmy Choo.[11] The U.S. Federal Trade Commission sued to block the acquisition in April 2024 citing reduced competition between their brands, like Coach and Michael Kors, in the affordable luxury handbag market. It was also concerned that the deal would negatively impact hiring of workers and their wages.[12] The merger was blocked on 24 October 2024.[13] Tapestry and Capri committed to appealing the decision,[13] but called off the merger the following month citing the regulatory hurdles.[14]

Leadership

Victor Luis began working with the company as the CEO of the Japanese subsidiary. He then worked in China. He rose to serve as Tapestry's International CEO, and then CEO of Tapestry, Inc.[15] In September 2019, Tapestry Inc. replaced Luis as CEO, announcing he would leave immediately and be succeeded by board Chairman Jide Zeitlin, a former Goldman Sachs executive who has been on the board since 2006.[16] Jide J. Zeitlin was appointed chief executive officer (CEO) of Tapestry in September 2019. In this role, Jide was responsible for the execution of the company's strategic agenda and financial performance. Mr. Zeitlin was elected to Tapestry's board of directors in June 2006 and served as the chairman of the board from November 2014[17] until his resignation in July 2020 after accusations of personal misconduct.[18] Tapestry announced in April 2021 that VF Corp. executive Scott Roe would be succeeding Andrea Shaw Resnick as CFO.[19][20][21]

Controversy

In July 2020, Tapestry CEO Jide Zeitlin resigned from his positions as CEO and chairman amidst an investigation into his personal behavior. Previously, a woman had accused him of luring her into a romantic relationship in 2007 by pretending to be a photographer.[22]

References

  1. ^ "Leadership | Tapestry". Archived from the original on 2017-10-15.
  2. ^ Maurer, Mark (29 April 2021). "Luxury Retailer Tapestry Names VF Executive as CFO". Wall Street Journal.
  3. ^ "Tapestry, Inc. FY24 Annual Report Form 10-K". U.S. Securities and Exchange Commission. 2024-08-15.
  4. ^ a b Friedman, Vanessa (2017-10-11). "Coach Inc. Is Dead. Long Live Tapestry". The New York Times. ISSN 0362-4331. Retrieved 2019-01-12.
  5. ^ a b "Coach Announces Name Change to Tapestry Inc". The Business of Fashion. 2017-10-11. Retrieved 2018-10-23.
  6. ^ "Stuart Weitzman, Master of Mid-Market Glamour". The Business of Fashion. October 16, 2014.
  7. ^ a b "Coach no more; New York company wants to be called Tapestry". The Mercury News. 2017-10-11. Retrieved 2018-11-08.
  8. ^ "Coach (COH) to Change Name to Tapestry, Inc., Stock Ticker to 'TPR'". StreetInsider.com. Retrieved 2019-01-09.
  9. ^ Wahba, Phil (2020-07-21). "There are now just 4 Black CEOs in the Fortune 500 as Tapestry boss resigns". Fortune. Retrieved 2020-07-22.
  10. ^ Holman, Jordyn (10 August 2023). "Coach Owner to Buy Parent of Versace in Luxury Mega Merger". The New York Times. Retrieved 10 August 2023.
  11. ^ Thomas, Lauren; Lombardo, Cara (10 August 2023). "Coach Owner Strikes $8.5 Billion Deal for Parent of Michael Kors, Versace". Wall Street Journal. Retrieved 10 August 2023.
  12. ^ D'Innocenzio, Anne (April 23, 2024). "Federal Trade Commission sues to block Tapestry's $8.5B acquisition of Capri". Associated Press.
  13. ^ a b Van Voris, Bob; Shen, Yiqin; Dometsch, Chris (24 October 2024). "Tapestry's $8.5 Billion Capri Deal Halted in FTC Win". Bloomberg.com. Retrieved 24 October 2024.
  14. ^ Mishra, Savyata; Rajesh, Ananya Mariam (November 14, 2024). "Coach parent Tapestry pulls $8.5 bln bid for Capri after FTC roadblock". Reuters.
  15. ^ "Tapestry Inc". Bloomberg. Retrieved 2018-10-21.
  16. ^ Kapner, Suzanne (4 September 2019). "Owner of Coach, Kate Spade Ousts CEO". Wall Street Journal. Retrieved 2019-09-04.
  17. ^ Wu, Jasmine (4 September 2019). "Coach owner Tapestry appoints Jide Zeitlin as CEO". CNBC. Retrieved 2019-09-04.
  18. ^ "Coach owner Tapestry CEO Jide Zeitlin resigns after woman accuses him of posing as a photographer". CNBC. 21 July 2020.
  19. ^ Maurer, Mark (2021-04-29). "Luxury Retailer Tapestry Names VF Executive as CFO". Wall Street Journal. ISSN 0099-9660. Retrieved 2021-04-29.
  20. ^ "Tapestry, Inc. Appoints Scott A. Roe Chief Financial Officer and Head of Strategy". finance.yahoo.com. Retrieved 2021-04-29.
  21. ^ Lockwood, Lisa (2021-04-29). "Tapestry Taps Scott A. Roe as Chief Financial Officer". WWD. Retrieved 2021-04-29.
  22. ^ Kapner, Suzanne (21 July 2020). "Tapestry Board Had Opened Probe Into CEO Jide Zeitlin Before He Resigned". The Wall Street Journal. Dow Jones Corporation. Retrieved 21 July 2020.
  • Official website
  • Business data for Tapestry, Inc.:

40°45′17″N 74°00′01″W / 40.754734°N 74.00028°W / 40.754734; -74.00028

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