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Tapestry, Inc. (symbol: TPR) is a renowned global house of brands that unites the magic of Coach, Kate Spade New York, and Stuart Weitzman. The company excels in producing high-quality fashion and accessories, operating around 1,400 stores worldwide, including North America, Europe, and Asia. Each brand under the Tapestry umbrella is unique: Coach is celebrated for its affordable luxury leather products, Kate Spade is known for its vibrant patterns and graphics, and Stuart Weitzman specializes in women’s footwear. In fiscal 2023, Coach accounted for 75% of sales, Kate Spade contributed 21%, and Stuart Weitzman added 4%.
In a recent strategic move, Tapestry agreed to acquire Capri Holdings Limited, adding Michael Kors, Versace, and Jimmy Choo to its brand portfolio. This acquisition is expected to enhance Tapestry's market presence and product diversity. The company is also known for its commitment to social responsibility, making significant strides in sustainability and community support.
For instance, the Coach (Re)Loved & Repair Workshop achieved Gold-level TRUE Zero Waste Certification, reflecting its dedication to environmental sustainability. This initiative has successfully diverted over 90% of waste from landfills through recycling and reuse, among other methods. Tapestry also supports various philanthropic efforts, such as the Coach Foundation, which aims to expand educational opportunities through the
Tapestry Inc. (NYSE: TPR) has announced the sale of its Stuart Weitzman brand to Caleres (NYSE: CAL) for $105 million in cash, subject to customary adjustments. The transaction is expected to close in summer 2025.
This strategic move allows Tapestry to focus on its largest value creation opportunities, particularly sustaining Coach's leadership and reinvigorating Kate Spade. For Caleres, Stuart Weitzman will become a lead brand, advancing their strategic agenda to grow their Brand Portfolio segment with more global and direct-to-consumer reach. Post-integration, the Brand Portfolio segment is expected to generate nearly half of Caleres' total revenue and over half of their operating profit.
Caleres (NYSE: CAL) has announced a definitive agreement to acquire Stuart Weitzman from Tapestry, Inc. for $105 million. The acquisition aims to strengthen Caleres' position in women's fashion footwear, particularly in the contemporary market segment.
The deal is expected to close in summer 2025, with Caleres funding the acquisition through its revolving credit agreement. Post-acquisition, the Brand Portfolio segment will generate nearly half of Caleres' total revenue and over half of its operating profit. The company expects to operate Stuart Weitzman profitably after integration.
BofA Securities and BCLP are serving as Caleres's financial and legal advisors respectively. Caleres also confirmed its expectations to report consolidated net sales and earnings per diluted share in line with its most recent guidance for the year ending February 1, 2025.
Tapestry Inc. (TPR) reported strong fiscal 2025 second quarter results, achieving record revenue of $2.2 billion, representing a 5% increase year-over-year. The growth was primarily driven by Coach's 10% revenue increase. The company delivered a diluted EPS of $1.38 on a reported basis and a record non-GAAP diluted EPS of $2.00.
Key highlights include a 280 basis points gross margin expansion, strong performance across regions with notable growth in Europe (+42%), North America (+4%), and APAC (+1%). The company welcomed approximately 2.7 million new customers in North America, with over half being Gen Z and Millennials. Digital revenue saw high-single digit growth, while brick-and-mortar sales increased in low-single digits.
Based on these strong results, Tapestry raised its fiscal 2025 outlook, now expecting revenue over $6.85 billion (approximately 3% growth) and EPS of $4.85-$4.90 (13-14% growth). The company remains on track to return over $2 billion to shareholders in fiscal 2025 through dividends and share repurchases.
Tapestry, Inc. (NYSE: TPR) has announced it will host its fiscal 2025 second quarter earnings conference call on Thursday, February 6, 2025, at 8:00 a.m. ET. The company will release its earnings report via press release earlier that morning. Investors can access the call by dialing 1-866-847-4217 or 1-203-518-9845 with Conference ID 2684017.
A telephone replay will be available for five business days starting at 12:00 noon ET on February 6th, accessible at 1-800-283-4641 or +1-402-220-0851. The company's portfolio includes Coach, kate spade new york, and Stuart Weitzman brands, each maintaining unique identities while sharing commitments to innovation and authenticity.
Coach and Gen Phoenix are set to present at CES 2025 on January 9th, showcasing their collaborative efforts in sustainable fashion innovation. The partnership, which began in March 2023 with Tapestry's (NYSE: TPR) strategic investment in Gen Phoenix, focuses on revolutionizing luxury fashion through sustainable practices.
Gen Phoenix's material boasts at least an 80% lower carbon footprint compared to conventional leather. The collaboration has already yielded results through Coachtopia, Coach's circular sub-brand launched in April 2023, featuring handbags made with Gen Phoenix's recycled leather fiber material.
At CES, Coach CEO Todd Kahn and Gen Phoenix CMO Elyse Winer will discuss their partnership's evolution, unveil new product innovations, and outline future plans. The presentation will include exclusive Coach products made with new-to-market recycled leather fibers specifically for CES 2025.
Coach and Gen Phoenix are set to showcase their partnership at CES 2025, highlighting sustainable innovation in fashion. The companies will present during the Great Minds panel on January 9th, featuring Coach CEO Todd Kahn and Gen Phoenix CMO Elyse Winer.
The partnership, which began in March 2023 with Tapestry's (NYSE: TPR) strategic investment in Gen Phoenix, focuses on sustainable leather manufacturing. Gen Phoenix's material boasts at least an 80% lower carbon footprint compared to conventional leather. The collaboration gained momentum in April 2023 with the launch of Coachtopia, Coach's circular sub-brand featuring products made with Gen Phoenix's recycled leather fiber material.
During the CES event, attendees will have the opportunity to win exclusive Coach products made with new-to-market recycled leather fibers. The panel will explore luxury evolution in conscious consumption and reveal new product innovations.
Tapestry Inc. (NYSE:TPR) has released its FY2024 Corporate Responsibility report, highlighting significant achievements in sustainability and social impact. The company, which owns Coach, Kate Spade, and Stuart Weitzman, reported an 84% reduction in Scope 1 and 2 GHG emissions compared to FY2021, meeting its science-based targets through renewable energy investments.
Key achievements include Coach's reissued Soho Bag featuring repurposed denim, resulting in up to 80% reduction in GHG emissions and 95% less water consumption. Employees contributed over 65,000 volunteer hours toward the company's 2030 target of 500,000 hours. The company also received multiple international awards for being a top employer from Forbes, Fortune, TIME, USA Today, and Newsweek.
Tapestry, Inc. (NYSE: TPR), which includes brands like Coach, Kate Spade, and Stuart Weitzman, has released its FY2024 Corporate Responsibility (CR) report. The report showcases the company's achievements in sustainability, social impact, and community building. Key highlights include an 84% reduction in Scope 1 and 2 GHG emissions from the FY2021 baseline, driven by investments in renewable energy. Additionally, Coach reissued its Soho Bag using repurposed denim, which reduces GHG emissions by up to 80% and water use by up to 95% compared to conventional denim. Employees volunteered over 65,000 hours globally, contributing to a target of 500,000 volunteer hours by 2030. Tapestry also received over 10 international awards for being a top employer. The full report is available on Tapestry.com.
Tapestry, Inc. (NYSE: TPR) announced the closing of its offering of $1.5 billion in senior unsecured notes. The offering includes $750 million of 5.100% notes due 2030 and $750 million of 5.500% notes due 2035.
The company plans to use the net proceeds from this offering, along with cash on hand, to repay outstanding loans under its term loan credit agreement and to repay borrowings under its revolving credit facility. These borrowings were used to fund share repurchases under Tapestry’s accelerated share repurchase agreements and for general corporate purposes.
BofA Securities, Morgan Stanley, and J.P. Morgan acted as joint lead book-running managers for this offering. Tapestry is the parent company of iconic brands like Coach, Kate Spade, and Stuart Weitzman. The company emphasizes innovation, authenticity, and sustainability across its brands.
Tapestry (NYSE: TPR) has announced the pricing of its senior unsecured notes offering, consisting of $750.0 million of 5.100% notes due 2030 and $750.0 million of 5.500% notes due 2035. The offering is expected to close on December 11, 2024.
The company plans to use the proceeds, along with cash on hand, to repay outstanding term loan debt and revolving credit facility borrowings that were used for share repurchases. BofA Securities, Morgan Stanley, and J.P. Morgan are serving as joint lead book-running managers for the offering.
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