Welcome to our dedicated page for Tapestry news (Ticker: TPR), a resource for investors and traders seeking the latest updates and insights on Tapestry stock.
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 has launched Prouder Together, an Employee Resource Group for LGBTQIA+ employees and allies, dedicated to fostering an inclusive community and encouraging support within the workplace.
In a recent newsletter, Coach Store Manager Jesse DeBusk interviewed Curtlynn Gonzalez, a social media influencer and advocate for trans rights. Curtlynn shared her journey of coming out and transitioning, highlighting the importance of acceptance and support in the workplace.
She emphasized the challenges faced by transgender individuals, including microaggressions and misgendering, while also advocating for allyship and community support.
Tapestry, Inc. announced initiatives to support Black and brown talent in fashion, emphasizing the importance of talent, culture, community, and marketplace. The Tapestry Foundation awarded over $1M since 2021 to enhance educational access for marginalized students, with $12.5 million in grants and donations in FY2022. The company signed onto the Mitigate Racial Bias in Retail Charter and is implementing training for store employees to create inclusive environments. Additionally, Tapestry's Black Alliance ERG is promoting equity and inclusion through community partnerships and grants, spotlighting Black professionals during Black History Month.
Kate Spade has partnered with ThredUp to launch a new resale program named Pre-Loved, set to start in February. This initiative allows customers to purchase secondhand items directly from Kate Spade's website and earn shopping credits by reselling gently used products. The partnership lasts for one year, with a possibility of renewal. Additionally, Kate Spade aims to assist 100,000 women with mental health support by 2025, having already impacted 66,000 women. This program is part of the brand's ongoing commitment to wellness and sustainability.
Tapestry, Inc. (NYSE: TPR) has announced a quarterly cash dividend of $0.30 per common share. This dividend will be paid on March 27, 2023 to shareholders on record as of March 10, 2023. Tapestry encompasses renowned brands such as Coach, Kate Spade, and Stuart Weitzman, emphasizing their commitment to innovation and sustainability. The company aims to enhance the fashion industry and support community empowerment through its diverse brands, which each offer unique products and customer experiences.
Tapestry, Inc. is enhancing workplace diversity through its Employee Business Resource Groups (EBRGs), which facilitate inclusivity and mentorship. At the recent EBRG Fair, Tapestry highlighted the importance of these groups in creating a dynamic work environment. The company has established a global EI&D Champion Network that includes five ERGs and two task forces, fostering engagement among employees. Since launching its first EBRGs in 2020, membership has surged by 63%. These initiatives underscore Tapestry's commitment to building deep connections among employees of varying backgrounds and generations.
Tapestry, Inc. (NYSE: TPR) reported fiscal Q2 2023 revenue of $2.03 billion, down 5% year-over-year, with strong earnings per diluted share at $1.36, outperforming expectations. Operational improvements led to a gross margin increase to 68.6%, despite a 20% revenue decline in Greater China due to COVID-19 impacts. The company remains on track to return $1 billion to shareholders in FY 2023 through share repurchases and increased dividends. Tapestry raised its fiscal year earnings outlook, projecting earnings per diluted share of $3.70 to $3.75, despite anticipated currency headwinds. The company emphasizes continued focus on sustainable growth and customer engagement.
DETROIT, MI / ACCESSWIRE / February 2, 2023 / Tapestry, Inc. has partnered with Pensole Lewis College to launch the Coach Dream It Real x PLC Masterclass. This six-week virtual program aims to support aspiring accessories and footwear designers from underserved communities by offering tuition-free education. The course runs from March 6 to April 14, with final presentations on April 21 at Coach's headquarters. Participants will gain insights into design processes and sustainability, culminating in a Coach Certificate of Completion. This initiative aligns with Coach Foundation's mission to provide scholarships and opportunities, significantly impacting the fashion design landscape.
Tapestry (NYSE:TPR) emphasizes the importance of mentorship through its Dream It Real program, aiming to empower young people and support diverse talent. The initiative, led by Coach, has engaged over 150,000 youth globally and seeks to provide 5,000 scholarships by 2025. Each year, over 250 Coach employees mentor students, matching them based on shared interests. CEO Joanne C. Crevoiserat shares insights on leveraging strengths and collaboration for success in careers. This program not only fosters professional development but also addresses critical issues like climate change and social justice. Learn more about the initiative here.
Tapestry, Inc. (NYSE: TPR) will hold a conference call on February 9, 2023, at 8:00 a.m. (ET) to discuss its fiscal 2023 second quarter results, which will be released earlier that morning. Investors can participate via telephone by calling 1-866-847-4217 or 1-203-518-9845 with Conference ID 9704378. The audio webcast is accessible through Tapestry's investor page. A telephone replay will be available starting at 12:00 noon (ET) on the same day. Tapestry, which includes brands like Coach and kate spade, focuses on innovation, sustainability, and building a diverse company.
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