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
Coachtopia, a brand under Tapestry, Inc. (TPR), has launched the "Alter/Ego" collection, showcasing its commitment to circularity in fashion. This innovative line features five new bag styles crafted from leather scraps left over from iconic Coach bags like the Tabby, Hampton, and Brooklyn. Using Coachtopia's Checkerboard Upcrafted Leather technique, these bags have a 59-80% lower carbon footprint than comparable styles made with new materials.
The collection demonstrates Coachtopia's mission to reimagine waste, design, and product end-of-life. Joon Silverstein, SVP Global Marketing and Sustainability at Coach and Head of Coachtopia, emphasizes that this initiative represents a shift from using pre-existing waste to proactively designing out waste. The scalable processes developed through Coachtopia are expected to drive transformative change in the wider Coach brand's approach to circularity.
Yang Lu, Tapestry's recently promoted Chief Information Officer (CIO), has been named one of the '50 Outstanding Asian Americans in Business' by the Asian American Business Development Center. This recognition highlights Lu's leadership in technology integrations and modernizations across Tapestry, as well as her commitment to Equity, Inclusion, and Diversity initiatives. Lu also serves as the Executive Sponsor of Tapestry's Asian Heritage Alliance employee business resource group.
This honor underscores Tapestry's support for its employees' professional growth and achievements. The company encourages interested individuals to learn more about how Tapestry fosters career development and supports its workforce.
Coach unveiled its Spring 2025 collection with a runway show on New York City's High Line, showcasing Creative Director Stuart Vevers' vision of American classics reimagined for a new generation. The collection emphasizes personality and self-expression, blending classical tailoring with casual, counter-cultural elements.
Key highlights include:
- The debut of the Chain Tabby 26 bag
- New variations of the Frame bag
- Introduction of the Soho Sneaker with regenerative leather
- 'Re-loving' concept featuring repurposed post-consumer garments
- Graphic T-shirts with New York pop and rock 'n' roll iconography
The show, held in an urban setting, reflected the collection's theme of mixing different styles and personalities in a city environment.
Tapestry (NYSE: TPR) reported its Q4 and FY2024 results, showcasing a record non-GAAP EPS of $4.29 and total revenue of $6.67 billion, an increase of 1% in constant currency. The company's gross margin improved by 250 basis points, driven by lower freight expenses and FX tailwinds.
Key achievements include acquisition of 6.5M new customers, 1% revenue growth in constant currency, and significant operating and free cash flow of over $1.1 billion. The Coach brand reported record annual revenue exceeding $5 billion.
Despite a 2% decrease in Q4 sales to $1.59 billion, Tapestry achieved a gross margin of 74.9% and non-GAAP EPS of $0.92. CEO Joanne Crevoiserat highlighted the company's strategic advancements and future growth potential.
For FY2025, Tapestry forecasts revenue growth to $6.7 billion, an operating margin increase, and EPS between $4.45-$4.50, excluding the impact of the proposed Capri Holdings acquisition, which faces FTC challenges.
Stuart Weitzman, part of Tapestry's brand portfolio, has announced the recipients of its Bold Movers Grant in partnership with Vital Voices Global Partnership. The grant, funded by the Tapestry Foundation, aims to advance inclusive workplace initiatives for working mothers and caregivers. Four recipients were selected for their projects:
1. Janitza Vasquez: Developing 'The Mama Tribe,' a mentoring program for young mothers in New Orleans.
2. Laneceya Russ-Martin: Updating a guide to empower caregivers in advocating for work-life balance policies.
3. Michaela Ayers: Expanding Black Her Stories with live events and wellness workshops for Black caregivers.
4. Shivani Parikh: Advancing The EmpowerHer Conference to support South Asian working mothers and caregivers.
These initiatives focus on empowering women, providing resources, and advocating for policy changes to support working mothers and caregivers.
Tapestry, Inc. (NYSE: TPR) has announced its upcoming fiscal 2024 fourth quarter and year-end earnings call, scheduled for Thursday, August 15, 2024, at 8:00 a.m. ET. The company will release its financial results via press release earlier that morning. Investors and analysts can access the conference call by dialing 1-866-847-4217 or 1-203-518-9845 with the Conference ID 2329867. An audio webcast will also be available on the company's investor relations website. Tapestry is a global house of brands that includes Coach, kate spade new york, and Stuart Weitzman, focusing on innovation, authenticity, and sustainability in the fashion industry.
Tapestry, Inc. (NYSE: TPR) has announced the appointment of Eva Erdmann as CEO & Brand President of Kate Spade, effective October 2024. Erdmann, who will report to Tapestry CEO Joanne Crevoiserat, succeeds Liz Fraser, who is leaving in September. With a proven track record in leading global consumer brands, Erdmann joins from L'Oréal, where she served as Global President of Urban Decay Cosmetics since 2018. In her new role, she will oversee all aspects of Kate Spade's business, focusing on accelerating innovation to drive consumer connections and sustainable global growth. Tapestry maintains its Fiscal 2024 financial outlook and will report Q4 and full-year results on August 15, 2024.
Tapestry and L'Oreal recently co-hosted 'Juneteenth: A Celebration of Freedom' at Tapestry's Hudson Yards headquarters. This event, organized by Tapestry's Black Alliance and L'Oreal's Black @ L'Oréal employee resource groups, brought together over 200 attendees in-person and virtually.
The celebration featured a panel discussion about Juneteenth, focusing on themes of community, equity, and justice. Employees shared personal stories to commemorate the emancipation of enslaved people in the U.S. Following the discussion, a block party with live music, dancing, food, and games provided a vibrant atmosphere for participants.
Tapestry emphasized the importance of equity, inclusion, and diversity within its organization and highlighted the role of employee business resource groups in fostering a supportive community. The event underscored Tapestry's commitment to celebrating and promoting these values among their teams and local partners.
ThredUp (NASDAQ: TDUP), a leading online resale platform for apparel, shoes, and accessories, has appointed Noam Paransky to its Board of Directors. Paransky, Chief Omni and Innovation Officer at Tapestry (NYSE: TPR), brings over 25 years of experience in digital retail innovation. His expertise in omnichannel strategy is set to guide ThredUp as it transitions from a legacy resale marketplace to an AI-powered platform. ThredUp CEO James Reinhart emphasized that Paransky's appointment aligns with the company's focus on leveraging technology to enhance the customer experience in the rapidly evolving resale market.
Tapestry has been named to USA Today's 2024 America's Climate Leaders list, highlighting its commitment to sustainability within the fashion industry.
The company focuses on using environmentally preferred materials, such as recycled leather and post-consumer denim, aligning its efforts with the Science Based Targets Initiative (SBTi).
Significant achievements include a 57% reduction in Scope 1 & 2 GHG emissions and a 24% decrease in Scope 3 Forest, Land, and Agriculture (FLAG) emissions since FY2021.
Tapestry aims to continue its innovative and collaborative approach to sustainability, reinforcing the importance of responsible luxury.
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