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, 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.
On June 6, 2024, Coach celebrated 'Dream Day,' an event organized by the Coach Foundation's Dream It Real initiative in collaboration with Coachtopia, a sub-brand focused on circular craft and creativity. The event emphasized supporting young people through high-impact scholarships and funding for climate leaders. The theme 'Dreaming Tomorrow' included talks and workshops led by Gen Z activists and creatives.
Attended by 200 participants, mostly Dream It Real Scholars receiving four-year scholarships, the event also introduced the Dream It Real x Coachtopia Scholars Program, supporting undergraduates committed to sustainability. A highlight was the teaser screening of 'Asali: Power of The Pollinators,' an animated film about environmental protection, followed by a panel discussion with the cast.
Coach aims to continue expanding its support, targeting 10,000 scholarships by 2030, demonstrating a strong commitment to empowering young people and fostering a sustainable future.
Tapestry, through its Coach brand, celebrated Teacher Appreciation Week by hosting pop-up shopping events for 1,500 teachers across four US cities: Miami, Chicago, New York, and San Jose. This initiative, done in collaboration with Soles4Souls, provided educators with complimentary styling sessions and products. Over 160 Coach store team members volunteered to assist in these events, adding a personalized touch with thank you notes and warm welcomes. Testimonials from participating teachers highlighted the emotional impact and gratitude felt due to the generosity of Coach’s efforts.
Coach, in collaboration with Blue Star Families, celebrated National Military Spouse Appreciation Day by hosting events in Jacksonville, FL, and New York City's Hudson Yards HQ.
In Jacksonville, 100 military spouses attended a pop-up shop featuring Coach products and received a behind-the-scenes tour of Tapestry's fulfillment center, meeting key Tapestry leaders.
In New York, another 100 military spouses participated in a similar pop-up shop and attended a panel discussion featuring Coach CEO Todd Kahn and Tapestry Chief Inclusion and Social Impact Officer David L. Casey.
This marks the second consecutive year Tapestry's Jacksonville center has collaborated with Blue Star Families, contributing gifts to over 3,000 military community members.
Tapestry has been named to the 2024 TIME100 Most Influential Companies list, celebrating its impact across various industries through innovation, ambition, and success. This recognition underscores Tapestry's commitment to consumer-focused progress and creating a sustainable, equitable future.
The TIME100 list results from a rigorous selection process involving nominations from various sectors and evaluations by TIME editors based on impact, innovation, ambition, and success.
Tapestry's portfolio includes iconic brands like Coach, Kate Spade New York, and Stuart Weitzman, known for quality and innovation. This accolade highlights Tapestry's efforts in sustainability, social impact, equity, inclusion, and diversity, affirming the company's positive trajectory and potential for future achievements.
Tapestry has highlighted Trinicia Perch's career journey from product packaging to managing the company's Global Employee Business Resource Group (EBRG) Programs. With over 15 years in packaging roles across Coach and Tapestry, Trinicia leveraged her leadership experience and passion for equity, inclusivity, and diversity to transition into her current role. Tapestry emphasizes creating equal growth opportunities for all employees, supported by EBRGs that provide community, support, and professional development. These groups champion diversity, equity, and inclusion, helping employees navigate career development and mentorship.
Tapestry announced that David L. Casey, its Chief Inclusion & Social Impact Officer, has been named to Savoy Magazine's 2024 list of the 100 Most Influential Executives in Corporate America for the second consecutive year.
Casey oversees Tapestry's Equity, Inclusion and Diversity strategy and its Social Impact programs, including advocacy, philanthropy, impact investing, and volunteerism.
The selection process for the list is rigorous, considering corporate influence, scholastic achievement, career growth, community outreach, and recognition. This year's list features over 300 professionals from various industries.
Casey has over 20 years of experience in corporate diversity and holds advisory roles in multiple national organizations. He is also a U.S. Marine Corps veteran.
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