• A smaller LVMH, focused on accessible luxury fashion and accessories.
• The Kering of mainstream luxury fashion brands.

Tapestry, Inc. (TPR) is a house of luxury lifestyle brands. Its major products are categorized by brand:

• Coach: Offers modern luxury accessories and lifestyle collections, including handbags, wallets, footwear, apparel, and jewelry.
• Kate Spade New York: Provides playful and sophisticated handbags, ready-to-wear clothing, jewelry, footwear, and home accessories.
• Stuart Weitzman: Specializes in designer women's footwear, known for its high-quality boots, shoes, and sandals.

Tapestry (Symbol: TPR) - Major Customers

Tapestry, Inc. (TPR) is a global house of brands that includes Coach, Kate Spade New York, and Stuart Weitzman. The company sells primarily to individual consumers through its extensive network of company-operated stores (including retail and outlet locations), e-commerce websites, and digital channels. In fiscal year 2023, approximately 82% of Tapestry's net sales were direct-to-consumer.

Therefore, Tapestry primarily serves individuals. Here are up to three categories of customers that it serves:

• Aspirational Luxury Shoppers: These are consumers who desire premium, branded fashion items but typically operate within an accessible luxury budget. They seek quality, design, and brand recognition from established labels like Coach, Kate Spade, and Stuart Weitzman, viewing these purchases as personal investments or treats. They value the brand story and the elevated experience associated with luxury products.
• Fashion-Conscious & Trend-Oriented Consumers: This category includes customers who prioritize style, contemporary design, and staying current with fashion trends. They are drawn to the distinct aesthetic and seasonal collections offered by Tapestry's brands, often seeking out pieces that reflect current fashion sensibilities and personal expression.
• Value-Oriented Branded Goods Seekers: These shoppers appreciate the quality and brand recognition of luxury items but are highly price-sensitive. They actively seek out sales, promotional events, and outlet stores to acquire products at a more accessible price point, valuing the opportunity to own branded merchandise at a discount.

Joanne Crevoiserat, Chief Executive Officer

Joanne Crevoiserat was appointed Chief Executive Officer of Tapestry in October 2020, after serving as interim CEO since July 2020. She originally joined Tapestry as Chief Financial Officer in August 2019. Prior to her tenure at Tapestry, Ms. Crevoiserat held significant leadership roles at other prominent companies. She served as Executive Vice President and Chief Operating Officer at Abercrombie & Fitch Co. from February 2017 to June 2019, and as Chief Financial Officer there from May 2014. Her career also includes senior management positions at Kohl's Corporation, where she was Executive Vice President of Finance and Executive Vice President of Merchandise Planning and Allocation. Earlier, she held senior finance roles with Wal-Mart Stores and May Department Stores, including Chief Financial Officer of the Filene's, Foley's, and Famous-Barr brands. Ms. Crevoiserat is also a member of the Board of Directors of General Motors Co. She previously served on the board of At Home Group Inc.

Scott A. Roe, Chief Financial Officer and Chief Operating Officer

Scott A. Roe joined Tapestry as Chief Financial Officer on June 1, 2021, and also leads the company's strategy and consumer insights teams. He also holds the title of Chief Operating Officer. Before joining Tapestry, Mr. Roe spent 25 years at VF Corporation, a global apparel and footwear company, where he served as Chief Financial Officer from 2015. During his time at VF, he held various leadership positions, including Vice President, Controller and Chief Accounting Officer, and CFO of the International Business. In the early 1990s, Mr. Roe co-founded a paper recycling business, which was eventually sold to cover debt. His early career also includes working at industrial companies such as Blue Circle America and Alumax, and he began his professional journey at Arthur Young & Co. (now EY).

Todd Kahn, Chief Executive Officer and Brand President, Coach

Todd Kahn is the Chief Executive Officer and Brand President for Coach, where he is responsible for the global brand vision and strategy. He was appointed interim CEO of the Coach brand in July (2020) before taking on the role permanently. Mr. Kahn joined Coach in January 2008 as Senior Vice President, General Counsel and Secretary. Prior to Coach, he served as President and Chief Operating Officer of Calypso Christian Celle from July to September 2007. He also previously held the position of Chief Administrative Officer at Kate Spade & Company starting in July 2017.

Peter Charles, Chief Supply Chain Officer

Peter Charles serves as the Chief Supply Chain Officer for Tapestry, overseeing the company's global supply chain operations.

David E. Howard, General Counsel & Secretary

David E. Howard holds the positions of General Counsel and Secretary for Tapestry.

The key risks to Tapestry's business (symbol: TPR) include:

1. Sensitivity to Economic Cycles and Fluctuations in Consumer Demand: Tapestry's financial performance is materially affected by global economic conditions and consumer spending habits, particularly in the luxury market. Economic downturns, inflationary pressures, or changes in disposable income can lead to reduced consumer demand for its products.
2. Maintaining Brand Relevance, Intense Competition, and Shifting Consumer Preferences: The luxury fashion industry is highly competitive and subject to rapidly evolving consumer preferences and fashion trends. Tapestry faces the ongoing challenge of ensuring its brands—Coach, Kate Spade, and Stuart Weitzman—remain relevant and desirable to consumers, including attracting younger demographics who may exhibit less loyalty to legacy luxury brands. The company has experienced varying performance across its brands, with some showing struggles in maintaining relevance and sales.
3. Risks Associated with International Operations, Global Sourcing, and Supply Chain Disruptions: A significant portion of Tapestry's net sales comes from international markets, exposing the company to geopolitical risks, changes in international trade agreements, tariffs, currency fluctuations, and complexities in global sourcing and distribution. Disruptions to its global supply chain, whether due to natural disasters, political instability, or other unforeseen events, can negatively impact its production and sales.

The burgeoning luxury resale market, facilitated by platforms such as The RealReal and Vestiaire Collective, poses a clear emerging threat. This market directly competes with Tapestry's primary sales by offering authenticated, pre-owned luxury goods at more accessible price points, tapping into growing consumer demand for sustainability and value. Similar to how Netflix provided an alternative to Blockbuster for film consumption, these platforms offer an alternative mode of luxury acquisition, potentially eroding demand for newly manufactured products across Tapestry's brands like Coach, Kate Spade, and Stuart Weitzman.

Tapestry (symbol: TPR) operates primarily in the luxury accessories and lifestyle brands market, encompassing products such as handbags, footwear, and apparel through its brands Coach, Kate Spade, and Stuart Weitzman.

The addressable markets for Tapestry's main products and services are sized globally as follows:

• Premium Handbags, Small Leather Goods, and Footwear: The global market for premium handbags, small leather goods, and footwear is expected to reach $105 billion by fiscal year 2025.
• Luxury Handbags: The global luxury handbags market was valued at approximately USD 28.64 billion in 2024 and is projected to reach USD 53.80 billion by 2032.
• Luxury Footwear: The global luxury footwear market was valued at USD 36.8 billion in 2024 and is expected to reach USD 67.9 billion by 2033. Another estimate places the global market size at USD 38.66 billion in 2024, growing to around USD 76.34 billion by 2034.
• Luxury Apparel: The global luxury apparel market was valued at USD 96.88 billion in 2023 and is poised to grow to USD 169.32 billion by 2032. Another source indicates the global luxury apparel market size was valued at USD 138.64 billion in 2025 and is projected to grow to USD 172.64 billion by 2030.

1. New Customer Acquisition, particularly Gen Z: Tapestry's "Amplify" growth strategy emphasizes building emotional connections with consumers and driving new customer acquisition, with a specific focus on attracting Gen Z consumers to foster brand loyalty and lifetime value. This strategy has already shown success, with the company acquiring over 2.2 million new customers globally, a significant portion of whom are Gen Z.
2. Product Innovation and Expansion in Core Categories: The company plans to fuel fashion innovation and product excellence, leading with its core handbags and leather goods, while also targeting lifestyle expansion in footwear. The strong performance of Coach, particularly with its handbags like the Tabby, highlights the success of this focus.
3. Accelerated Global Market Growth, especially Greater China and Europe: Tapestry is focused on sustaining growth in North America and accelerating momentum in international markets, with a prioritization on Greater China and Europe, where it sees opportunities for increased penetration and market share. Recent results show significant revenue increases in Europe (32%) and Greater China (19%), driven by strong customer acquisition and local consumer spending.
4. Enhancing Omni-Channel and Direct-to-Consumer (DTC) Experiences: The company aims to extend its omni-channel leadership to meet customers across all shopping touchpoints, driving growth both online and in physical stores. Tapestry has reported double-digit gains in its direct-to-consumer model across North America, China, and Europe, achieving strong growth in both digital and brick-and-mortar channels.

Share Repurchases

• In Fiscal Year 2022, Tapestry repurchased $1.6 billion in common stock, approximately 42 million shares at an average cost of $38.08 per share. An incremental $1 billion share repurchase program was approved, leading to an expectation of approximately $1.25 billion in repurchases for the fiscal year.
• Tapestry returned approximately $700 million to shareholders through common stock repurchases in Fiscal Year 2023, acquiring roughly 17.8 million shares at an average cost of $39.30 per share.
• In November 2024 (Fiscal Year 2025), Tapestry executed a $2 billion Accelerated Share Repurchase (ASR) program under its recently expanded $2.8 billion authorization, initially receiving 28.4 million shares. The company expects to return over 100% of its free cash flow in Fiscal Year 2025 to shareholders through dividends and share repurchases. For the first quarter of Fiscal Year 2026, $500 million was repurchased, with $2.74 billion remaining under the 2026 Share Repurchase Program authorization.

Share Issuance

• Tapestry's issuance of common stock averaged $71.62 million for fiscal years ending July 2021 to 2025.
• The issuance peaked in June 2025 at $156.1 million and was at its 5-year low in June 2024 at $27.3 million.

Outbound Investments

• On August 10, 2023, Tapestry announced a definitive agreement to acquire Capri Holdings Limited, leading to deal-related costs, primarily financing charges and professional fees. These costs decreased pre-tax income by $72 million in Q2 Fiscal Year 2024 and by $227 million for the full Fiscal Year 2024.
• Tapestry completed the sale of the Stuart Weitzman business on August 4, 2025, for $105 million, resulting in a total pre-tax loss of $22.6 million.

Capital Expenditures

• Capital expenditures were $116 million in Fiscal Year 2021, $93.9 million in Fiscal Year 2022, and peaked at $184.2 million in Fiscal Year 2023.
• For Fiscal Year 2024, capital expenditures were $108.9 million, with CapEx and cloud computing costs totaling $144 million.
• Expected capital expenditures and cloud computing costs for Fiscal Year 2025 are approximately $190 million, with about half focused on store openings, renovations, and relocations, and the remainder on ongoing digital and IT investments.