Tapestry (TPR)
Market Price (5/2/2026): $142.75 | Market Cap: $29.1 BilSector: Consumer Discretionary | Industry: Apparel, Accessories & Luxury Goods
Tapestry (TPR)
Market Price (5/2/2026): $142.75Market Cap: $29.1 BilSector: Consumer DiscretionaryIndustry: Apparel, Accessories & Luxury Goods
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 11% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 21% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 24%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 22% Attractive yieldFCF Yield is 5.6% Stock buyback supportStock Buyback 3Y Total is 3.5 Bil Low stock price volatilityVol 12M is 39% Megatrend and thematic driversMegatrends include Experience Economy & Premiumization, E-commerce & Digital Retail, and Sustainable Consumption. Themes include Luxury Consumer Goods, Show more. | Expensive valuation multiplesP/SPrice/Sales ratio is 3.9x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 40x, P/EPrice/Earnings or Price/(Net Income) is 56x Stock price has recently run up significantly12M Rtn12 month market price return is 105% Key risksTPR key risks include [1] the challenge of maintaining brand relevance and addressing the varying performance across its brand portfolio, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 11% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 21% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 24%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 22% |
| Attractive yieldFCF Yield is 5.6% |
| Stock buyback supportStock Buyback 3Y Total is 3.5 Bil |
| Low stock price volatilityVol 12M is 39% |
| Megatrend and thematic driversMegatrends include Experience Economy & Premiumization, E-commerce & Digital Retail, and Sustainable Consumption. Themes include Luxury Consumer Goods, Show more. |
| Expensive valuation multiplesP/SPrice/Sales ratio is 3.9x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 40x, P/EPrice/Earnings or Price/(Net Income) is 56x |
| Stock price has recently run up significantly12M Rtn12 month market price return is 105% |
| Key risksTPR key risks include [1] the challenge of maintaining brand relevance and addressing the varying performance across its brand portfolio, Show more. |
Qualitative Assessment
AI Analysis | Feedback
1. Tapestry reported robust second-quarter fiscal 2026 financial results, significantly surpassing analyst expectations and raising its full-year outlook. The company announced earnings per share (EPS) of $2.69 for the quarter ended February 5, 2026, exceeding analysts' consensus estimates of $2.20 by $0.49, or 22.27%. Revenue for the quarter reached $2.50 billion, outperforming analyst estimates of $2.29 billion and marking a 14.0% increase year-over-year. This strong performance led Tapestry to raise its fiscal 2026 revenue guidance to over $7.75 billion and its EPS outlook to a range of $6.40 to $6.45.
2. The strong performance of the Coach brand was a significant catalyst for the stock's positive trend. Coach's revenue grew by 25% in the second quarter of fiscal 2026. Management anticipates high-teens percentage growth for Coach for the entire fiscal year 2026. This brand momentum was driven by broad-based strength, including double-digit growth in North America (+27%), Greater China (+37%), and Europe (+26%), along with accelerated direct-to-consumer growth and successful acquisition of new customers, particularly Gen Z.
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Stock Movement Drivers
Fundamental Drivers
The 12.8% change in TPR stock from 1/31/2026 to 5/1/2026 was primarily driven by a 84.6% change in the company's Net Income Margin (%).| (LTM values as of) | 1312026 | 5012026 | Change |
|---|---|---|---|
| Stock Price ($) | 126.57 | 142.74 | 12.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7,208 | 7,515 | 4.3% |
| Net Income Margin (%) | 3.8% | 7.0% | 84.6% |
| P/E Multiple | 96.8 | 55.8 | -42.4% |
| Shares Outstanding (Mil) | 208 | 204 | 1.7% |
| Cumulative Contribution | 12.8% |
Market Drivers
1/31/2026 to 5/1/2026| Return | Correlation | |
|---|---|---|
| TPR | 12.8% | |
| Market (SPY) | 3.6% | 50.8% |
| Sector (XLY) | -1.9% | 43.2% |
Fundamental Drivers
The 30.8% change in TPR stock from 10/31/2025 to 5/1/2026 was primarily driven by a 166.0% change in the company's Net Income Margin (%).| (LTM values as of) | 10312025 | 5012026 | Change |
|---|---|---|---|
| Stock Price ($) | 109.15 | 142.74 | 30.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7,011 | 7,515 | 7.2% |
| Net Income Margin (%) | 2.6% | 7.0% | 166.0% |
| P/E Multiple | 124.3 | 55.8 | -55.1% |
| Shares Outstanding (Mil) | 209 | 204 | 2.3% |
| Cumulative Contribution | 30.8% |
Market Drivers
10/31/2025 to 5/1/2026| Return | Correlation | |
|---|---|---|
| TPR | 30.8% | |
| Market (SPY) | 5.5% | 46.7% |
| Sector (XLY) | -0.7% | 44.2% |
Fundamental Drivers
The 105.0% change in TPR stock from 4/30/2025 to 5/1/2026 was primarily driven by a 189.8% change in the company's P/E Multiple.| (LTM values as of) | 4302025 | 5012026 | Change |
|---|---|---|---|
| Stock Price ($) | 69.64 | 142.74 | 105.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6,776 | 7,515 | 10.9% |
| Net Income Margin (%) | 11.7% | 7.0% | -40.8% |
| P/E Multiple | 19.2 | 55.8 | 189.8% |
| Shares Outstanding (Mil) | 220 | 204 | 7.7% |
| Cumulative Contribution | 105.0% |
Market Drivers
4/30/2025 to 5/1/2026| Return | Correlation | |
|---|---|---|
| TPR | 105.0% | |
| Market (SPY) | 30.4% | 48.8% |
| Sector (XLY) | 21.2% | 43.4% |
Fundamental Drivers
The 277.7% change in TPR stock from 4/30/2023 to 5/1/2026 was primarily driven by a 416.1% change in the company's P/E Multiple.| (LTM values as of) | 4302023 | 5012026 | Change |
|---|---|---|---|
| Stock Price ($) | 37.79 | 142.74 | 277.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6,594 | 7,515 | 14.0% |
| Net Income Margin (%) | 12.7% | 7.0% | -45.2% |
| P/E Multiple | 10.8 | 55.8 | 416.1% |
| Shares Outstanding (Mil) | 239 | 204 | 17.2% |
| Cumulative Contribution | 277.7% |
Market Drivers
4/30/2023 to 5/1/2026| Return | Correlation | |
|---|---|---|
| TPR | 277.7% | |
| Market (SPY) | 78.7% | 47.7% |
| Sector (XLY) | 64.4% | 45.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| TPR Return | 32% | -3% | 0% | 83% | 99% | 14% | 430% |
| Peers Return | 18% | -33% | 44% | 1% | 2% | 6% | 24% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 5% | 92% |
Monthly Win Rates [3] | |||||||
| TPR Win Rate | 50% | 58% | 42% | 75% | 67% | 50% | |
| Peers Win Rate | 58% | 33% | 55% | 48% | 50% | 55% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| TPR Max Drawdown | -2% | -34% | -28% | -3% | -7% | -1% | |
| Peers Max Drawdown | -8% | -50% | -18% | -31% | -39% | -14% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: CPRI, RL, PVH, GIII, VFC. See TPR Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/1/2026 (YTD)
How Low Can It Go
| Event | TPR | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -31.8% | -18.8% |
| % Gain to Breakeven | 46.6% | 23.1% |
| Time to Breakeven | 86 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -14.3% | -7.8% |
| % Gain to Breakeven | 16.7% | 8.5% |
| Time to Breakeven | 36 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -36.1% | -9.5% |
| % Gain to Breakeven | 56.5% | 10.5% |
| Time to Breakeven | 99 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -17.3% | -6.7% |
| % Gain to Breakeven | 20.9% | 7.1% |
| Time to Breakeven | 280 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -34.6% | -24.5% |
| % Gain to Breakeven | 53.0% | 32.4% |
| Time to Breakeven | 238 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -61.7% | -33.7% |
| % Gain to Breakeven | 161.4% | 50.9% |
| Time to Breakeven | 239 days | 140 days |
In The Past
Tapestry's stock fell -31.8% during the 2025 US Tariff Shock. Such a loss loss requires a 46.6% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | TPR | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -31.8% | -18.8% |
| % Gain to Breakeven | 46.6% | 23.1% |
| Time to Breakeven | 86 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -36.1% | -9.5% |
| % Gain to Breakeven | 56.5% | 10.5% |
| Time to Breakeven | 99 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -34.6% | -24.5% |
| % Gain to Breakeven | 53.0% | 32.4% |
| Time to Breakeven | 238 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -61.7% | -33.7% |
| % Gain to Breakeven | 161.4% | 50.9% |
| Time to Breakeven | 239 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -35.0% | -19.2% |
| % Gain to Breakeven | 53.9% | 23.7% |
| Time to Breakeven | 855 days | 105 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -21.9% | -6.8% |
| % Gain to Breakeven | 28.0% | 7.3% |
| Time to Breakeven | 122 days | 15 days |
| 2013 Taper Tantrum | ||
| % Loss | -22.5% | -0.2% |
| % Gain to Breakeven | 29.1% | 0.2% |
| Time to Breakeven | 1378 days | 1 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -31.2% | -17.9% |
| % Gain to Breakeven | 45.3% | 21.8% |
| Time to Breakeven | 158 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -20.6% | -15.4% |
| % Gain to Breakeven | 26.0% | 18.2% |
| Time to Breakeven | 71 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -62.0% | -53.4% |
| % Gain to Breakeven | 163.3% | 114.4% |
| Time to Breakeven | 184 days | 1085 days |
In The Past
Tapestry's stock fell -31.8% during the 2025 US Tariff Shock. Such a loss loss requires a 46.6% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Tapestry (TPR)
AI Analysis | Feedback
Analogy 1: Think of it as a smaller, accessories-focused LVMH, specializing in popular American luxury brands such as Coach and Kate Spade.
Analogy 2: It's like a direct peer to Capri Holdings (Michael Kors, Versace), building a portfolio of accessible luxury fashion brands centered on handbags and footwear.
AI Analysis | Feedback
- Handbags & Women's Small Leather Goods: A wide array of women's handbags, wallets, wristlets, and cosmetic cases.
- Men's Bags & Accessories: Includes business cases, backpacks, totes, men's wallets, and belts.
- Footwear: A collection of shoes and other footwear items for both men and women.
- Apparel: Women's seasonal lifestyle apparel collections, outerwear, ready-to-wear, and men's ready-to-wear.
- Jewelry: Fashion accessories such as bracelets, necklaces, rings, and earrings.
- Watches: Timepieces offered for men and women under its brands.
- Fragrances: Perfumes and colognes.
- Eyewear: Sunglasses and other eyewear products.
- Novelty & Tech Accessories: Items like address books, key rings, charms, and various tech-related accessories.
- Home & Lifestyle Products: Housewares, home accessories, fashion bedding, tableware, stationery, and gifts.
AI Analysis | Feedback
The public company Tapestry (symbol: TPR) primarily sells its luxury accessories and branded lifestyle products directly to **individual consumers** through its own retail stores, e-commerce sites, and concession shop-in-shops. While the company also uses wholesale customers and independent third-party distributors, these serve as channels to reach the end-user, who is an individual. Based on the company's product offerings and brand positioning, Tapestry serves up to three categories of individual customers:- Luxury and Lifestyle Enthusiasts: This category includes discerning individuals who prioritize branded, high-quality, and stylish accessories, apparel, and footwear as part of their personal lifestyle. They possess the disposable income and appreciate the design, craftsmanship, and brand reputation of luxury goods from Coach, Kate Spade, and Stuart Weitzman.
- Fashion-Forward Trend Adopters: This segment comprises consumers who are keenly aware of and influenced by contemporary fashion trends. They seek out stylish and on-trend designs, particularly appealing to the aesthetic offered by brands like Kate Spade and certain collections from Coach, for fashionable accessories and apparel.
- Gifting Purchasers: A significant portion of Tapestry's sales comes from individuals purchasing items as gifts for others. These customers value the perceived desirability, quality, and brand prestige of Coach, Kate Spade, and Stuart Weitzman products (such as handbags, wallets, watches, and small accessories) for special occasions like birthdays, holidays, or anniversaries.
AI Analysis | Feedback
nullAI Analysis | Feedback
Here is the management team for Tapestry, Inc.:Joanne Crevoiserat, Chief Executive Officer
Joanne Crevoiserat was appointed CEO of Tapestry in October 2020, having previously served as CFO since August 2019. Prior to joining Tapestry, she held executive roles including Executive Vice President and Chief Operating Officer at Abercrombie & Fitch Co., where she also served as CFO. She held senior management positions at Kohl's Inc., Wal-Mart Stores, and May Department Stores, including CFO of the Filene's, Foley's, and Famous-Barr brands. Under her leadership, Tapestry announced the acquisition of Capri Holdings Limited. She was previously a board member for At Home Group Inc. until that company's sale in July 2021.
Scott Roe, Chief Financial Officer and Chief Operating Officer
Scott Roe was appointed CFO of Tapestry in June 2021 and took on the additional responsibility of COO in August 2022. He has over 25 years of experience in the consumer, retail, and apparel sectors. Before joining Tapestry, he spent over 25 years at VF Corporation, where he served as Chief Financial Officer since April 2015. Earlier in his career, in the early 1990s, he co-founded a paper recycling business.
Todd Kahn, Chief Executive Officer & Brand President, Coach
Todd Kahn was appointed CEO and Brand President of Coach in April 2021, having served as interim CEO and Brand President since July 2020. He joined Coach in January 2008 and has held various leadership roles, including Senior Vice President, General Counsel and Secretary, Chief Legal Officer, Company Secretary, and President & Chief Administrative Officer. Prior to joining Coach, he was Executive Vice President and Chief Operating Officer at Sean John from 2004 to 2007, and President and Chief Operating Officer at Accessory Network Group for two years.
Eva Erdmann, Chief Executive Officer & Brand President, Kate Spade
Eva Erdmann leads all aspects of the Kate Spade New York business, focusing on brand building, accelerating global growth, and innovation. She joined Tapestry in July 2022 as President, Kate Spade Brand and was promoted to CEO & Brand President of Kate Spade in June 2023. Prior to Tapestry, she served as Global President for EDWIN Europe, a denim brand, and before that, held leadership roles at Tommy Hilfiger, including Managing Director of Tommy Jeans and Vice President of Global Business Development and Strategy.
David L. Casey, Chief Inclusion and Social Impact Officer
David L. Casey was appointed Chief Inclusion and Social Impact Officer of Tapestry, effective May 2022. In this newly created role, he is responsible for shaping and delivering Tapestry's Equity, Inclusion, and Diversity strategy and overseeing its social impact efforts globally. Casey joined Tapestry from CVS Health, where he was Senior Vice President, Workforce Strategies and Chief Diversity Officer, and also served as president of the CVS Health Employee Relief Fund. Earlier, he was Vice President, Workplace Culture and Chief Diversity Officer at Anthem. He is also an eight-year veteran of the United States Marine Corps.
AI Analysis | Feedback
Here are the key risks to Tapestry's business:
- Exposure to Economic Cycles and Consumer Spending: Tapestry's financial performance is highly susceptible to broader macroeconomic fluctuations, including economic downturns, recessions, and inflationary pressures. Changes in consumer confidence and discretionary spending on luxury accessories and lifestyle products can significantly impact sales and profitability.
- Intense Competition and Shifting Consumer Preferences: The luxury fashion industry is characterized by intense competition and rapid changes in consumer preferences and fashion trends. Tapestry must continuously innovate and adapt to remain relevant, and a failure to anticipate or respond effectively to these shifts, including challenges within specific brands like Kate Spade, could lead to decreased brand loyalty and sales.
- Global Trade Tensions and Tariffs: Tapestry faces risks associated with international trade disputes, the imposition of new or increased tariffs, and other changes to trade agreements. These factors can lead to increased costs, pressure on gross margins, and disruptions in its supply chain and international sales, particularly given its diversified global manufacturing and market presence.
AI Analysis | Feedback
The clear emerging threat to Tapestry is the significant and growing luxury resale market. Platforms such as The RealReal, Vestiaire Collective, and Fashionphile have professionalized and scaled the buying and selling of pre-owned luxury goods, including handbags, footwear, and accessories from brands like Coach, Kate Spade, and Stuart Weitzman. This trend offers consumers an alternative, often more affordable and sustainable, pathway to access luxury brands without purchasing new items. The expansion and legitimization of the resale market directly compete for consumer discretionary spending that would otherwise go towards new products, potentially impacting Tapestry's sales volume and pricing power in the primary market.
AI Analysis | Feedback
Tapestry, Inc. (TPR) operates in several luxury product categories, addressing substantial global and regional markets.
Luxury Handbags
- The global luxury handbags market was valued at approximately USD 33.79 billion in 2024 and is projected to reach USD 60.42 billion by 2034.
- In the U.S., the luxury handbag market size was estimated at USD 11.48 billion in 2024 and is projected to grow to USD 15.07 billion by 2030.
Luxury Footwear
- The global luxury footwear market size was approximately USD 38.66 billion in 2024 and is estimated to reach around USD 76.34 billion by 2034.
- The U.S. luxury footwear market size was approximately USD 8.31 billion in 2024 and is expected to be worth around USD 16.56 billion by 2034.
Luxury Apparel (Ready-to-Wear)
- The global luxury apparel market size was valued at USD 103.08 billion in 2024 and is projected to grow to USD 180.16 billion by 2033.
- The U.S. luxury fashion market, which includes apparel, is projected to be valued at USD 22.2 billion in 2024 and is expected to reach USD 35.8 billion by 2033.
Premium Handbags and Accessories (Overall Market for Tapestry)
- Tapestry itself notes that the global premium handbags and accessories market is projected to reach USD 105 billion by fiscal year 2025.
AI Analysis | Feedback
Tapestry, Inc. (TPR) anticipates several key drivers for its revenue growth over the next two to three years, primarily centered on its "Amplify" growth strategy introduced in September 2025. These drivers include: * **Customer Acquisition and Engagement, with a focus on Gen Z:** Tapestry aims to build emotional connections with consumers and drive new customer acquisition, particularly targeting Gen Z to foster brand loyalty and lifetime value. Coach, one of Tapestry's core brands, has already seen success with younger shoppers, with Gen Z accounting for approximately one-third of 3.7 million new customers in a recent quarter. * **Product Innovation and Lifestyle Category Expansion:** The company plans to fuel fashion innovation and product excellence, prioritizing its core handbags and leather goods. Additionally, Tapestry intends to expand into targeted lifestyle categories such as footwear across its brands, scale men's bags, and broaden gifting and entry-point offerings for Kate Spade. * **Strategic Geographic Expansion, particularly in Asia and Europe:** Tapestry is doubling down on expansion in Mainland China and the broader Asia-Pacific (APAC) region, with plans for new store openings and high-productivity remodels in Tier 2/3 Chinese cities and travel retail through fiscal years 2025–2026. Coach has recently demonstrated double-digit growth in these regions. Europe is also identified as a market with strong traction and significant growth potential. * **Enhanced Omni-channel and Direct-to-Consumer (DTC) Capabilities:** The company is focused on delivering compelling omni-channel experiences to reach customers across all shopping touchpoints, both online and in physical stores. This includes increasing DTC penetration through localized assortments, buy online, pick up in store (BOPIS) options, ship-from-store services, and selective marketplace partnerships. * **Brand Elevation and Optimized Pricing Strategy:** Tapestry is working to maintain and increase average unit retail (AUR) prices for its core leather goods, coupled with efforts to preserve the brand elevation of Coach and implement tighter outlet assortments. This strategy aims to improve gross margins and drive revenue quality through strong pricing discipline and reduced promotional activity.AI Analysis | Feedback
Share Repurchases
- Tapestry announced a new $3 billion share repurchase authorization on September 10, 2025, which replaced a prior program from November 2021.
- In November 2024, the company executed a $2 billion Accelerated Share Repurchase (ASR) program, initially receiving 28.4 million shares.
- Tapestry plans to return approximately $3 billion in common stock through share repurchases cumulatively from Fiscal Year 2026 through Fiscal Year 2028.
Share Issuance
- Tapestry's shares outstanding have generally declined over the past few years, with 0.223 billion shares outstanding in 2025, a 4.59% decline from 2024, and 0.233 billion shares in 2024, a 3.36% decline from 2023.
- While there are instances of restricted stock units (RSUs) being granted to executives, such as 10,009 RSUs to the CEO on August 18, 2025, the overall trend reflects a reduction in outstanding shares.
Outbound Investments
- Tapestry strategically divested its Stuart Weitzman brand for $105 million, a move aimed at sharpening its focus on the core brands of Coach and Kate Spade.
- The company continued to invest in its brands, teams, and platforms for long-term growth, with SG&A expenses increasing by 3% year-over-year in fiscal 2025, primarily due to higher marketing spend for brand-building initiatives.
- Tapestry is investing in its "Amplify" growth strategy, which focuses on building emotional connections with consumers, fueling fashion innovation, and delivering compelling experiences to drive global growth.
Capital Expenditures
- Tapestry's capital expenditures averaged $125.1 million for the fiscal years ending July 2021 to 2025.
- Capital expenditures were $116 million in 2021, $93.9 million in 2022, $184.2 million in 2023, $108.9 million in 2024, and $122.7 million in 2025.
- For Fiscal Year 2025, expected capital expenditures were approximately $170 million to $190 million, with about two-thirds allocated to store-related investments and the remainder for digital and IT.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Where Does Tapestry Stock Rank Among Competitors? | 02/10/2026 | |
| Is Tapestry Stock Built to Withstand a Pullback? | 02/10/2026 | |
| RL Looks Smarter Buy Than Tapestry Stock | 01/23/2026 | |
| Tapestry Earnings Notes | 12/28/2026 | |
| Lululemon Athletica vs Tapestry: Which Is the Stronger Buy Today? | 12/24/2025 | |
| Momentum Meets Value: Is TPR Stock A Buy? | 11/08/2025 | |
| TPR's Winning Streak May Not Be Over Yet | 11/08/2025 | |
| TPR May Have More Upside | 11/08/2025 | |
| ARTICLES | ||
| Why TPR, RL Could Outperform Nike Stock | 05/02/2026 | |
| Can Tapestry Outrun Nike in the Next Rally? | 04/07/2026 | |
| Stronger Bet Than Nike Stock: TPR, RL Deliver More | 03/20/2026 | |
| Tapestry vs Nike: Which Is the Stronger Buy Today? | 03/19/2026 | |
| Better Value & Growth: TPR, RL Lead Nike Stock | 03/09/2026 |
Trade Ideas
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| 04302026 | FUN | Six Flags Entertainment | Special | Short Squeeze PotentialShort Squeeze PotentialHas potential for a short squeeze. High short interest, rising short interest and high debt. | 0.0% | 0.0% | 0.0% |
| 04242026 | MGM | MGM Resorts International | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | -1.5% | -1.5% | -1.5% |
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| 04102026 | WHR | Whirlpool | Special | Short Squeeze PotentialShort Squeeze PotentialHas potential for a short squeeze. High short interest, rising short interest and high debt. | -0.8% | -0.8% | -4.8% |
| 04022026 | SKY | Champion Homes | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 3.1% | 3.1% | -1.2% |
| 11072025 | TPR | Tapestry | Quality | Q | Momentum | UpsideQuality Stocks with Momentum and UpsideBuying quality stocks with strong momentum but still having room to run | 40.8% | 40.8% | -2.8% |
| 09302023 | TPR | Tapestry | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 68.2% | 72.7% | -7.5% |
| 04302022 | TPR | Tapestry | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -1.4% | 27.9% | -19.4% |
| 01312020 | TPR | Tapestry | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -47.4% | 24.4% | -58.4% |
| 12312018 | TPR | Tapestry | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -5.3% | -16.0% | -41.1% |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 61.59 |
| Mkt Cap | 5.8 |
| Rev LTM | 7,674 |
| Op Inc LTM | 584 |
| FCF LTM | 424 |
| FCF 3Y Avg | 609 |
| CFO LTM | 574 |
| CFO 3Y Avg | 781 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.6% |
| Rev Chg 3Y Avg | -1.5% |
| Rev Chg Q | 3.6% |
| QoQ Delta Rev Chg LTM | 1.0% |
| Op Inc Chg LTM | 10.7% |
| Op Inc Chg 3Y Avg | -5.7% |
| Op Mgn LTM | 6.3% |
| Op Mgn 3Y Avg | 8.1% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 8.9% |
| CFO/Rev 3Y Avg | 11.0% |
| FCF/Rev LTM | 7.4% |
| FCF/Rev 3Y Avg | 9.4% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 5.8 |
| P/S | 0.7 |
| P/Op Inc | 16.1 |
| P/EBIT | 17.8 |
| P/E | 28.7 |
| P/CFO | 11.1 |
| Total Yield | 3.9% |
| Dividend Yield | 0.5% |
| FCF Yield 3Y Avg | 8.6% |
| D/E | 0.4 |
| Net D/E | 0.3 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 10.8% |
| 3M Rtn | 5.3% |
| 6M Rtn | 17.7% |
| 12M Rtn | 46.8% |
| 3Y Rtn | 59.4% |
| 1M Excs Rtn | 0.8% |
| 3M Excs Rtn | 1.1% |
| 6M Excs Rtn | 9.0% |
| 12M Excs Rtn | 18.2% |
| 3Y Excs Rtn | -19.4% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Coach | 5,095 | 4,960 | 4,921 | 4,253 | 3,526 |
| Kate Spade | 1,334 | 1,419 | 1,446 | 1,210 | 1,150 |
| Stuart Weitzman | 242 | 282 | 318 | 283 | 286 |
| Total | 6,671 | 6,661 | 6,684 | 5,746 | 4,961 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Coach | 1,651 | 1,530 | 1,474 | 1,312 | 589 |
| Kate Spade | 133 | 115 | 157 | 108 | -99 |
| Stuart Weitzman | -21 | -7 | 2 | -9 | -621 |
| Unallocated corporate expenses | -622 | -466 | -457 | -444 | -420 |
| Total | 1,140 | 1,172 | 1,176 | 968 | -551 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Unallocated corporate | 8,456 | 2,011 | 1,962 | ||
| Kate Spade | 2,469 | 2,597 | 2,641 | 2,707 | 2,769 |
| Coach | 2,238 | 2,272 | 2,392 | 2,514 | 2,617 |
| Stuart Weitzman | 233 | 236 | 269 | 299 | 305 |
| Unallocated corporate expenses | 2,863 | 2,233 | |||
| Total | 13,396 | 7,117 | 7,265 | 8,382 | 7,924 |
Price Behavior
| Market Price | $142.74 | |
| Market Cap ($ Bil) | 29.1 | |
| First Trading Date | 10/06/2000 | |
| Distance from 52W High | -10.8% | |
| 50 Days | 200 Days | |
| DMA Price | $147.29 | $123.79 |
| DMA Trend | up | up |
| Distance from DMA | -3.1% | 15.3% |
| 3M | 1YR | |
| Volatility | 40.9% | 39.0% |
| Downside Capture | 0.76 | 0.57 |
| Upside Capture | 151.64 | 158.08 |
| Correlation (SPY) | 50.5% | 49.0% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.92 | 1.55 | 1.37 | 1.34 | 1.52 | 1.21 |
| Up Beta | 2.21 | 1.96 | 2.05 | 1.70 | 2.10 | 1.32 |
| Down Beta | 0.37 | 1.28 | 0.69 | 1.09 | 1.34 | 1.41 |
| Up Capture | 84% | 108% | 161% | 177% | 211% | 168% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 11 | 19 | 33 | 68 | 145 | 391 |
| Down Capture | 362% | 173% | 100% | 103% | 101% | 96% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 11 | 24 | 31 | 57 | 107 | 360 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TPR | |
|---|---|---|---|---|
| TPR | 105.6% | 38.9% | 1.94 | - |
| Sector ETF (XLY) | 21.3% | 18.8% | 0.90 | 43.4% |
| Equity (SPY) | 30.6% | 12.5% | 1.88 | 48.8% |
| Gold (GLD) | 39.5% | 27.2% | 1.20 | 3.5% |
| Commodities (DBC) | 51.5% | 17.9% | 2.20 | -20.9% |
| Real Estate (VNQ) | 13.1% | 13.5% | 0.67 | 31.3% |
| Bitcoin (BTCUSD) | -18.2% | 42.1% | -0.36 | 20.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TPR | |
|---|---|---|---|---|
| TPR | 28.7% | 39.9% | 0.74 | - |
| Sector ETF (XLY) | 6.7% | 23.8% | 0.24 | 55.3% |
| Equity (SPY) | 12.8% | 17.1% | 0.59 | 55.1% |
| Gold (GLD) | 20.5% | 17.9% | 0.94 | 5.7% |
| Commodities (DBC) | 14.3% | 19.1% | 0.61 | 10.1% |
| Real Estate (VNQ) | 3.5% | 18.8% | 0.09 | 43.2% |
| Bitcoin (BTCUSD) | 7.4% | 56.1% | 0.35 | 23.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TPR | |
|---|---|---|---|---|
| TPR | 16.7% | 44.0% | 0.51 | - |
| Sector ETF (XLY) | 12.7% | 22.0% | 0.53 | 56.9% |
| Equity (SPY) | 14.9% | 17.9% | 0.71 | 57.4% |
| Gold (GLD) | 13.6% | 15.9% | 0.71 | 1.7% |
| Commodities (DBC) | 9.7% | 17.7% | 0.46 | 18.2% |
| Real Estate (VNQ) | 5.7% | 20.7% | 0.24 | 48.5% |
| Bitcoin (BTCUSD) | 67.4% | 66.9% | 1.07 | 17.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/5/2026 | 10.2% | 19.1% | 11.3% |
| 11/6/2025 | -9.6% | -4.9% | 7.7% |
| 8/14/2025 | -15.7% | -12.9% | -5.9% |
| 5/8/2025 | 3.7% | 11.4% | 6.1% |
| 2/6/2025 | 12.0% | 16.0% | 2.5% |
| 11/7/2024 | 3.6% | 3.0% | 25.8% |
| 8/1/2024 | -2.3% | -9.5% | 1.1% |
| 5/9/2024 | 3.6% | 9.5% | 12.2% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 16 | 18 | 16 |
| # Negative | 8 | 6 | 8 |
| Median Positive | 4.1% | 9.8% | 16.3% |
| Median Negative | -6.5% | -11.2% | -8.9% |
| Max Positive | 15.5% | 20.1% | 36.1% |
| Max Negative | -15.9% | -17.5% | -21.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/05/2026 | 10-Q |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/14/2025 | 10-K |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/06/2025 | 10-Q |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/15/2024 | 10-K |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/08/2024 | 10-Q |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/17/2023 | 10-K |
| 03/31/2023 | 05/11/2023 | 10-Q |
| 12/31/2022 | 02/09/2023 | 10-Q |
| 09/30/2022 | 11/10/2022 | 10-Q |
| 06/30/2022 | 08/18/2022 | 10-K |
| 03/31/2022 | 05/12/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q2 2026 Earnings Reported 2/5/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 7.75 Bil | 6.2% | Raised | Guidance: 7.30 Bil for 2026 | |||
| 2026 Operating Margin | 1.8% | 260.0% | 1.3% | Raised | Guidance: 0.5% for 2026 | ||
| 2026 EPS | 6.4 | 6.42 | 6.45 | 16.3% | Raised | Guidance: 5.53 for 2026 | |
| 2026 Free Cash Flow | 1.50 Bil | 15.4% | Raised | Guidance: 1.30 Bil for 2026 | |||
| 2026 Net Interest Expense | 65.00 Mil | 0 | Affirmed | Guidance: 65.00 Mil for 2026 | |||
| 2026 Tax Rate | 17.0% | -5.6% | -1.0% | Lowered | Guidance: 18.0% for 2026 | ||
| 2026 Weighted Average Diluted Share Count | 211.00 Mil | -0.5% | Lowered | Guidance: 212.00 Mil for 2026 | |||
| 2026 Dividends | 1.6 | Higher New | |||||
| 2026 Share Repurchases | 1.20 Bil | Higher New | |||||
Prior: Q1 2026 Earnings Reported 11/6/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 7.30 Bil | 1.4% | Raised | Guidance: 7.20 Bil for 2026 | |||
| 2026 EPS | 5.45 | 5.53 | 5.6 | 2.8% | Raised | Guidance: 5.38 for 2026 | |
| 2026 Net Interest Expense | 65.00 Mil | 0 | Affirmed | Guidance: 65.00 Mil for 2026 | |||
| 2026 Tax Rate | 18.0% | 0 | Affirmed | Guidance: 18.0% for 2026 | |||
| 2026 Free Cash Flow | 1.30 Bil | 0 | Affirmed | Guidance: 1.30 Bil for 2026 | |||
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Dadlani, Manesh | VP, Controller and PAO | Direct | Sell | 3042026 | 156.05 | 975 | 152,149 | 2,730,875 | Form |
| 2 | Greco, Thomas | Direct | Sell | 2182026 | 154.44 | 14,245 | 2,199,998 | 3,289,881 | Form | |
| 3 | Kahn, Todd | CEO and Brand President, Coach | Direct | Sell | 2112026 | 151.34 | 39,815 | 6,025,599 | 18,248,265 | Form |
| 4 | Kulikowsky, Denise | Chief People Officer | Direct | Sell | 12052025 | 115.17 | 583 | 67,144 | 2,221,053 | Form |
| 5 | Kulikowsky, Denise | Chief People Officer | Direct | Sell | 12012025 | 110.19 | 1,671 | 184,133 | 2,058,634 | Form |
TPR Trade Sentinel
ACCUMULATE (Score 7-8)
CONVICTION RATIONALE
The score of 7 (ACCUMULATE) reflects a high-quality business that is executing exceptionally well and widening its competitive moat. However, the valuation already reflects much of this success, resulting in a balanced risk/reward profile. The company is a solid holding, and we would look to accumulate shares on any pullbacks caused by short-term market noise rather than a fundamental thesis change.
STOCK ARCHETYPE
Primary: Quality Compounder / Stalwart, Secondary: Transition / Profit PivotThe business is primarily driven by the 'Stalwart' Coach brand, which exhibits high margins, pricing power, and brand equity (70% weighting). However, the corporate entity is in a 'Transition' phase, refocusing on organic growth and shareholder returns after a failed acquisition and divesting a brand, while also attempting to turn around the Kate Spade segment (30% weighting).
INVESTMENT THESIS
The investment thesis is centered on the accelerating growth and superior profitability of the Coach brand, which accounts for over 80% of revenue. This resurgence, driven by successful product innovation and strong traction with younger consumers, is fueling significant revenue beats, operating margin expansion, and upward revisions to full-year guidance, creating a powerful EPS growth engine.
- Coach brand revenue surged +25% YoY in Q2 FY2026, dramatically outpacing guidance and the broader market.
- Company-level non-GAAP operating margin expanded by 390 basis points to 28.8% in Q2 FY2026, demonstrating significant pricing power and efficiency.
- Management raised the full-year FY2026 revenue outlook to >$7.75B (+11% YoY), citing the compounding impact of its 'Amplify' growth strategy.
- Acquired 3.7 million new customers in Q2 FY2026, with about one-third being Gen Z, indicating strong brand momentum with a key demographic.
PRIMARY RISK
The primary friction is the heavy reliance on the Coach brand for all growth and profitability, creating a significant concentration risk. This is exacerbated by the persistent and accelerating decline of the Kate Spade brand, which acts as a drag on overall performance and highlights the company's struggle to manage a multi-brand portfolio effectively. A deceleration at Coach would be a thesis-killer as there is no other growth engine.
- Kate Spade brand revenue declined 14% YoY in Q2 FY2026, a sharp contrast to Coach's growth.
- Full-year FY2026 guidance projects a continued high-single-digit decline for Kate Spade.
- Coach brand constitutes approximately 82% of current revenue, making Tapestry's financial results highly sensitive to its performance.
| KPI | Threshold | Rationale |
|---|---|---|
| Coach Brand Revenue Growth YoY | > 15% | This is the primary engine of the entire company. Sustained growth well above the market average is essential to the thesis and justifies the premium valuation. |
| Non-GAAP Operating Margin YoY Change | Positive Expansion | Continued margin expansion proves the company's pricing power and operational efficiency gains are durable, which is key to driving EPS growth faster than revenue growth. |
| Inventory Growth vs. Revenue Growth | Inventory growth must be lower than revenue growth | A divergence where inventory grows slower than sales (as seen in Q2) is a strong leading indicator of healthy demand, strong sell-through, and future gross margin strength. |
Coach's Hyper-Growth vs. Single-Brand Dependency
BULL VIEW
Coach's resurgence is durable, taking market share and attracting Gen Z. This high-margin engine's growth overwhelms weakness elsewhere, fueling significant EPS beats and justifying a premium valuation.
CORE TENSION
Can the Coach brand's massive momentum (+25% YoY growth) solely carry the company, or will the deteriorating Kate Spade brand (-14% YoY) and concentration risk eventually fracture the thesis?
PREVAILING SENTIMENT
The latest data from Q2 FY2026 shows Coach brand revenue surging +25% YoY, while Kate Spade revenue declined 14%, confirming the bull stance that Coach's strength is overwhelming the portfolio's weakness.
BEAR VIEW
The entire investment case rests on one brand's fashion cycle. Any deceleration in Coach's growth would be a thesis-killer, as there is no other internal growth engine to offset it.
| Timeline | Event & Metric To Watch |
|---|---|
Early May 2026 | Q3 FY2026 Earnings Call Watch: Watch for Coach brand revenue growth to exceed the +25% YoY baseline established in Q2. Any deceleration below 20% would be a major negative signal. |
Mid-August 2026 | Q4 FY2026 Earnings and FY2027 Guidance Watch: Initial FY2027 revenue and EPS guidance. The key is whether management projects continued double-digit growth, confirming the durability of the 'Amplify' strategy. |
Next 3-6 Months | Renewed US-China Trade Tariff Implementation Watch: Official announcement from the USTR or China's MOFCOM of new tariffs on consumer goods, particularly handbags. The company previously guided to a $160M headwind. |
Ongoing (Monthly) | Monthly US Consumer Spending Data Watch: Monitor US Census Bureau retail sales reports (ex-auto, ex-gas). If the 'control group' number shows a negative trend, it signals a consumer slowdown. |
| Date | Event | Stock Impact |
|---|---|---|
Oct 24, 2025 | Blocked Acquisition of Capri Holdings Details: The FTC successfully blocked Tapestry's attempted $8.5 billion acquisition of competitor Capri Holdings. This forced a strategic pivot back to organic growth. The market reaction was flat (0.23%). | 0.23% $114.00 -> $114.26 |
Nov 6, 2025 | Q1 FY2026 Earnings Report Details: Reported revenue of $1.7B (+13% YoY) and Non-GAAP EPS of $1.38, beating estimates. Coach brand grew 22%. Despite the beat, the stock plummeted -9.61% on the day. | -9.61% $108.63 -> $98.20 |
Feb 10, 2026 | Insider Selling Details: CFO Scott A. Roe sold 44,290 shares for approximately $6.76 million following the strong earnings report. The stock reaction was muted (-0.95%). | -0.95% $154.23 -> $152.77 |
Feb 5, 2026 | Q2 FY2026 Earnings & Guidance Raise Details: Reported a major beat with revenue up 14% to $2.5B and EPS of $2.69 vs $2.20 estimate. Coach brand soared 25%. Raised FY26 outlook, causing stock to surge +6.22%. | +6.22% $142.80 -> $151.69 |
Position Sizing
4% - 6%
NORMAL
Stock trades with explosive volatility at 3.25x the S&P 500. While fundamentals are strong with Bullish sentiment and a widening moat, the volatility regime is too high for an aggressive position. Therefore, we cap size at Normal (4-6%) to manage drawdown risk.
Diversification Alternatives
PRDO
SECTORUnlike TPR's heavy reliance on Coach, Prada has a dual-engine growth story with its namesake brand and the surging Miu Miu, which strongly resonates with Gen Z, reducing single-brand dependency.
BIRK
SECTORBirkenstock's core value proposition is comfort and durability, making it less susceptible to the fast-fashion cycles that pose a long-term risk to TPR's more trend-driven handbag business.
Tapestry is evolving from a multi-brand holding company into a streamlined, high-margin growth engine driven almost entirely by the Coach brand's resurgence, while actively working to turn around the lagging Kate Spade brand.
Filter all news through the lens of Coach's continued brand momentum and the operational turnaround at Kate Spade.
Coach brand revenue growth exceeding +20% YoY; sustained gross margin expansion above 75%; successful new customer acquisition, especially among Gen Z consumers; evidence of Kate Spade returning to profitable growth ahead of FY2027 target. [5, 2]
Deceleration in Coach's growth rate; erosion of gross margins due to increased promotional activity; failure to stabilize revenue at Kate Spade; significant downturn in consumer spending in North America or Greater China. [7]
Short-term fluctuations in Japanese market performance; minor changes to the share repurchase program; failed M&A attempts like the Capri Holdings deal, which is now resolved. [11, 12]
Repricing Catalyst
The 'Amplify' growth strategy, presented at the September 2025 Investor Day, which focuses on driving durable, mid-single-digit revenue growth and operating margin expansion to over 22% by FY2028, primarily fueled by the Coach brand's momentum and a targeted $10 billion long-term revenue ambition for that brand. [2, 35]
Coach Brand Handbags & Accessories
$6.4B TTM (82% of Total) · 75.5% MarginWhat It Is
Handbags (Tabby, Rogue, Cassie), small leather goods, footwear, and ready-to-wear apparel sold under the Coach brand.
Who Pays & How
Global consumers, particularly in North America (64% of total TPR revenue) and Greater China, pay for the brand's reputation of quality, craftsmanship, and 'expressive luxury' status at an accessible price point. [11, 4]
Competition
Kate Spade Brand Lifestyle Products
$1.3B TTM (17% of Total) · 75.5% MarginWhat It Is
Handbags, small leather goods, jewelry, and apparel with a 'joyful' and whimsical aesthetic.
Who Pays & How
Consumers seeking a colorful, feminine lifestyle brand. The brand is currently undergoing a strategic reset to move away from heavy discounting and re-establish brand desire.
Competition
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