Officials Mfm Collegiate Shirt
The successful quarter was turbocharged by Coach, which saw revenue growth of 15 per cent year-on-year to $1.3 billion. This mitigated declines at Tapestry’s two other, smaller brands — Kate Spade was down 12 per cent to $245 million, while Stuart Weitzman was down 17 per cent to $46.2 million. (The latter entered a definitive agreement to be sold to Caleres in February. The transaction is set to close this summer.) “Our record third-quarter results outperformed expectations, reinforcing our position of strength,” CEO Joanne Crevoiserat told investors on Thursday morning. “Our talented global teams drove accelerated top and bottom line growth against an increasingly complex backdrop, clearly demonstrating the power of consistent brand-building and our connections with consumers around the world.”Officials Mfm Collegiate Shirt
Coach’s brand heat is a standout. The brand achieved its highest gross margin in history of 79 per cent. “We believe that the momentum we have unlocked is enduring and that Coach’s success is compounding,” Crevoiserat said. The brand drove double-digit sales growth in leather goods where, the CEO said, the Tabby family is overindexing. The New York family (including the Brooklyn bag) is also outpacing expectations. Bag charms and straps also added to Coach’s success. “Twenty years ago, traditional European luxury was two times our price points,” said Todd Kahn, CEO and brand president of Coach. “Today, they’re 10 times.” This, he said, is what gives him confidence that Coach’s value proposition cuts through globally.
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