Stuart Weitzman owner sets out stall for growth
08/02/2018
Following a return to growth for Coach, Tapestry will have the money to buy the Stuart Weitzman business in Northern China from its distributors, as well as Kate Spade’s joint ventures for Mainland China, Hong Kong, Macau and Taiwan.
Net sales for Stuart Weitzman totalled $121 million, an increase of 2% over the previous year.
Tapestry sales totalled $1.79 billion for the second quarter, an increase of 35%, but these included revenues for Kate Spade, which it bought last July and were not included last year.
Kate Spade is known for bags but the brand is looking to grow its shoe business from about 5% to 10% of revenues, and exhibited at Milan-based footwear show Micam for the first time last September to try to grow international sales. Nicola Glass has been appointed as Kate Spade’s creative director.
Tapestry CEO Victor Luis said: “For Stuart Weitzman, Giovanni Morelli’s new creative direction is gaining traction. His first collection of footwear and handbags was very well-received by wholesale partners and the editorial community and we were excited to unveil a new Stuart Weitzman store concept at the brand’s Rodeo Drive flagship this past month.
“And for Kate Spade, our priority remains integration and executing the strategic initiatives to build the foundation for growth under the creative direction of Nicola Glass in FY19 and beyond.”
Image: Stuart Weitzman ballet flats
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