Tapestry expects to emerge from pandemic stronger
Luxury group Tapestry has reported a 7% decline in second-quarter revenues to $1.7 billion but its CEO said sales “significantly outpaced expectations”.
The owner of leathergoods brands Coach and Kate Spade, as well as footwear company Jimmy Choo, celebrated its 30% year-over-year growth in China and the increase in digital sales.
Profits increased because of reduced promotional activity and “disciplined inventory and expense management”.
Joanne Crevoiserat, CEO of Tapestry, said: “As we enter the second half of our fiscal year, we are optimistic for the future in spite of the uncertain backdrop. We are listening closely to consumers and responding in real-time to changes in their values, shopping behaviours, and brand engagement.
“I am confident that Tapestry will emerge from the pandemic stronger, well-positioned to both capture market share at higher levels of profitability and fully unlock the flywheel of sustainable, long-term growth.”
