Tapestry result outpaces expectations
Luxury group Tapestry, the parent company of Coach, Kate Spade, and Stuart Weitzman, has reported revenues of just over $1.25 billion for the third quarter of its current business year, the three months ending March 27, 2021. This represents an increase of 18.7% compared to the same quarter in 2020.
Chief executive, Joanne Crevoiserat, said the results had “outpaced expectations”. She said sales in China and online business had led the growth. She said: “This performance is a testament to our talented teams around the world, whose creativity, agility, and resilience have enabled us to successfully navigate a challenging backdrop and deliver for our customers, while positioning Tapestry to emerge from the pandemic stronger.”
Coach’s revenue grew by 25% to $964 million for the quarter. Kate Spade’s figures were flat with the same quarter last year at $252. There was growth, also, at Stuart Weitzman, with revenues of $57 million, up by 13% year on year.
Image: Stuart Weitzman.
