Growth at Coach lifts Tapestry Q1 results
Luxury group Tapestry has reported revenues of just over $1.5 billion for the first quarter of its current business year.
This represents an increase of 2% year on year and group chief executive, Joanne Crevoiserat, hailed it as a record for the first quarter. The figures relate to Coach, Kate Spade and Stuart Weitzman only. Tapestry expects to complete its acquisition of Capri Holdings in 2024.
Coach achieved revenues of more than $1.1 billion, growth of 3% year on year. This was enough to counter-balance falls in revenue at the group’s other two brands.
At Kate Spade, revenues for the first quarter were just over $300 million, a fall of 6%. At footwear brand Stuart Weitzman, sales revenues were $52.6 million, down by 19% year on year.
Image: Stuart Weitzman.
