View source for Company:Tapestry, Inc.

{{Short description|American Fashion Holding Company}}
{{Infobox company
| name = Tapestry, Inc.
| logo = Tapestry logo.svg
| image = 10 Hudson Yard from 9 Av & 30 St 2016 Dec jeh.jpg
| image_caption = Headquarters at 10 Hudson Yards in New York City
| type = [[Finance:Public company|Public]]
| traded_as = {{unbulleted list|{{NYSE|TPR}}|S&P 500 component}}
| industry = {{Unbulleted list|[[Philosophy:Fashion#Fashion industry|Fashion]]| accessories}}
| foundation = {{Start date and age|2017}}
| location = 10 Hudson Yards<br>{{wipe|New York City}}, United States
| key_people = Joanne Crevoiserat (CEO)<ref name="tapestry.com">{{cite web |url=https://www.tapestry.com/leadership/ |url-status=dead |archive-url=https://web.archive.org/web/20171015104806/http://www.tapestry.com/leadership/ |archive-date=2017-10-15 |title=Leadership {{!}} Tapestry}}</ref><br>  Scott Roe (CFO)<ref>{{Cite news|url=https://www.wsj.com/articles/luxury-retailer-tapestry-names-vf-executive-as-cfo-11619722797|title = Luxury Retailer Tapestry Names VF Executive as CFO|newspaper = Wall Street Journal|date = 29 April 2021|last1 = Maurer|first1 = Mark}}</ref>
| brands = {{Unbulleted list|[[Company:Coach New York|Coach New York]]|Kate Spade New York|Stuart Weitzman}}
| former_name = Coach, Inc.
| equity = {{decrease}} US$2.28&nbsp;billion
| equity_year = 2023
| assets = {{decrease}} US$7.12&nbsp;billion
| assets_year = 2023
| operating_income = {{decrease}} US$1.17&nbsp;billion
| income_year = 2023
| net_income = {{increase}} US$936&nbsp;million
| net_income_year = 2023
| revenue = {{decrease}} US$6.66&nbsp;billion
| revenue_year = 2023
| num_employees = 18,500 (2023)
| website = {{URL|tapestry.com}}
| footnotes = Financials {{asof|2023|06|30|lc=y|df=US}}.<ref name=2023-10k>{{cite web|title=Tapestry, Inc. FY23 Annual Report Form 10-K|url=https://www.sec.gov/ix?doc=/Archives/edgar/data/1116132/000111613223000020/tpr-20230701.htm|date=2023-08-17|publisher=U.S. Securities and Exchange Commission}}</ref>
}}

'''Tapestry, Inc.''' is an American [[Finance:Multinational corporation|multinational]] [[Social:Luxury goods|luxury]] [[Philosophy:Fashion|fashion]] holding company. It is based in {{wipe|New York City}} and is the [[Finance:Parent company|parent company]] of three major brands: [[Company:Coach New York|Coach New York]], Kate Spade New York and Stuart Weitzman. Originally named '''Coach, Inc.''', the business changed its name to Tapestry on October 31, 2017.<ref name=":1">{{Cite news|url=https://www.nytimes.com/2017/10/11/fashion/coach-inc-rebrands-tapestry-american-fashion-group.html|title=Coach Inc. Is Dead. Long Live Tapestry.|last=Friedman|first=Vanessa|date=2017-10-11|work=The New York Times|access-date=2019-01-12|language=en-US|issn=0362-4331}}</ref>

== History ==

=== Coach New York ===
[[Company:Coach New York|Coach]] was founded in 1941. Starting as a workshop, it grew into a company with over 17,000 employees.<ref name=":1" /> Seeking wider recognition and a larger market, the company acquired brands such as Kate Spade and Stuart Weitzman. This broadened the appeal to consumers of all three brands. The company changed names, reducing the share price because investors felt that the name change was not well received by customers. The share price later recovered.<ref name=":02">{{Cite news|url=https://www.businessoffashion.com/articles/news-analysis/coach-announces-name-change-to-tapestry-inc|title=Coach Announces Name Change to Tapestry Inc|date=2017-10-11|work=The Business of Fashion|access-date=2018-10-23|language=en-GB}}</ref>

=== Kate Spade New York ===
American fashion designer Kate Spade founded Kate Spade New York in 1993. It was initially similar to the Coach company. The company was purchased by Coach in 2017 in a $2.4 billion deal.

=== Stuart Weitzman ===
Stuart Weitzman (born 1941) began working in the early 1960s for Seymour Shoes,<ref>{{Cite web|url=https://www.businessoffashion.com/articles/workplace-talent/stuart-weitzman-master-middle-market-glamour/|title=Stuart Weitzman, Master of Mid-Market Glamour|date=October 16, 2014|website=The Business of Fashion}}</ref> a company set up by his father Seymour Weitzman and his older brother Warren in Haverhill, Massachusetts in the late 1950s.

After the company was taken over by a Spanish company in 1971, it was bought by Stuart Weitzman in 1994. Over the years, and following a series of takeovers, the company has grown considerably to become one of the Tapestry group's luxury brands.

The brand was purchased by Coach in 2015 for $574 million. It was made to broaden Coach's product line.<ref name=":0">{{Cite news|url=https://www.mercurynews.com/2017/10/11/coach-no-more-new-york-company-wants-to-be-called-tapestry/|title=Coach no more; New York company wants to be called Tapestry|date=2017-10-11|work=The Mercury News|access-date=2018-11-08|language=en-US}}</ref>

=== Tapestry, Inc. ===
The business originally named Coach changed its name to Tapestry to better represent its broader product range when it expanded beyond Coach-brand handbags.<ref name=":0" /> The company officially changed its name and ticker symbol on the [[Company:New York Stock Exchange|New York Stock Exchange]] from COH to TPR on October 31, 2017.<ref>{{Cite web|url=https://www.streetinsider.com/Corporate+News/Coach+%28COH%29+to+Change+Name+to+Tapestry%2C+Inc.%2C+Stock+Ticker+to+TPR/13380127.html|title=Coach (COH) to Change Name to Tapestry, Inc., Stock Ticker to 'TPR'|website=StreetInsider.com|access-date=2019-01-09}}</ref> Most of these products are accessories, such as handbags, key-chains, shoes and other small fashion items. Most of these items are leather goods and are produced by the individual subsidiaries.<ref name=":02" />

In late July, 2020, the company named Joanne Crevoiserat, Tapestry's CFO since early 2019, the new CEO. She became the 36th female to lead a {{wipe|Fortune 500}} company.<ref>{{cite news |last=Wahba |first=Phil |url=https://fortune.com/2020/07/21/tapestry-black-ceos-fortune-500-jide-zeitlin/ |title=There are now just 4 Black CEOs in the Fortune 500 as Tapestry boss resigns |work=Fortune |date=2020-07-21 |access-date=2020-07-22 }}</ref>

==== Acquisition of Capri Holdings ====
Tapestry announced it would acquire [[Company:Capri Holdings|Capri Holdings]] in August 2023 for $8.5 billion.<ref>{{cite news |last1=Holman |first1=Jordyn |title=Coach Owner to Buy Parent of Versace in Luxury Mega Merger |url=https://www.nytimes.com/2023/08/10/business/tapestry-capri-merger-luxury-fashion.html |access-date=10 August 2023 |work=The New York Times |date=10 August 2023}}</ref> Capri owns the brands Versace, Michael Kors, and Jimmy Choo.<ref>{{cite news |last1=Thomas |first1=Lauren |last2=Lombardo |first2=Cara |title=Coach Owner Strikes $8.5 Billion Deal for Parent of Michael Kors, Versace |url=https://www.wsj.com/articles/coach-owner-near-deal-to-take-over-parent-of-michael-kors-versace-91912d7 |access-date=10 August 2023 |work=Wall Street Journal |date=10 August 2023}}</ref>

== Leadership ==

Victor Luis began working with the company as the CEO of the Japanese subsidiary. He then worked in China. He rose to serve as Tapestry's International CEO, and then CEO of Tapestry, Inc.<ref>{{Cite web|url=https://www.bloomberg.com/profiles/companies/TPR:US-tapestry-inc|title=Tapestry Inc|website=Bloomberg|access-date=2018-10-21}}</ref>   In September 2019, Tapestry Inc. replaced Luis as CEO, announcing he would leave immediately and be succeeded by board Chairman Jide Zeitlin, a former [[Company:Goldman Sachs|Goldman Sachs]] executive who has been on the board since 2006.<ref>{{Cite news|url=https://www.wsj.com/articles/owner-of-coach-kate-spade-ousts-ceo-11567607099|title=Owner of Coach, Kate Spade Ousts CEO|last=Kapner|first=Suzanne|newspaper=Wall Street Journal|date=4 September 2019|language=en-US|access-date=2019-09-04}}</ref> Jide J. Zeitlin was appointed chief executive officer (CEO) of Tapestry in September 2019. In this role, Jide was responsible for the execution of the company's strategic agenda and financial performance. Mr. Zeitlin was elected to Tapestry's board of directors in June 2006 and served as the chairman of the board from November 2014<ref>{{Cite web|url=https://www.cnbc.com/2019/09/04/coach-owner-tapestry-appoints-jide-zeitlin-as-ceo.html|title=Coach owner Tapestry appoints Jide Zeitlin as CEO|last=Wu|first=Jasmine|website=CNBC|date=4 September 2019|language=en-US|access-date=2019-09-04}}</ref> until his resignation in July 2020 after accusations of personal misconduct.<ref>{{Cite web|url=https://www.cnbc.com/2020/07/21/tapestry-ceo-jide-zeitlin-resigns.html|title = Coach owner Tapestry CEO Jide Zeitlin resigns after woman accuses him of posing as a photographer| website={{wipe|CNBC}} |date = 21 July 2020}}</ref> Tapestry announced in April 2021 that [[Company:VF Corporation|VF Corp.]] executive Scott Roe would be succeeding Andrea Shaw Resnick as CFO.<ref>{{Cite news|last=Maurer|first=Mark|date=2021-04-29|title=Luxury Retailer Tapestry Names VF Executive as CFO|language=en-US|work=Wall Street Journal|url=https://www.wsj.com/articles/luxury-retailer-tapestry-names-vf-executive-as-cfo-11619722797|access-date=2021-04-29|issn=0099-9660}}</ref><ref>{{Cite web|title=Tapestry, Inc. Appoints Scott A. Roe Chief Financial Officer and Head of Strategy|url=https://finance.yahoo.com/news/tapestry-inc-appoints-scott-roe-104500282.html|access-date=2021-04-29|website=finance.yahoo.com|language=en-US}}</ref><ref>{{Cite web|last=Lockwood|first=Lisa|date=2021-04-29|title=Tapestry Taps Scott A. Roe as Chief Financial Officer|url=https://wwd.com/business-news/markets/tapestry-taps-scott-a-roe-as-chief-financial-officer-1234812982/|access-date=2021-04-29|website=WWD|language=en-US}}</ref>

==Controversy==
In July 2020, Tapestry CEO Jide Zeitlin resigned from his positions as CEO and chairman amidst an investigation into his personal behavior. Previously, a woman had accused him of luring her into a romantic relationship in 2007 by pretending to be a photographer.<ref>{{cite news |last1=Kapner |first1=Suzanne |title=Tapestry Board Had Opened Probe Into CEO Jide Zeitlin Before He Resigned |url=https://www.wsj.com/articles/ceo-of-tapestry-parent-of-coach-and-kate-spade-brands-resigns-11595330312?mod=hp_lead_pos4 |website=The Wall Street Journal |date=21 July 2020 |publisher=Dow Jones Corporation |access-date=21 July 2020}}</ref>

== References ==
<references />

==External links==
{{Finance links
| name = Tapestry, Inc.
| symbol = TPR
| sec_cik = TPR
| yahoo = TPR
| google = TPR
}}

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[[Category:Companies listed on the New York Stock Exchange]]

{{Sourceattribution|Tapestry, Inc.}}