Source: WWD
Summary
Tapestry, Inc., the parent company of Coach, Kate Spade, and Stuart Weitzman, has stabilized and is poised for growth, according to CEO Ian Bickley. The company has implemented “pillars” to drive growth, which include a focus on e-commerce and digital transformation. Bickley stated that the company has made progress in its turnaround efforts and is now focused on driving growth. Tapestry reported a net income of $214 million for the quarter, with sales increasing 10% to $1.46 billion.
Our Reading
The trend returns with a new name.
Tapestry’s stabilization and growth plans feel like a familiar story. Coach’s 2017 turnaround efforts come to mind. The focus on e-commerce and digital transformation is a common “pillar” for growth. Kate Spade’s struggles to regain its footing after a brand revamp also echo in this narrative. The company’s reported growth and income are a positive sign, but the strategy to drive growth is not new.
Tapestry’s growth story is a rethread of a familiar tapestry.
Author: Evan Null
