Kate Spade helps Tapestry to 30% revenue growth
15/08/2018
The main reason behind this increase was the fact that these figures include the contribution of the Kate Spade brand, which Tapestry acquired in July 2017. For the post-acquisition period, the handbag brand’s revenue was $1.28 billion. In reporting the results, the group said it had achieved the “anticipated synergies” between Kate Spade and the rest of its portfolio.
The Coach brand achieved revenue of $4.22 billion in the 12-month period, up 2% compared to fiscal 2017. Meanwhile, sales from high-end shoe brand Stuart Weitzman totalled $374 million, flat compared to the previous year. Tapestry attributed this to development and delivery delays during the fourth quarter.
Victor Luis, Tapestry CEO, said: “Our strong fiscal 2018 performance reflected the benefits of diversification across brands, geographies and categories. Looking ahead, we are focused first and foremost on execution. Our goal is to deliver strong revenue and operating income growth in fiscal 2019, while making the right strategic investments to support our long-term vision.”
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