Tapestry stores could close due to ‘digital-first mindset’
The Coach, Kate Spade and Stuart Weitzman owner returned to year-over-year growth in China and reopened most of its stores globally.
As part of a “digital-first mindset” it will build data and analytics capabilities and offer “immersive customer experiences across our e-commerce and social channels”. Some stores could also close.
Joanne Crevoiserat, interim CEO of Tapestry, said: “While the backdrop remains volatile, it has not changed our long-term objectives. Rather, it has been a catalyst to accelerate our strategic agenda. Through our Acceleration Program, we are transforming into a world-class consumer centric organization that is more agile and data-driven with a digital-first mindset.
“We believe these initiatives will create stronger connections with our customers, fueling accelerated growth and profitability for Tapestry and each of our brands."
Sales totalled $715 million for the fiscal fourth quarter as compared to $1.51 billion in the prior year.
