Digital drives Tapestry in fiscal 2022
New York-based luxury group Tapestry has reported record results for fiscal 2022. Full-year sales were almost $6.7 billion across its brand portfolio, an increase of 16% year on year. For the same period, earnings were $856 million, up 2.6% from the previous year.
Growth for all of Tapestry’s brands – Coach, Kate Spade and Stuart Weitzman – was driven by digital sales.
Coach grew by 18% over the year and ended it with 15% over pre-pandemic levels. Having invested in its digital sales platform in 2022, it attracted more than 4 million new customers in North America. E-commerce contributed 30% of the brand’s revenue.
Kate Spade’s revenue was over $1.4 billion in the fiscal year, representing growth of 22%. There was double-digit growth across ready-to-wear, footwear and jewellery and investments in digital drove online revenue to one-third of total sales, well ahead of the brand’s 20% during pre-pandemic 2019.
As for Stuart Weitzman, the brand exhibited double-digit sales gains for the fiscal year and a return to profitability despite headwinds in the covid-stricken China market. Online represented over 20% of revenue, a significant increase from a low double-digit penetration pre-pandemic.
