Successful year for Tapestry, as Capri court date awaits
Accessories and footwear group Tapestry, the parent company of Coach, Kate Spade and Stuart Weitzman, has announced full-year revenues of almost $6.7 billion for the 12 months ending June 29, 2024.
This figure represents an increase of 1% year on year for the group.
Coach contributed $5.1 billion in revenues, an increase of 4% year on year. Kate Spade achieved revenues of $1.33 billion, a fall of 5%. Stuart Weitzman’s revenues were $242 million, down by 13%.
Chief executive, Joanne Crevoiserat, said these results exceeded the group’s expectations and capped a successful year for Tapestry.
The group offered no real news about its attempt to acquire rival group Capri Holdings, which it announced exactly a year ago. In April this year, the competition authorities in the US filed a lawsuit in an attempt to block this move by Tapestry.
On publishing its latest results, Tapestry said it was working to close the acquisition before the end of 2024. It said it was “confident in the merits and pro-competitive, pro-consumer nature of this transaction” and looked forward to presenting its arguments in court.
