Tapestry announces long-term growth strategy
Accessories group Tapestry has announced a new long-term strategy for growth, calling it Amplify.
It will have four pillars. First, Tapestry wants to build “emotional connections” with consumers, with a particular focus on GenZ consumers. It said this will help it increase its customer-base as younger consumers enter the market for higher-value goods. It aims to turn these connections into “brand love and lifetime value”.
The second pillar is to “fuel fashion innovation and product excellence”, leading with handbags and leathergoods, but also with “targeted lifestyle expansion in footwear”.
Also part of the Amplify strategy is the idea that if Tapestry can deliver “compelling experiences”, it will drive global growth. What it means by this is sustaining growth in its home market in North America, but accelerate momentum internationally, prioritising China and Europe.
Amplify’s fourth pillar is to “ignite the power” of the people who work at the group. The group said it wanted to continue to develop a culture that is agile, forward-looking and “consumer-obsessed”.
Chief executive, Joanne Crevoiserat, said the parent group of Coach and Kate Spade was launching the new programme from “a strong foundation”.
She said: “We are confident that our strengths are structural and that our innovation, creativity, and brand-building capabilities will deliver significant value for our customers, employees and shareholders for years to come.”
