Tapestry Achieves 6% Profit Increase Despite Luxury Sector Challenges

Tapestry boosts sales and profits in the midst of the luxury crisis. The U.S. conglomerate, which until now operated the Coach, Kate Spade and Stuart Weitzman brands (recently sold to Caleres). The company has increased its sales by 4% in the last nine months, up to March, to $5.287 billion, at a time of suffering for luxury globally.

According to Tapestry, its net income has also grown by 6.6% in the first nine months of its fiscal year (ended March 30th), reaching $700.3 million, $43.6 million more than in the same period last year.

In its third quarter, specifically, the conglomerate also improved its results. In the same vein, Tapestry sold 6.9% more from January to March, to $1,584.6 million, $102 million more than in the same period of 2024.

By brand, Coach continues to lead the group’s sales. In fact, Coach is the only proposition that has performed favorably, with sales 8.5% higher than in the first nine months of its 2024 fiscal year. Coach achieved sales of $4,173.4 million in this period.

Coach leads Tapestry’s growth, with sales up 8.5% in the last nine months of its fiscal year

Behind Coach is Kate Spade, which has lowered its turnover by 9.5% to $944.5 million, $99.8 million less than in the same period of 2024. In third place, also with a reduction in sales of 11%, is Stuart Weitzman. Its turnover has remained at 169.6 million dollars.

Tapestry’s CEO, Joanne Crevoiserat, celebrated the results and stressed that “in a complex environment, the company’s vision remains clear”. She assures that Tapestry has “solid fundamentals” capable of adapting to situations. “We are confident in our future,“ he concluded.

In terms of number of stores, Coach had 324 stores in North America, its main market, and 606 in the rest of the world at the end of June 2024; Kate Spade has 197 stores in North America and 181 in the rest of the world; and Stuart Weitzman has 34 in North America and 60 in other countries.

Tapestry spun off Stuart Weitzman this summer, with a transaction announced in February and valued at $105 million. Tapestry acquired the company in 2015 for $574 million, when it was part of private equity fund Sycamore Partners.