Tapestry renews CEO’s contract for three years while Coach’s director exits

Tapestry alters its helm. The American luxury group, owner of Coach, Kate Spade and Stuart Weitzman, has extended its CEO’s contract for three more years with the aim of charting a growth strategy.

In parallel, Joshua Schulman, until now responsible for Coach, will leave his post in the coming months after a period of transition. While awaiting a substitute for Coach, Zeitlin will also assume the direction the brand.

Tapestry will carry out a “thorough review of all brands and businesses”

“We thank Josh for his leadership; looking forward, I am excited to partner with the seasoned and talented management team at Coach,” Zeitlin said in a statement.

Zeitlin’s plans for the next three years include “a thorough review of all the brands and businesses of the group” with the aim of finding growth opportunities and becoming a “modern and agile” company.

Tapestry ended the first half of the year with a revenue of 3.2 billion dollars, only 0.3% more than the same period of the previous year. The profit of the group fell by 15.6% in the first six months, to 318 million dollars.