An 18-year-old in search of her first fancy handbag appears to be one of the biggest business drivers for Tapestry (TPR), owner of Coach and Kate Spade. “The great news is that 25 million women in the markets where we serve today will turn 18 this year and every year for the…
xt 10 years. So that provides a tremendous opportunity,” Tapestry CEO Joanne Crevoiserat told Yahoo Finance at the Cannes Lions Festival of Creativity on Wednesday. “Then we have to do the work to understand culture, understand the customer,” she added. “An interesting insight is that a Gen Z consumer gives us about 60 seconds when they cross the threshold of a store to determine whether they want to be there
Sixty seconds is all we have to have that customer feel like it’s a brand for them.” The data-loving Crevoiserat has emerged as one of the most successful leaders in modern luxury retail, transforming Tapestry through a disciplined focus on brand building, quality products, digital innovation, and consumer engagement. Before her tenure at Tapestry, Crevoiserat served as chief operations officer at Abercrombie & Fitch (ANF) and held senior leadership positions at Kohl’s (KSS), Walmart (WMT), and May Department Stores. Her overhaul of Tapestry has included selling off long-struggling shoe brand Stuart Weitzman and abandoning a blockbuster deal with Capri Holdings amid regulatory pushback.
For its recent fiscal third quarter, Tapestry’s net sales reached $1.9 billion, a 21% increase over the prior year. This was driven primarily by the Coach brand, which saw revenue surge 31% to $1.7 billion. Profits also significantly outpaced Wall Street expectations, with adjusted earnings per share (EPS) climbing 62% to $1.66.