Tapestry’s quarter is “promising”, yet Coach and Spade sales drop. Weitzman on top

In the first quarter of 2017/2018 financial year (closed on last September 30), Tapestry, Coach Group’s new business identity, boosted their sales (1,29 billion dollars in revenues, that is +24,2%). Such figures include in the financial balance statement incomes coming from Kate Spade, the latest brand bought out by the group on last July 10, whose earnings decreased by 9% (269 million dollars) in the same period. Coach brand dropped by 3% (924 million dollars, -2% in their own stores), whereas Stuart Weitzman’s footwear business increased by 10% (96 million dollars). Victor Luis, CEO of Tapestry, is seemingly happy about the performance of the latest brand, recently bought out, whose takeover was considered extremely expensive (2,4 billion dollars) by many analysts: “We are striving to accomplish long-term results, by reducing both wholesale distribution and flash sale events, and we are confident, even more than we used to be, in Spade’s chances”. They trust so much that forecast for 2018 financial year is very optimistic indeed: in fact, they expect their turnover to increase by 30% at least, as incomes will go up to 5,8/5,9 billion dollars. Kate Spade’s annual revenues, about 1,2 billion dollars, will “positively” contribute to that.

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