Tapestry, Inc. facts for kids
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Headquarters at 10 Hudson Yards in New York City
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Formerly
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Coach, Inc. (2000–2017) |
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| Public | |
| Traded as | |
| Industry | |
| Predecessor | Coach Leatherware Company |
| Founded | June 1, 2000 |
| Headquarters | 10 Hudson Yards New York City, US |
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Key people
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Joanne Crevoiserat (CEO) Scott Roe (CFO) |
| Brands |
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| Revenue |  US$6.67 billion (2024) |
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Operating income
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 US$1.14 billion (2024) |
| US$816 million (2024) |
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| Total assets | US$13.4 billion |
| Total equity | US$2.90 billion (2024) |
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Number of employees
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18,600 (2024) |
| Footnotes / references Financials as of June 30, 2024[update]. |
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Tapestry, Inc. is a large American fashion company. It owns three well-known brands: Coach New York, Kate Spade New York, and Stuart Weitzman. Tapestry's main office is in New York City.
The company was first called Coach, Inc.. It changed its name to Tapestry on October 31, 2017. This change happened to better show that the company owned more than just the Coach brand.
Contents
Tapestry's Story
How Coach Began
Coach started in 1941 as a small workshop. Over many years, it grew into a big company. It eventually had more than 17,000 employees. To become even bigger, Coach bought other brands like Kate Spade and Stuart Weitzman. This helped the company reach more customers.
When the company changed its name to Tapestry, some investors were worried. But the company's value later went back up.
Kate Spade New York's Journey
The American fashion designer Kate Spade created Kate Spade New York in 1993. This brand was bought by Coach in 2017. The deal was worth about $2.4 billion.
Stuart Weitzman's History
Stuart Weitzman started working in the shoe business in the early 1960s. He worked for his father's company, Seymour Shoes. In 1994, Stuart Weitzman bought the company.
Over time, the company grew a lot. It became one of the luxury brands in the Tapestry group. Coach bought the Stuart Weitzman brand in 2015 for $574 million. This helped Coach offer more types of products.
Why the Name Changed to Tapestry
The company changed its name from Coach to Tapestry. This was to show that it now owned more than just Coach handbags. The new name also showed its wider range of products. These products include handbags, keychains, shoes, and other small fashion items. Many of these items are made from leather.
The company officially changed its name and stock symbol on the New York Stock Exchange on October 31, 2017.
In July 2020, Joanne Crevoiserat became the new CEO of Tapestry. She had been the company's chief financial officer (CFO) since 2019.
Attempt to Buy Capri Holdings
In August 2023, Tapestry announced it wanted to buy another company called Capri Holdings. Capri Holdings owns famous brands like Versace, Michael Kors, and Jimmy Choo. The deal was planned for $8.5 billion.
However, in April 2024, the U.S. Federal Trade Commission (FTC) tried to stop the purchase. The FTC was worried that the deal would reduce competition. They thought it would make it harder for brands like Coach and Michael Kors to compete fairly. They also worried it might affect workers' jobs and pay.
The merger was officially blocked on October 24, 2024. Tapestry and Capri wanted to fight the decision. But the next month, they decided to cancel the merger. They said it was too difficult to get past the legal problems.
Company Leaders
Victor Luis used to be the CEO of Tapestry, Inc. He started by leading the company's business in Japan and then in China. He later became the CEO for all of Tapestry's international business.
In September 2019, Jide Zeitlin became the new CEO. He had been on the company's board of directors since 2006. Mr. Zeitlin was in charge of the company's plans and money. He was also the chairman of the board from 2014 until he left in July 2020.
In April 2021, Scott Roe became the new chief financial officer (CFO) for Tapestry.
