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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| 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$6.66 billion (2023) |
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Operating income
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US$1.17 billion (2023) |
 US$936 million (2023) |
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| Total assets | US$7.12 billion |
| Total equity | US$2.28 billion (2023) |
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Number of employees
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18,500 (2023) |
| Footnotes / references Financials as of June 30, 2023[update]. |
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Tapestry, Inc. is a big American company that owns several famous fashion brands. It's based in New York City. It owns three popular brands: Coach New York, Kate Spade New York, and Stuart Weitzman. The company used to be called Coach, Inc. It changed its name to Tapestry on October 31, 2017.
Contents
The Story of Tapestry
Coach: How It Started
Coach began in 1941. It started as a small workshop. Over time, it grew into a large company with many employees. Coach wanted to reach more customers. So, it bought other brands like Kate Spade and Stuart Weitzman. This helped all three brands become more popular.
When the company changed its name, some investors were worried. But the company's value soon went back up.
Kate Spade New York: A Fashion Designer's Dream
The American fashion designer Kate Spade started Kate Spade New York in 1993. This company was bought by Coach in 2017. The deal was worth $2.4 billion.
Stuart Weitzman: From Family Business to Luxury Brand
Stuart Weitzman was born in 1941. He started working in the early 1960s. He joined his father's shoe company, Seymour Shoes. His father and older brother had started it in the late 1950s.
A Spanish company took over Seymour Shoes in 1971. Then, Stuart Weitzman bought it back in 1994. Over the years, 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.
Tapestry, Inc.: A New Name for a Bigger Company
The company that used to be called Coach changed its name to Tapestry. This new name better showed that it had grown. It now sold more than just Coach handbags. The company officially changed its name and stock market symbol on October 31, 2017.
Most of the products from Tapestry's brands are fashion accessories. These include handbags, keychains, shoes, and other small items. Many of these items are made from leather. Each brand makes its own products.
In 2020, Joanne Crevoiserat became the new CEO of Tapestry. She had been the company's chief financial officer (CFO). She was one of the few women to lead a large company like Tapestry.
Tapestry Grows with New Brands
In August 2023, Tapestry announced big news. It planned to buy Capri Holdings for $8.5 billion. Capri Holdings owns famous brands like Versace, Michael Kors, and Jimmy Choo.
However, in April 2024, the U.S. Federal Trade Commission tried to stop this deal. They were concerned it would reduce competition. For example, Coach and Michael Kors both sell popular handbags. The government also worried it might affect workers' jobs and pay.
Company Leaders
Victor Luis started working for the company in Japan. He then worked in China. He became the CEO of Tapestry's international business. Later, he became the CEO of Tapestry, Inc.
In September 2019, Jide Zeitlin took over as CEO. He had been on the company's board since 2006. He was in charge of the company's plans and money. Mr. Zeitlin was 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.
