Consumer confidence is also at an 18-year high.”The ceo said that while potential trade tensions, higher interest rates and stock market volatility could raise some questions over the long term on how the consumer may be feeling, there’s nothing at the moment that “points in that direction.”At Kate Spade, first-quarter sales for the brand totaled $325 million, up 21 percent from a year ago. An image from Stuart Weitzman’s spring 2019 campaign. © Copyright 2020 - Penske Media Corporation The company has been focused on its supply chain network and had already moved many of its manufacturing capabilities to other countries.As for the possible impact on consumers as they see their discretionary income shrink due to the expansion of tariffs to other categories, Luis said, “Overall, at the moment, we don’t have much pointing to that. But more immediately, the focus is on what the shift means for Tapestry, which has both suffered its own woes and been caught up in broader trends that have hurt most of the big fashion companies, struggling to connect with new consumers and a much more digital approach.Susan Kropf, a current member of the Tapestry board, was named lead independent director, and said: “The board remains committed to Tapestry’s multibrand model, while recognizing the need to sharpen our focus on execution.
Kimberly has 3 jobs listed on their profile. Adjusted annual operating income over the period fell to $945 million from $1.6 billion.Tapestry isn’t the only company to struggle through what’s been a turbulent period for fashion, where influencers have overtaken magazines, department stores are on the wane and the web has snatched up just about all of the growth, but returned little in the way of profits.Now the company has something of a fresh start, even as it sticks to the same strategy.“This is a moment of change,” Zeitlin said. The group’s share price is less than half what it was a year ago while operating profits have declined.However, Tapestry appears set to very much remain the company that Luis, 53, cobbled together and Zeitlin, 55, has spent 13 years on the company’s board and the last five as chairman.
“There’s always room to improve, but it’s very much a part of the way we try to make the business decisions and run our business as well as possible.”And right now, that means running the business better, not building the portfolio — Tapestry remains on the dealmaking sidelines for now.“We are 100 percent focused on operations, on execution,” Zeitlin said.
There is a ton of focus on making sure we don’t end up treading water or getting distracted by that process [to find a new ceo] and really focus on running the business as well as we can. Now former Tapestry Inc. CEO Victor Luis, right, home to Coach, Kate Spade and Stuart Weitzman brands, is applauded as he rings the New York Stock Exchange opening bell, …