Tapestry, Inc. (TPR)

Tapestry reported fiscal 2026 net sales of $8.00 billion on 13 August 2026, up 14 percent, and Coach brand sales of $6,914.7 million, up 24 percent 1. Earnings per diluted share were $7.27 under accounting rules, against $0.82 a year earlier 1.

The growth came mostly from Coach selling through its own stores and websites, called direct to consumer, mainly in North America, Greater China and Europe 2. Kate Spade moved the other way, with net sales down 10.2 percent to $1.07 billion 2.

The company expects fiscal 2027 revenue of $8.4 billion to $8.5 billion and adjusted earnings per share of $7.80 to $7.90 1. It expects to report first quarter results on 5 November 2026 1.

Since the results release, the newest main filing is the proxy statement of 25 September 2026, which sets the annual meeting for 11 November 2026 3.

Coach was founded in New York City in 1941 2. Kate Spade launched in 1993 with a collection of six essential handbags 2. Today Tapestry is the house that holds both brands 2.

The biggest turning point was a deal that did not happen 2. On August 10, 2023, Tapestry agreed to merge with Capri Holdings 2. It issued $4.50 billion of dollar notes and 1.50 billion euros of euro notes on November 27, 2023 to pay for it 2.

The Federal Trade Commission sued to stop the deal on April 22, 2024, and on October 24, 2024 a federal court granted its request for a preliminary injunction 2. The parties ended the merger agreement on November 13, 2024, and Tapestry paid Capri $45.1 million for its expenses 2.

Tapestry then narrowed itself to two brands 2. It agreed on February 16, 2025 to sell Stuart Weitzman to Caleres, and the sale closed on August 4, 2025 for $109.1 million 2. Stuart Weitzman net sales had been $241.5 million in fiscal 2024 and $215.1 million in fiscal 2025 2.

Sales rose from $6,671.2 million in fiscal 2024 to $7,010.7 million in fiscal 2025 and $8,004.2 million in fiscal 2026 2. Coach did the lifting, going from $5,095.3 million to $5,598.5 million to $6,914.7 million 2. Kate Spade slid from $1,334.4 million to $1,197.1 million to $1,074.9 million 2.

The store counts show the same split 2. Coach went from 930 stores in fiscal 2024 to 973 in fiscal 2026, while Kate Spade went from 378 to 326 2.

In the first quarter of fiscal 2026 the company introduced a growth plan called Amplify, with four pillars aimed at 2028 2. It aims to lead with handbags and leathergoods and to add footwear selectively 2.

Tariffs cut into margins 2. The company said higher tariffs weighed on fiscal 2026 gross margin by about 130 basis points, a basis point being one hundredth of a percentage point 2. Gross margin still rose from 75.4 percent to 77.8 percent 2.

On February 20, 2026 the U.S. Supreme Court ruled that tariffs collected under the International Emergency Economic Powers Act were invalid, and the company said it had paid about $117 million of them 2.

Coach

Coach is the core of the company 2. It makes handbags, small leather goods, footwear and other items, and sold $6,914.7 million in fiscal 2026, 86.4 percent of the total 2. Handbags were $4,016.3 million, accessories $1,991.8 million and footwear $408.5 million 2.

Fortune reported on 19 May 2026 that Coach is estimated to have 800,000 more Gen Z customers than a year before 4. The company itself said it welcomed about 11.0 million new consumers over the year, roughly 35 percent of them Gen Z 1.

Kate Spade

Kate Spade sells handbags, ready-to-wear, jewelry, footwear, gifts and home decor, and had $1,074.9 million of net sales in fiscal 2026, 13.4 percent of the total 2. Handbags were $594.9 million of that 2.

Kate Spade New York named Jonathan Saunders executive creative director, effective August 26, 2026, the brand announced in July 5.

How and where it sells

Direct to consumer, meaning its own stores and websites, was about 87 percent of fiscal 2026 net sales, and wholesale to department and specialty stores about 12 percent 2. Licensing partners pay royalties that make up about 1 percent 2.

In the year, Greater China sales were $1,396.6 million, up 35 percent at constant currency, and Japan sales were $465.7 million, down 7 percent 1.

Making and moving the goods

Independent manufacturers make the products 2. Coach goods came primarily from Vietnam, Cambodia, the Philippines and India, and Kate Spade goods from Vietnam, Cambodia, the Philippines and Bangladesh 2.

All its significant fulfillment and corporate sites are leased 2. The largest is a 1,050,000 square foot Coach site in Jacksonville, Florida, followed by a 789,000 square foot site in Las Vegas 2. The Ohio Kate Spade center is moving to a third-party site in Pennsylvania in the first half of fiscal 2027 2.

People

Joanne Crevoiserat is chief executive 3. Scott Roe is chief financial officer and chief operating officer, and Todd Kahn is chief executive and brand president of Coach 3. Eva Erdmann is chief executive of Kate Spade New York 5.

The company employed about 20,600 people on June 27, 2026, about 16,800 of them in retail locations 2. On April 6, 2026 the board grew from ten to eleven members with the election of Matthew Madrigal 7.

Rivals and problems

The company says it faces intense competition from many other brands, on style, price, service, quality and prestige 2. Fortune reported that Michael Kors sales fell 5.6 percent in their last quarter and LVMH fashion and leather goods sales fell 2 percent 4.

Tariffs remain the chief open issue 2. The company estimates a probable refund of $114.7 million of the IEEPA tariffs it paid 2. A separate 10 percent global tariff was ruled invalid on May 7, 2026, and the government has appealed 2.

The umbrella, in words

Tapestry has two brands 2. Coach sells accessories and lifestyle collections, and kate spade new york sells handbags and a wider lifestyle range 2. Stuart Weitzman was sold on August 4, 2025 2.

Exhibit 21.1 lists subsidiaries such as Coach Japan Investments, LLC and Coach Korea Limited 6.

Licensed products carry the brands through partners: Movado for Coach watches, Interparfums for fragrance, Case-Mate for Kate Spade tech accessories and Safilo for Kate Spade eyewear 2.

All its properties are leased 2. Large holders are BlackRock with 16,314,226 shares, 8.17 percent, and Vanguard Capital Management with 14,896,730 shares, 7.46 percent 3. Directors and executive officers as a group own 1.28 percent 3.

For fiscal 2027 the company guides to revenue of $8.4 billion to $8.5 billion, operating margin up about 50 basis points, and adjusted earnings per share of $7.80 to $7.90 1. Adjusted free cash flow is expected to approach $1.7 billion 1.

For the first quarter the company expects high-single-digit revenue growth and earnings per share of about $1.55 1. Results are due on 5 November 2026 1.

The outlook assumes a mid-20 percent tariff rate on U.S. inventory receipts and leaves out a 53rd week that the company said adds a percentage point to annual revenue growth 1.

The company expects to return about $1.7 billion to shareholders in fiscal 2027, including $1.35 billion of buybacks and a dividend at an annual rate of $1.85 per share 1. It expects capital spending and cloud costs of $300 million 1.

The annual meeting is on 11 November 2026 and asks stockholders to elect 11 directors and to vote on an advisory stockholder proposal on written consent 3. The Coach eyewear license with Luxottica is expected to renew during fiscal 2027 2.