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Under Luis, the company changed its name to Tapestry from Coach and added shoemaker Stuart Weitzman and millennial-focused Kate Spade to win new customers. Facebook: Victor Luis. 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.
And with Michael Kors Holdings Corp.’s planned $2.1 billion purchase of fashion house If there’s been any Wall Street pressures, Luis didn’t give any indication. If anything, he emphasized the company’s commitment to its disciplined investment strategy. By subscribing, you agree to our In the fashion industry, which is built upon a tendency to value what’s new, perspective is refreshed constantly. Tapestry said it plans to acquire the Stuart Weitzman business in Australia from its distribution partner, and that its acquisition should close next summer.With the latest acquisition, are there any more distribution-related deals planned for the company? Victor Luís is on the board of Deckers Outdoor Corp. and Head-Purchasing at Abrigada - Companhia Nacional de Refractários SA. The Coach brand completed the acquisitions of its distribution partners earlier on, before acquiring Kate Spade. Weitzman faced supply chain issues while Spade has struggled in North America.Meanwhile Coach, which is still the core of the business, went through a transformation, reducing promotions while shuttering some stores and scaling back distribution to strengthen the brand.Weitzman brought in annual sales of $300 million while Kate Spade added nearly $1.4 billion to the top line, but during Luis’ five-year tenure atop Tapestry, total sales gained less than that, rising to $6 billion from about $5 billion, as the business evolved.
Perspective.
Tapestry, Inc. CEO Victor Luis gives a fireside talk to UBSLC attendees at Goizueta.
Should things escalate further, we anticipate that by 2020, 70 percent of our footwear will be made outside of China.” He said the impact would be “tiny,” relative to its competitors.
Those are a very small piece of our business. Given the continued strength and momentum at Zeitlin took pains to stress that while there was a transition at the top, the mission and vision are the same at Tapestry.“I’m someone who has been around this business for 20-plus years,” noted the new ceo, who was a consultant to the company before joining the board.He brings “a fresh set of eyes” to the operations and plans to start out by “asking a lot of tough questions,” while relying on his time on Wall Street to “think about this as if I was an investor.”“I’m coming in asking a lot of questions, engaging with the team that I know very well,” he said.The Kate Spade supply chain has been “terrific” and the synergies between the two businesses were better than expected, but the new ceo said, “We continue to have real work ahead of us on the North American side of the business.”The Spade business, he said, needs to make sure retailers are getting novel looks to appeal to shoppers while the outlet stores receive product that is “really differentiated.”Ironing out any problems now is important as the company looks to drive more of its business overseas, particularly in China.“We have all the right pieces on the chessboard, but we’ve got to make the most of every move here,” Zeitlin said.The board plans to search for a “future” ceo “at the appropriate time, according to the company, but there doesn’t seem to be a rush.Zeitlin said: “There is not a timeline. The company has also invested heavily on its internal systems platform and infrastructure to build a scalable shared services model.But Luis, during the telephone interview, also didn’t rule out looking overseas for the company’s next transaction: “I would say we are not limited by geographic [constraints]. 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, … © Copyright 2020 - Penske Media Corporation
But his tenure has been fraught with challenges as the company has struggled to integrate the brands and keep up with the latest fashion trends.
Some of the styles from the Coach Originals collection. “Let that speak for itself, whether it’s in terms of inclusivity or any other aspect of leadership.”Diversity is “in our DNA,” he said.
We’ll figure out what the right time is.”Regardless of when that is, Zeitlin’s appointment makes him one of the very few African American ceo’s among major American companies generally, let alone fashion.While Zeitlin “sadly” acknowledged that fact, he is zeroing in on the business.“If we can continue to perform and even perform more strongly than we have recently, that will be great,” he said. 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. The company on Tuesday narrowed its fiscal year EPS guidance range to $2.75 to $2.80, up from the prior range of $2.70 to $2.80.
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