Understanding the Ownership of Tapestry
Tapestry is a global leader in the luxury fashion industry. It owns several high-end brands including Coach, Kate Spade, and Stuart Weitzman. However, tapestry has been through its fair share of controversies. One question that is frequently asked is who owns Tapestry. This blog post aims to shed some light on the ownership of this luxury fashion conglomerate.
Tapestry was originally established in 1941 as Coach, Inc. Since its inception, the company has expanded to include multiple high-end brands. In 2017, Coach Inc. rebranded itself as Tapestry Inc. to reflect its increasing global footprint and commitment to creating a more inclusive and diverse luxury fashion industry.
The ownership of Tapestry lies in the hands of its shareholders. The company is publicly traded on the New York Stock Exchange under the ticker symbol TPR. As of 2021, Tapestry has over 100 million outstanding shares. Its largest shareholders include institutional investors like BlackRock, Vanguard, and State Street.
Tapestry’s Board of Directors is responsible for its strategic direction and management. Currently, the board is comprised of 11 members, including Tapestry’s CEO, Jide Zeitlin. The company is committed to creating a diverse and inclusive board of directors, and 36% of its current members are women.
One notable fact about Tapestry is that the company’s founder, Miles Cahn, still holds a stake in the business. Cahn, who passed away in 2017, was a key figure in the growth of Tapestry. He was responsible for developing Coach’s signature designs and was instrumental in expanding the brand globally.
In recent years, Tapestry has faced some challenges regarding its ownership. In 2019, Jide Zeitlin abruptly resigned as CEO after a woman accused him of posing as a photographer to solicit nude photos from her years earlier. In addition to this, Tapestry has faced criticism for its lack of diversity and inclusion, which has led to calls for changes to its board of directors.
Conclusion
In conclusion, Tapestry is a publicly-traded luxury fashion conglomerate that is owned by its shareholders. The company’s board of directors is responsible for its strategic direction, but its largest shareholders wield significant influence. Miles Cahn, the brand’s founder, also holds a stake in the business. Despite some recent challenges and controversies, Tapestry remains a major player in the fashion industry, with a commitment to creating a more diverse and inclusive business environment.