Who Owns Tapestry Clothing? The Story Behind the Luxury Fashion House
Tapestry has been a prominent name in the fashion industry for decades, known for its lavish and luxurious designs. However, the ownership of this fashion empire has changed hands multiple times, leading to confusion amongst fashion enthusiasts about who actually owns Tapestry. In this blog post, we’ll take a closer look at the story behind Tapestry, its ownership history, and the current state of the company.
The story of Tapestry began in 1941 when Lillian and Miles Cahn founded a leather goods company called Coach in a loft in Manhattan. The company gained popularity for its impeccable craftsmanship and high-quality leather, which soon became a brand in fashion industry. In 1961, the Cahns sold the company to Sara Lee Corporation, which injected the brand with fresh capital and resources, expanding it beyond leather goods. By 2015, Coach had expanded into a global lifestyle brand and was worth over $4 billion.
In 2017, Coach rebranded itself, changed its name to Tapestry Clothing and acquired two iconic fashion brands – Stuart Weitzman and Kate Spade. However, the acquisition wasn’t without controversy. Many fashion experts criticized the move, saying that Tapestry’s acquisition of Kate Spade would dilute the value of both brands and lead to overextension. Despite the criticism, Tapestry went ahead with the acquisition and became the fashion industry’s newest behemoth, killing its previous name Coach.
Tapestry’s company structure is a little different than that of other fashion houses. Unlike many other luxury fashion brands, Tapestry is publicly traded on the New York Stock Exchange. This means that shares of the company are owned by a wide range of investors, not just a single individual or family. As of January 2021, Tapestry’s stock price was a little over $38 per share, with more than 320 million shares outstanding.
Tapestry’s current CEO, Joanne Crevoiserat, took over the position in July 2020, succeeding former CEO Jide Zeitlin amid allegations of sexual harassment. Crevoiserat previously served as Tapestry’s chief financial officer, and her appointment as CEO made her the first woman to head the fashion conglomerate. Crevoiserat’s focus has been to reposition the company’s brands and streamline operations to make them more efficient.
One of the company’s biggest challenges is keeping up with the fast-changing fashion industry while also maintaining its identity as a luxury brand. Tapestry’s recent earnings reports have been mixed due to declining sales numbers across all brands. Additionally, Tapestry’s North American market has seen a decline in sales, while sales in Asia and Europe have increased. Tapestry has also had to navigate the impacts of the COVID-19 pandemic on its operations, with many of its stores temporarily closed to prevent the spread of the virus.
Conclusion
In conclusion, Tapestry’s ownership history is quite fascinating, starting with Lillian and Miles Cahn in 1941 and now trading publicly on the New York Stock Exchange. Its recent acquisition of Stuart Weitzman and Kate Spade and rebranding from Coach has been a defining moment in Tapestry’s history. While the company has faced several challenges in recent years, including declining sales across all brands and market impacts of COVID-19, Joanne Crevoiserat’s appointment as CEO presents hope for a bright future. With a renewed focus on efficiency, Tapestry seems determined to maintain its position as one of the leading luxury fashion houses in the world.