Coach handbag maker Tapestry Inc beat quarterly sales estimates on Thursday, as a vaccine-aided reopening of economies boosted demand for designer apparel and purses.

The luxury goods industry is making a comeback, fuelled by record savings from government relief and growing vaccination rates after the pandemic dealt a harsh blow last year, as shoppers upgrade their wardrobes and social events resume.

Other high-end labels including Ralph Lauren Corp, Michael Kors owner Capri Holdings Ltd, LVMH and Gucci parent Kering have all posted strong results in recent weeks.

The luxury brand plans to return over $750 million to shareholders in fiscal year 2022 by reinstating its dividend and share buyback programme.

Net sales rose to $1.62 billion in the fourth quarter from $714.8 million a year earlier, topping analysts’ average estimate of $1.56 billion, according to IBES data from Refinitiv.

By Mehr Bedi; Editor: Vinay Dwivedi

Learn more:

How Covid-19 Is Catalysing a New Era of Luxury

A potent combination of long-term industry forces and pandemic-induced shocks have forced changes the industry had been anticipating for some time. How will luxury catch up now that years’ worth of transformation happened only in a matter of months?