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Luxury

Tapestry Raises Annual Profit Forecast

Coach store.
Coach owner Tapestry raises annual profit forecast. (Coach)
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Luxury group Tapestry Inc raised its annual profit forecast on Thursday, helped by resilient demand and its strategy to largely use company-owned stores and its website to sell Coach and Kate Spade bags.

The company said it now expected fiscal 2023 earnings of $3.70 to $3.75 per share, compared with its prior estimate of $3.60 to $3.70.

By Uday Sampath and Deborah Sophia; Editor: Sriraj Kalluvila

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Coach CEO: Accessible Luxury ‘Put Us in a Box That We Don’t Live in Anymore’

After a decade of false starts, Coach is finally hitting its stride with products people want, restrained discounting and a newfound digital savvy. CEO Todd Kahn lays out the brand’s game plan for BoF.

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The guidance was issued as the French group released first-quarter sales that confirmed forecasts for a slowdown. Weak demand in China and poor performance at flagship Gucci are weighing on the group.

Can Kering Turn Things Around?

As the French luxury group attempts to get back on track, investors, former insiders and industry observers say the group needs a far more drastic overhaul than it has planned, reports Bloomberg.

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