The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
Tapestry Inc on Thursday forecast full-year sales to rise more than analysts’ estimates, as the Coach handbag maker benefits from a strong rebound in demand for luxury goods in North America and China.
After a year of decline in sales, Tapestry, which also owns Kate Spade and Stuart Weitzman, reported a 19 percent rise in quarterly net sales as widespread vaccinations in the United States makes people more confident about spending on high-end goods.
The company’s net sales of $1.27 billion beat analysts’ average expectation of $1.22 billion, according to IBES data from Refinitiv. Sales in Mainland China rose about 175 percent.
Tapestry’s European peers including Louis Vuitton owner LVMH , Hermes and Kering’s Gucci last month signaled the comeback for the broader luxury goods industry as Covid-19 restrictions in major markets ease and people come back to stores.
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Tapestry forecast full-year sales to rise by a mid-teens percentage, compared with analysts’ average estimate of a 10 percent rise. It also forecast full-year earnings above 2019 levels.
By Uday Sampath; Editing by Shounak Dasgupta and Saumyadeb Chakrabarty
IWC’s chief executive says it will keep leaning into its environmental message. But the watchmaker has scrapped a flagship sustainability report, and sustainability was less of a focus overall at this year’s Watches and Wonders Geneva.
The larger-than-life Italian designer, who built a fashion empire based on his own image, died in Florence last Friday.
This week, designers, collectors and major fashion brands will flock to Milan’s design fair. Also, LVMH reports first-quarter sales.
The Italian designer, best known for vibrant animal prints and sand-blasted denim, was 83.