Tapestry Inc
tapestry.comTapestry Inc (NYSE: TPR) is a fashion accessories company that designs, markets, and sells handbags, accessories, footwear, and lifestyle products through three brands: Coach, Kate Spade, and Stuart Weitzman. Revenue comes primarily from direct-to-consumer retail and e-commerce sales, supplemented by wholesale distribution and brand licensing royalties. Coach is the dominant segment at 79.9% of total net sales in fiscal 2025, with Kate Spade contributing 17.1% and Stuart Weitzman the remainder. In fiscal 2025, Coach generated $5.60 billion in net sales, Kate Spade $1.20 billion, and Stuart Weitzman $215.1 million. Handbags are the largest product category across all three brands. Licensing royalties, paid by partners including Luxottica, Movado, Interparfums, and others, represent approximately 1% of total net sales. Tapestry carries meaningful debt, with $2.41 billion in total debt repayment obligations as of June 28, 2025, against a $2.0 billion undrawn revolving credit facility. The company does not own its retail store locations, operating instead under multi-year net leases. Coach was founded in New York City in 1941.
Products & Services
Coach brand: handbags ($3.22B, 57.6% of Coach net sales in FY2025), accessories ($1.54B, 27.5%), footwear ($342.5M, 6.1%), and other ($493.2M, 8.8%). Kate Spade brand: handbags ($623.0M, 52.1% of Kate Spade net sales in FY2025), accessories ($269.8M, 22.5%), footwear ($55.2M, 4.6%), and other ($249.1M, 20.8%). Stuart Weitzman brand: primarily footwear ($215.1M total in FY2025). Licensed categories include eyewear, watches, fragrance, tech accessories, sleepwear, fashion bedding, stationery, and gift.
Revenue Model
Transactional retail sales through direct-to-consumer stores and e-commerce (primary), wholesale channel sales to third-party retailers, and brand licensing royalties (approximately 1% of total net sales in fiscal 2025) paid by partners on net sales of branded products.
Customers & Markets
End consumers purchasing fashion handbags, accessories, and footwear through direct-to-consumer retail stores, e-commerce, and wholesale accounts. Licensing partners include Luxottica (Coach eyewear, through 2026), Movado (Coach watches, through 2028), Interparfums (Coach fragrance through 2031, Kate Spade fragrance through 2030), Case-Mate (Kate Spade tech accessories, through 2027), and Safilo (Kate Spade eyewear, through 2031).
Geographic Exposure
Global operations with retail stores across multiple countries. Operates a China Credit Facility denominated in Renminbi, indicating material China exposure. Store leases are held internationally. Specific country-level revenue breakdowns are not provided in the excerpts.
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