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A cabana capsule launched with a series of pop-ups in New York, London and Kuala Lumpur, where over 50 percent of purchases were made by new customers. Investing in digital and the Chinese market are also key growth opportunities for Coach in the future, she said.Īt Kate Spade, sales grew 22 percent to $1.4 billion in the year driven by strength in key handbag silhouettes including the crossbody, which debuted in the last quarter, as well as the Manhattan tote and the top-handle Merang. Core leather goods will remain the focus but men’s and lifestyle categories, particularly footwear and rtw, are expected to continue to gain in importance. Looking ahead to fiscal 2023, Crevoiserat said the Coach brand will continue to recruit customers, with a focus on younger people, and work to increase purchase frequency and retention rates.

“We love to bring customers into the stores, but we also know the journey to purchasing begins digitally,” he said. And although it’s more challenging to sell ready-to-wear online than a handbag, he said the brand offers technology online to help with sizing.

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Todd Kahn, president of Coach, pointed to the strength of the apparel business since creative director Stuart Vevers joined the company in 2013 and has created a full lifestyle brand.

The men’s assortment as a whole - specifically footwear - “delivered outsized gains” in the period and going forward “these will be important growth vehicles for Coach by increasing brand heat and top-line momentum to drive customer recruitment, purchase frequency and overall basket size.” The Tabby collection continued to outperform expectations in women’s and recently expanded into men’s with the soft messenger bag “gaining momentum.” E-commerce now accounts for 30 percent of Coach’s sales, a high-single-digit gain from pre-pandemic levels.Ĭore products such as the Tabby, Willow, Rogue and Field bags, which she described as “pillars of our assortment,” did well in the period, fueled by a classic top handle Rogue model as well as seasonal offerings. So although there will be some modifications, we see growth in regions and brands.”Ĭoach, the company’s largest brand with sales of $4.9 billion last year, posted a sales increase of 18 percent in the year, up 15 percent over 2019 with an operating margin of 30 percent - and counted over 4 million new customers in North America, she said, with a high percentage of Millennial and Gen Z shoppers. We see our consumer still spending and we’re positioned to capitalize on the relationships we’re building. And while we’re taking a prudent approach to 2023, there are pluses and minuses. “We have proven our ability to react and respond and that’s what drove our growth. “We see continued growth despite a challenging environment,” Crevoiserat continued. Looking ahead to fiscal 2023, Tapestry is projecting sales of $6.9 billion, an increase of 3 to 4 percent and EPS of $3.80 to $3.90, which would represent double-digit growth compared to the prior year. About three years ago, the company instituted its Acceleration Program, a strategic growth plan designed to place more emphasis on digital, acquire new customers and better connect with existing customers. “We rolled it out in the beginning of the pandemic and then accelerated it,” she said. She said that even before the pandemic, Tapestry had seen the customer moving toward digital and as a result, this became a cornerstone of the company’s ongoing transformation, or Acceleration Program. In an interview with WWD, Joanne Crevoiserat, chief executive officer, said the company managed to achieve double-digit growth in each of its brands, which “reinforced the transformation we’ve been on.” In addition to acquiring 15 million new customers in North America alone over the last year, the strength of the company’s digital efforts was particularly impactful.

In the fiscal year, the company gained 7.7 million new customers in North America, an increase of 10 percent over the prior year and the average spend per customer was higher. Net income was $856 million, up from $834 million a year ago.ĮPS was 8 percent compared to 2021 while non-GAAP EPS increased 20 percent over last year and more than 35 percent over 2019. Digital sales in the year hit $2 billion, more than triple fiscal year 2019 and now represent 30 percent of the company’s total revenue. Issey Miyake Dies at 84: A Look Back at the Designer’s CareerĪs a result, earnings per share in the quarter increased 8 percent and non-GAAP EPS jumped 20 percent from 2021 and 29 percent ahead of the pre-pandemic period in 2019.įor the year, the company hit $6.7 billion, another record, an increase of 16 percent over the prior year’s $5.75 billion and 11 percent above 2019.

Coach tabby top handle