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MarketScreener Homepage  >  Equities  >  Nyse  >  Tapestry Inc    TPR

TAPESTRY INC (TPR)
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Delayed Quote. Delayed  - 09/21 10:02:48 pm
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Tapestry : Appoints Anna Bakst CEO & Brand President, Kate Spade

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03/23/2018 | 11:46am CEST

Tapestry, Inc. (NYSE: TPR), a leading New York-based house of modern luxury accessories and lifestyle brands, today announced the appointment of Anna Bakst as Chief Executive Officer and Brand President of Kate Spade. She is expected to join the company on March 26, 2018 and will succeed Craig Leavitt, who in the wake of the Tapestry, Inc. acquisition, made the decision to exit the brand in 2017. In this role, Ms. Bakst will be responsible for all aspects of Kate Spade globally and will report to Victor Luis, Tapestry, Inc.’s Chief Executive Officer, who has been leading the brand in an interim capacity since Mr. Leavitt’s departure.

“The appointment of Anna Bakst marks another key step in the evolution of the Kate Spade brand,” said Victor Luis, Chief Executive Officer of Tapestry, Inc. “She brings a rare combination of business acumen, directly related fashion experience and strong leadership skills to the company. Together with recently appointed Creative Director Nicola Glass, we now have the right senior management in place to lead the talented Kate Spade brand team and drive the business globally.”

Ms. Bakst has over 25 years of experience managing and cultivating businesses for global fashion houses, most recently at Michael Kors where, until January 2017, she held the role of Group President of Accessories and Footwear. In her role, she led the global design, production and merchandising teams, as well as overseeing domestic wholesale distribution. Ms. Bakst joined Michael Kors in 2003, leading the successful launch of the company’s Accessories and Footwear businesses. Prior to Michael Kors, she had a 12-year career at Donna Karan International, ultimately as President of Accessories and Footwear. Ms. Bakst holds an MBA from Stanford University and a BS in Industrial Engineering from Purdue University. Ms. Bakst is on the Board of Directors of Modern Meadow. She is also an Associate Professor at Pratt Institute’s Design Management program.

Victor Luis added, “Anna’s focus on product innovation – notably in the key categories of accessories and footwear – will be a key pillar of the Kate Spade growth strategy. Her deep experience in design, development and merchandising, and her global consumer knowledge will be invaluable assets propelling Kate Spade’s next chapter of growth.”

“I am extremely excited about leading Kate Spade’s passionate and accomplished team and joining Tapestry’s house of brands,” said Ms. Bakst. “I believe the Kate Spade business has tremendous opportunity across product categories, channels and geographies. I look forward to leveraging the brand’s global potential and to bringing its unique and empowering feminine positioning to women around the world.”

Tapestry, Inc. is a New York-based house of modern luxury lifestyle brands. The Company’s portfolio includes Coach, Kate Spade and Stuart Weitzman. Our Company and our brands are founded upon a creative and consumer-led view of luxury that stands for inclusivity and approachability. Each of our brands are unique and independent, while sharing a commitment to innovation and authenticity defined by distinctive products and differentiated customer experiences across channels and geographies. To learn more about Tapestry, please visit www.tapestry.com. The Company’s common stock is traded on the New York Stock Exchange under the symbol TPR.

This information to be made available in this press release may contain forward-looking statements based on management's current expectations. Forward-looking statements include, but are not limited to, statements that can be identified by the use of forward-looking terminology such as "may," "will," “can,” "should," "expect," "intend," "estimate," "continue," "project," "guidance," "forecast," "anticipated," “moving,” “leveraging,” “targeting,” “assume,” “plan,” “pursue,” “look forward to,” “on track to return,” “to achieve” or comparable terms. Future results may differ materially from management's current expectations, based upon a number of important factors, including risks and uncertainties such as expected economic trends, the ability to anticipate consumer preferences, the ability to control costs and successfully execute our transformation and operational efficiency initiatives and growth strategies and our ability to achieve intended benefits, cost savings and synergies from acquisitions, etc. Please refer to the Company’s latest Annual Report on Form 10-K, Quarterly Report on Form 10-Q, and its other filings with the Securities and Exchange Commission for a complete list of risks and important factors.


© Business Wire 2018
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Financials ($)
Sales 2019 6 157 M
EBIT 2019 1 094 M
Net income 2019 808 M
Finance 2019 78,8 M
Yield 2019 2,69%
P/E ratio 2019 18,18
P/E ratio 2020 16,10
EV / Sales 2019 2,34x
EV / Sales 2020 2,14x
Capitalization 14 460 M
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Mean consensus OUTPERFORM
Number of Analysts 35
Average target price 57,5 $
Spread / Average Target 15%
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Managers
NameTitle
Victor Luís Chief Executive Officer & Director
Todd Kahn President, Secretary, CAO & General Counsel
Olajide James Zeitlin Chairman
Kevin G. Wills Chief Financial Officer
Michael Braine Chief Information Officer
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