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MarketScreener Homepage  >  Equities  >  Nyse  >  Tapestry Inc    TPR

TAPESTRY INC (TPR)
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Tapestry : Appoints Nicola Glass Creative Director of Kate Spade

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11/08/2017 | 10:31pm CEST

Tapestry, Inc. (NYSE:TPR) (SEHK:6388), a leading New York-based house of modern luxury accessories and lifestyle brands, today announced the appointment of Nicola Glass as Creative Director of Kate Spade. She is expected to join the company early in the new calendar year, and will succeed Deborah Lloyd, the brand’s current creative director who, in the wake of the Tapestry, Inc. acquisition, made the decision to exit the brand in 2018. Ms. Glass will ultimately report to the Brand President and Chief Executive Officer of Kate Spade, a role currently held by Tapestry, Inc.’s Chief Executive Officer, Victor Luis, in an interim capacity. Ms. Glass will be responsible for leading all creative aspects of the Kate Spade brand, including all product design, brand imagery and store environments.

“The appointment of Nicola Glass marks an important milestone in the next chapter of the Kate Spade brand,” said Victor Luis, Chief Executive Officer of Tapestry, Inc. “There are very few creative executives like her, who have both the talent to lead creative teams and the appreciation and understanding of how to scale a growing handbag and accessories-driven business. We are extremely pleased that she will be leading the strong creative team already in place, while bringing her unique aesthetic and personal style to Kate Spade. Nicola fully understands the feminine, fun and fashionable style of Kate Spade and is excited to bring its distinctive style to global audiences. Her depth and breadth of experience will be an invaluable asset to the business in general - and especially the design and brand teams - as we grow and develop the business globally.”

Ms. Glass joins Kate Spade from Michael Kors where she currently holds the role of Senior Vice President of Accessories Design overseeing all design and development of Michael Kors Collection and MICHAEL Michael Kors. She leads a team including all accessory, hardware and technical design, and is responsible for sourcing and developing all leathers and fabrics. Ms. Glass has been with Michael Kors since 2004, contributing to the business and holding successively more senior roles over her 13-year tenure with the company. Prior to Michael Kors she worked at Gucci as an accessories designer. Ms. Glass holds a Masters of the Arts in Fashion Accessories from the Royal College of Art, London.

Victor Luis added, “Nicola’s sensitivity and appreciation of Kate Spade along with her leadership skills, and deep design experience, uniquely qualify her to provide creative direction for Kate Spade. I am confident that her expertise - grounded in accessories - will enable her to build upon the brand’s fun, feminine and fashionable positioning to create innovative product and brand imagery, delighting customers in a singularly Kate Spade way, full of color and playful sophistication.”

“I'm very honored to be joining Kate Spade as the new Creative Director,” said Ms. Glass. “It is a brand I’ve long admired and I look forward to leading the team in this next chapter of Kate Spade’s evolution and growth.” Ms. Glass will succeed Deborah Lloyd, who has been President and Chief Creative Officer of Kate Spade since November 2007. "We have great admiration for Deborah’s accomplishments and her vision and creative leadership have been instrumental to the growth of Kate Spade,” said Victor Luis. "We wish her every success in the future and look forward to welcoming Nicola.”

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. The Company’s Hong Kong Depositary Receipts are traded on The Stock Exchange of Hong Kong Limited under the symbol 6388.

Neither the Hong Kong Depositary Receipts nor the Hong Kong Depositary Shares evidenced thereby have been or will be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States or to, or for the account of, a U.S. Person (within the meaning of Regulation S under the Securities Act), absent registration or an applicable exemption from the registration requirements. Hedging transactions involving these securities may not be conducted unless in compliance with the Securities Act.

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," "anticipate," “moving,” “leveraging,” “developing,” “driving,” “targeting,” “assume,” “plan,” “pursue,” “look forward 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 and its other filings with the Securities and Exchange Commission for a complete list of risks and important factors.


© Business Wire 2017
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Financials ($)
Sales 2019 6 156 M
EBIT 2019 1 094 M
Net income 2019 808 M
Finance 2019 76,5 M
Yield 2019 3,17%
P/E ratio 2019 15,44
P/E ratio 2020 13,69
EV / Sales 2019 1,99x
EV / Sales 2020 1,82x
Capitalization 12 344 M
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Mean consensus OUTPERFORM
Number of Analysts 35
Average target price 56,4 $
Spread / Average Target 32%
EPS Revisions
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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