Readers can also interact with The Globe on Facebook and Twitter . Victor Luis, CEO of Tapestry Inc., which owns such labels as Coach, Kate Spade and Stuart Weitzman, is leaving the company. United States. © 2020 The Business of Fashion. The BoF 500 is the definitive professional index of the people shaping the $2.4 trillion fashion industry, hand-selected by the editors of The Business of Fashion, based on hundreds of nominations received from current BoF 500 members, extensive data analysis and research. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Industry Moves: Tapestry Has a New CEO, Topshop Parent Loses Two Key Execs + More, Wall Street Is Disappointed in Kate Spade -- Here's How Tapestry Plans to Get the Brand Moving, Tapestry -- Kate Spade, Stuart Weitzman Parent -- Feels Pressure of US Retail Climate, “I am proud to have led the talented individuals at Tapestry and of the culture rooted in optimism, innovation and inclusivity that we’ve built,” Luis said in a statement. in establishing the brand’s new creative identity. Health officials in Virginia are warning about venomous caterpillars that look like toupées. Victor Luis, the man who spent the last five years leading Coach's transition into a multi-brand fashion group dubbed Tapestry, has left, the company announced on Wednesday. We hope to have this fixed soon. 351 King Street East, Suite 1600, Toronto, ON Canada, M5A 0N1, Just $1.99 per week for the first 24 weeks. They were up about 3 percent in trading before the bell. https://www.businessoffashion.com/community/people/victor-luis-1 In addition to bringing on Creative Director Stuart Vevers to help modernize and expand the brand's offering, Vevers also led acquisitions of Stuart Weitzman and Kate Spade, ultimately overseeing all three brands as CEO of Tapestry, Inc. (in addition to installing new CEOs at each). When your friend breaks up with their significant other, you have a few options. And at Coach, look out for another Selena Gomez collaboration. The company’s board will be reduced to eight members after Luis’ departure. Adding to his headaches, Kate Spade's excess inventory blunted the impact of new collections from Nicola Glass, a Gucci and Michael Kors alumnus, hired by Tapestry last year to refresh the brand's designs. NEW YORK, United States — Tapestry Inc. replaced Chief Executive Victor Luis with long-time Chairman Jide Zeitlin on Wednesday, just weeks after the high-end fashion house cut its full-year earnings forecast and warned of troubles at its Kate Spade brand. Should Luxury Build Resale Into Its Business Model? But it wasn’t an easy road as the industry continued to undergo dramatic transformation. Thank you for your patience. A quick-thinking teen is going viral on TikTok after convincing her sister she’d won a Taco Bell giveaway that doesn’t exist. Tapestry, Inc. CEO Victor Luis gives a fireside talk to UBSLC attendees at Goizueta. The company in August forecast a surprise fall in first-quarter revenue and profit and said it was not sure when same-store sales at Kate Spade would rise. Sign up for FN's Newsletter. "Coach, Kate Spade and Stuart Weitzman have powerful and differentiated positioning, strong consumer connections and attractive growth potential. In its latest earnings report from mid-August, covering fiscal 2019 and the year's fourth quarter, the company announced sluggish, worse-than-expected sales at Kate Spade, with comparable-store sales down 7 percent for the year. ', Meet the plus-size model who posed for Rihanna’s lingerie brand: 'I couldn’t believe they actually wanted me', Pour Vinegar On Bread And Leave In Garbage Can, These rare FDA-approved KN95 masks are in stock at Amazon—and they're on sale for just $2.60 each, Man’s sinister plot to take revenge on his cheating ex divides the internet: 'You're so freakin' childish', Brielle Biermann and mom Kim Zolciak say their success 'justifies the haters' they have on social media, Missing Satellite Reappears With Weird Message, Teen leaves sister horrified after humiliating Taco Bell prank: 'You did her so dirty', Dad faces backlash over ‘cruel’ response to son’s ‘surprise’ wedding: ‘Rude and uncalled for’, Meet the 20-year-old model and TikTok star speaking out about her stutter. “We feel quite good about where the Coach brand is ... A lot of growth opportunities will come from Kate Spade,” Zeitlin said. This information is according to proxy statements filed for the 2019 … It's also worth noting, we think, that Zeitlin is now one of the only Black CEOs of a major fashion company — in an industry that could majorly benefit from having more people of color in such positions of power. Tapestry CEO Victor Luis exits after the company trimmed its guidance for the year. I am confident in the boundless potential of these teams and brands and very much look forward to following their future success.". Audio for this article is not available at this time. Thank you for your feedback. Some information in it may no longer be current. Amazon Kicks Off the Holiday Shopping Season Early, Travis Scott Has Become Corporate America’s Go-To Pitchman, L’Oréal to Close Some Stores, Cut 400 Jobs Amid Luxury Shift, The Monumental and Minimal at Thom Browne, Bernard Arnault Buys Influence Through Media Deals in France, J.C. Penney Judge Urges Aurelius Group to Bid. Tapestry serves customers in the United States. The acquisitions prompted the industry to speculate whether this could become the American fashion conglomerate to rival the European giants like LVMH and Kering. On the heels of the brand new eighth season of Bravo‘s “Don’t Be Tardy” and the continued success of KAB Cosmetics, the beauty brand they launched last year with another one of Kim’s daughters, Ariana Biermann, Brielle and Kim talked to In The Know’s Gibson Johns about everything they have going on in their lives for the latest episode of “We Should Talk.”.
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