Tapestry chairman and CEO Jide Zeitlin will continue to lead the accessories business for the next three years as it defines and implements its multi-year growth agenda.
The news comes as the group says Joshua Schulman, CEO and brand president of its Coach business, is to leave the company after a transition period. During the search for Schulman’s successor, Zeitlin will have direct oversight of Coach’s strategy and operations, working closely with the brand’s senior leadership team.
Zeitlin was appointed in September of last year to succeed long-time CEO Victor Luis. He launched an in-depth review of the business two months later to identify opportunities to drive organic growth and profitability across its portfolio.
“Since becoming CEO, I have had the opportunity to immerse myself in the company, including leading an in-depth review of the brands and businesses,” he said. “The review revealed attractive growth opportunities for Coach, Kate Spade and Stuart Weitzman, which we will unlock by further leveraging each brand’s differentiated positioning and strong consumer connections, powered by a modern, agile Tapestry platform.
“Over the next several years, I will continue to work with our world-class teams to sharpen our focus on execution while driving our evolution to being a truly consumer-centric and data-driven organisation, which will ensure we deliver on the full potential of our entire portfolio and enhance returns for all stakeholders.”
Last month, Tapestry said its second-half results could be negatively impacted by up to US$250m in sales amid the outbreak of the coronavirus in China which has seen the group close the majority of its stores on the Mainland.
The warning came amid a 1% rise in net sales for the second quarter ended 28 December to $1.82bn. Net income amounted to $299m on a reported basis, compared to $255m in the prior-year period.
The group also announced three executive appointments, which saw Liz Fraser named CEO and brand president of Kate Spade; Giorgio Sarné promoted to CEO and brand president of Stuart Weitzman; and Yann Bozec promoted to president of Tapestry Asia Pacific, while continuing as president and CEO of Coach China.