Coach has 987 stores worldwide as of June 30, up seven from the previous quarter; Kate Spade has 342 stores worldwide, up 10 from the previous quarter; and Stuart Weitzman has 103 stores, flat from the previous quarter.
Tapestry CEO Victor Luis said: “Tapestry has strengthened the executive and creative leadership teams of brands and has clearly focused on the company’s strategic vision. In addition, the group appointed directors with new perspectives and rich experience to expand the size of the board. The Group has announced several important business development plans to give brands greater direct control over their international distribution channels and to maximize our opportunities with Chinese consumers globally, in line with our strategic priorities.
Victor Luis said Tapestry has signed a takeover agreement to buy Kate Spade’s business in Singapore, Malaysia and Australia, and Stuart Weitzman’s business in southern China.