American luxury group that owns Coach and Kate Spade. Coach has abandoned crumbling malls and department stores and shed its reputation as the go-to label for discounted bags. It now sells almost 90% of its products directly to customers. Ads featuring stars such as Selena Gomez, and a push into customisable charms for bags, have lured younger shoppers. Most Coach bags sell for $200-500, which Sandeep Seth of Tapestry argues is the "sweet spot" in the current economic climate. JPMorgan Chase reckons European luxury labels' bags now cost 5-10 times those from Coach, up from 2-3 times 15 years ago.
Tapestry has struggled to turn around Kate Spade, and sold Stuart Weitzman, a shoe brand, amid flagging sales. In 2024 it was blocked by trustbusters from merging with Capri, a rival American luxury group.
The older I grow, the more I distrust the familiar doctrine that age brings wisdom.