Tapestry Inc. announced the departure of CEO Victor Luis, whose exit comes less than three weeks after the luxury fashion group trimmed its guidance for the year. In the position of CEO since 2014. var select={root:".js-sub-pencil",control:".js-sub-pencil-control",open:"o-sub-pencil--open",closed:"o-sub-pencil--closed"},dom={},allowExpand=!0;function pencilInit(o){var e=arguments.length>1&&void 0!==arguments[1]&&arguments[1];select.root=o,dom.root=document.querySelector(select.root),dom.root&&(dom.control=document.querySelector(select.control),dom.control.addEventListener("click",onToggleClicked),setPanelState(e),window.addEventListener("scroll",onWindowScroll),dom.root.removeAttribute("hidden"))}function isPanelOpen(){return dom.root.classList.contains(select.open)}function setPanelState(o){dom.root.classList[o?"add":"remove"](select.open),dom.root.classList[o? Chairman of the board Jide Zeitlin has been named chief. The 55-year-old said he would continue to focus on integrating the two brands, Stuart Weitzman and Kate Spade, with no plans of adding more labels through acquisitions in the near future. Never miss the latest fashion industry news. While he has certainly had a huge impact in evolving the company, perhaps growth at its new brands didn't come fast enough. She joined Tapestry in 2019 as Chief Financial Officer, overseeing all financial management of Tapestry. Together with a talented management team that combines long-tenured executives with new leaders who bring fresh perspectives, we will act with urgency to drive sustainable organic growth.". 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. Luis had blamed a lack of newness in some Kate Spade satchels and heavy discounts from competing brands for the weakness. "Society told me I was SUPPOSED TO be nice, be pretty, be sweet, be feminine," wrote Biel as part of the social media campaign. Will the NFL listen? When your friend breaks up with their significant other, you have a few options. In its fourth-quarter earnings report, the New York-based company posted profits of $175 million, or adjusted earnings of 61 cents per diluted share, which met analysts’ expectations. https://www.businessoffashion.com/community/people/victor-luis-1 Of this total $1,392,308 was received as a salary, $1,860,658 was received as a bonus, $3,585,928 was received in stock options, $5,399,987 was awarded as stock and $123,359 came from other types of compensation. After struggling to compete with other accessible luxury brands gaining traction in global markets, in 2016 Coach reported double-digit growth in Europe and has grown its business in China to an impressive $600 million under his leadership. Joanne has deep industry, financial, and operations expertise having spent over 30 years in a variety of retail companies. 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. “We feel quite good about where the Coach brand is ... A lot of growth opportunities will come from Kate Spade,” Zeitlin said. “The CEO leaving is not a surprise and we believe the company’s strategy is flawed as the portfolio was constructed on synergies and less on longevity of brand potential,” Konik wrote in a note. This information is according to proxy statements filed for the 2019 … 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. If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. 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 … The group formerly known as Coach, Inc. released its first earnings report since announcing its new identity and latest acquisition. All rights reserved. But there’s more than meets the eye when it comes to the legendary rabbit. “While there have been some green shoots, we clearly need more time to drive an inflection to positive comps, especially given the brand’s exposure to the competitive and traffic-challenged North America market,” Luis said at the time. If you are looking to give feedback on our new site, please send it along to, To view this site properly, enable cookies in your browser. It also lowered its overall sales forecast for the year. Luis, 51, stepped into the CEO role more than five years ago with the aim of transforming Tapestry into a global fashion house after successfully building the company’s business in China, the world’s fastest-growing market for luxury goods. Sign up for Yahoo Life’s daily newsletter, Meghan Markle talks being 'most trolled person', How you can help on International Day of the Girl. Photo: Juergen Teller. A former Goldman Sachs executive, Zeitlin has been chairman since 2014 and a director since 2006. This is a space where subscribers can engage with each other and Globe staff. © 2020 The Business of Fashion. The executive oversaw a gradual turnaround at the American giant, restoring the brand back to growth. I am confident in the boundless potential of these teams and brands and very much look forward to following their future success.". We asked the experts. He took over as CEO of Coach in 2014, tasked with leading a turnaround of the faltering brand. Luis’ decade-long involvement with Coach, the American heritage leather brand, positioned him to effectively restore the brand image and return the company to positive growth, something it had not seen for years. For more information read our Terms & Conditions and Privacy Policy. "I am grateful to and inspired by the more than 20,000 people who make up this incredible Company. "It made sense to change leadership at the very top.". "remove":"add"](select.closed),dom.control.setAttribute("aria-expanded",o)}function onToggleClicked(){var l=!isPanelOpen();setPanelState(l)}function onWindowScroll(){window.requestAnimationFrame(function() {var l=isPanelOpen(),n=0===(document.body.scrollTop||document.documentElement.scrollTop);n||l||!allowExpand?n&&l&&(allowExpand=!0,setPanelState(!1)):(allowExpand=!1,setPanelState(!0))});}pencilInit(".js-sub-pencil",!1); The not so promising future of department stores, Abercrombie & Fitch lowers sales forecast to account for increased U.S. tariffs, Forever 21 prepares for potential bankruptcy filing: report, Unchecking box will stop auto data updates, Due to technical reasons, we have temporarily removed commenting from our articles. Tapestry further said: “Victor Luis, Chief Executive Officer, departed from the Company and resigned from the Company’s Board of Directors, effective as of September 3, 2019.” Share price decline. Gen-Z Shopping: Separating Myth from Reality — Download the Case Study, 5 Tech Tools That Should Be on Every Fashion Executive’s Radar, How the Climate Crisis Is Reshaping Luxury. into a multi-brand fashion group dubbed Tapestry. Brielle Biermann and her mother Kim Zolciak-Biermann have been sharing their lives on reality TV for over a decade now, which has helped them establish a mother-daughter relationship in which they share “everything” with one another. Under Luis, the company changed its name to Tapestry from Coach and added shoemaker Stuart Weitzman and millennial-focused Kate Spade to win new customers. Please log in to listen to this story. New York, NY 10001 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. Site Map He has been chairman since November 2014 — and has more than 30 years of global financial and operational experience. He then took the reins as Baccarat’s chief executive in 2002 for four years. Black cheerleaders are calling for change. In September 2019, Tapestry Inc. replaced Luis with long-time Chairman Jide Zeitlin, just weeks after the high-end fashion house cut its full-year earnings forecast and warned of troubles at its Kate Spade brand. Under Luis, the company changed its name to Tapestry from Coach and added shoemaker Stuart Weitzman and Millennial-focused Kate Spade to win new customers. https://www.businessoffashion.com/community/people/victor-luis-1 Tapestry Inc replaced chief executive officer 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. As the mom shows, she and her husband sleep in a private bedroom, along with their infant son. The acquisitions prompted the industry to speculate whether this could become the American fashion conglomerate to rival the European giants like LVMH and Kering. Kate Spade and Stuart Weitzman have been experiencing some growing pains since their acquisitions. We hope to have this fixed soon. Welcome to The Globe and Mail’s comment community. Victor Luís is on the board of Deckers Outdoor Corp. and Head-Purchasing at Abrigada - Companhia Nacional de Refractários SA. They were up about 3% in trading before the bell. Given the timing of Luis's departure, it's hard not to see a connection to these results. Bugs Bunny is fast-talking, smart, and always getting into trouble. © Copyright 2020 The Globe and Mail Inc. All rights reserved. A college student is going viral after posting a jarring video that shows just how often she gets interrupted during class. This is a space where subscribers can engage with each other and Globe staff. Shares have halved during Luis' term as CEO. “We ultimately came to the conclusion that as much as we believe in our strategy, there was a gap between our strategic intent and operational delivery,” Zeitlin told Reuters. Here's how some fill the gaps. For the latest news, follow us on Facebook, Twitter, and Instagram. Sign up for the Fashionista daily newsletter. 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. The rebrand becomes official October 31, 2017. Some information in it may no longer be current. Together we have energized the Coach brand, while creating a unique portfolio with the acquisitions of Stuart Weitzman and Kate Spade," Luis said in a statement. But his tenure has been fraught with challenges as the company has struggled to integrate the brands and keep up with the latest fashion trends. We will remove this and make the changes needed. The news also comes at a busy time for Tapestry brands, with all three of them preparing to unveil their spring 2020 collections — Coach and Kate Spade at New York Fashion Week and Stuart Weitzman in Milan. A TikToker shared a cautionary tale after her friend witnessed a man spike a woman’s drink while the pair was on a blind date in broad daylight. Full Disclaimer. The company's board will be reduced to eight members after Luis' departure. Together with a talented management team that combines long-tenured executives with new leaders who bring fresh perspectives, we will act with urgency to drive sustainable organic growth.”. Victor Luis is out the door in his exercise gear and dress shoes at 6 am. Sign up for FN's Newsletter. With the help of a QuadStick, Rocky Stoutenburgh has defied the odds to become one of the most skilled players on Twitch. “It made sense to change leadership at the very top.”. All rights reserved. Power Moves | YNAP CEO Joins Giorgio Armani Board, Coty Names New CEO, Op-Ed | The Retail Apocalypse Confronts a New Crop of CEOs. "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. "Never in a million years would I have considered myself a sex symbol.".