olivLaw · US equity research
TPR TPR
Leather & Leather Products · SIC 3100 · Vertical: Leather products (SIC 31xx)
In fiscal 2026, Tapestry reported net sales of 8004.2 million USD, up 14.2% from the prior year. The Coach segment accounted for 86.4% of total sales, and the GAAP operating margin reached 23.9%. For fiscal 2027 the company is initiating guidance for mid-single digit revenue growth, which could hold if the post-Investor Day trend continues.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, TPR (TPR) stock was 125.31 USD (+3.54% on the day), with market capitalisation 25.0 bn USD, P/E 17.2 on diluted EPS of 7.27 USD over the last 12 months, dividend yield 1.28%, beta 1.21, 52-week range 98.81–164.78 USD. Latest reported quarter (Q4 2026): revenue of 1.9 bn USD (+8.9% YoY), net income of 347.8 m USD, diluted EPS 1.68 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 64.6
- strong (55–70)
- Bollinger (20, 2)
- 108.95 – 123.94
- above the upper band · %B 1.09 · band width 12.9%
- SMA 50 / 200
- 117.20 / 137.07
- mixed trend
- MACD (12, 26, 9)
- 0.52 / -0.82
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +7.1% | −1.1% | +8.2 pp | — |
| 3 months | −21.3% | −0.5% | −20.8 pp | — |
| 6 months | −15.8% | +4.4% | −20.2 pp | — |
| Year to date | −1.9% | +12.3% | −14.2 pp | — |
| 1 year | +17.8% | +13.5% | +4.2 pp | +12.4% |
| 3 years | +348.5% | +76.4% | +272.1 pp | −9.5% |
| 5 years | +194.8% | +63.7% | +131.1 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q4 2026 · 27 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.5 bn | 2.2 bn | 1.6 bn | 1.7 bn | 1.7 bn | 2.5 bn | 1.9 bn | 1.9 bn |
| Cost of revenue | 372.6 m | 562.3 m | 378.8 m | 408.1 m | 404.1 m | 614.0 m | 444.1 m | 313.0 m |
| Gross profit | 1.1 bn | 1.6 bn | 1.2 bn | 1.3 bn | 1.3 bn | 1.9 bn | 1.5 bn | 1.6 bn |
| SG&A | 882.9 m | 1.1 bn | 952.1 m | 1.0 bn | 972.3 m | 1.2 bn | 1.0 bn | 1.1 bn |
| Operating income | 252.0 m | 492.8 m | 253.7 m | -583.5 m | 328.2 m | 716.4 m | 427.5 m | 442.3 m |
| Depreciation & amortisation | 40.9 m | 40.9 m | 41.4 m | 43.1 m | 37.2 m | 41.0 m | 41.5 m | 45.2 m |
| Interest expense | 123.2 m | 85.8 m | 32.8 m | 29.4 m | 30.1 m | 30.9 m | 29.3 m | 29.0 m |
| Pre-tax income | 225.7 m | 345.3 m | 239.1 m | -594.0 m | 318.7 m | 697.1 m | 416.0 m | 428.8 m |
| Income tax | 39.1 m | 34.9 m | 35.8 m | -76.9 m | 43.9 m | 135.8 m | 72.2 m | 81.0 m |
| Net income | 186.6 m | 310.4 m | 203.3 m | -517.1 m | 274.8 m | 561.3 m | 343.8 m | 347.8 m |
| Diluted EPS | 0.79 | 1.38 | 0.95 | -2.40 ≈ | 1.28 | 2.68 | 1.65 | 1.68 ≈ |
| Operating cash flow | 119.5 m | 506.0 m ≈ | 144.3 m ≈ | 446.8 m | 112.6 m | 1.1 bn ≈ | 262.6 m ≈ | 522.2 m |
| Capex | 25.6 m | 30.9 m ≈ | 30.9 m ≈ | 35.3 m | 32.4 m | 43.6 m ≈ | 36.8 m ≈ | 53.2 m |
| Dividends paid | 81.4 m | 72.4 m ≈ | 72.7 m ≈ | 72.8 m | 83.3 m | 81.3 m ≈ | 81.0 m ≈ | 80.5 m |
| Share repurchases | 0 | 1.6 bn ≈ | 52.3 m ≈ | 53.4 m | 698.2 m | 403.5 m ≈ | 150.2 m ≈ | 302.7 m |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 49 percentile of its own 39-quarter history (min 7.3, median 18.5, max 120.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 6.0 bn | 5.0 bn | 5.7 bn | 6.7 bn | 6.7 bn | 6.7 bn | 7.0 bn | 8.0 bn |
| Revenue YoY | +2.5% | −17.7% | +15.8% | +16.3% | −0.4% | +0.2% | +5.1% | +14.2% |
| Net income | 643.4 m | -652.1 m | 834.2 m | 856.3 m | 936.0 m | 816.0 m | 183.2 m | 1.5 bn |
| Net income YoY | +61.9% | −201.4% | unavailable | +2.6% | +9.3% | −12.8% | −77.5% | +733.9% |
| Diluted EPS | 2.21 | -2.34 | 2.95 | 3.17 | 3.88 | 3.50 | 0.82 | 7.27 |
| Diluted EPS YoY | +60.1% | −205.9% | unavailable | +7.5% | +22.4% | −9.8% | −76.6% | +786.6% |
| net % | 10.7% | -13.1% | 14.5% | 12.8% | 14.1% | 12.2% | 2.6% | 19.1% |
| Free cash flow | 518.2 m | 201.6 m | 1.2 bn | 759.3 m | 791.0 m | 1.1 bn | 1.1 bn | 1.8 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 27 Jun 2026
- Cash
- 974.7 m USD
- Financial debt
- 2.4 bn USD
- Net debt
- 1.4 bn USD
- Equity
- 692.1 m USD
- Total assets
- 6.7 bn USD
- Debt / equity
- 3.46x
- Current ratio
- 1.75x
- ROE
- 197.1%
- ROA
- 23.0%
- FCF margin
- 22.6%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 5.7 bn | 6.7 bn | 6.7 bn | 6.7 bn | 7.0 bn | 8.0 bn | SEC (XBRL)· 13 Aug 2026verified |
| Cost of revenue | 1.7 bn | 2.0 bn | 1.9 bn | 1.8 bn | 1.7 bn | 1.8 bn | SEC (XBRL)· 13 Aug 2026verified |
| Gross profit | 4.1 bn | 4.7 bn | 4.7 bn | 4.9 bn | 5.3 bn | 6.2 bn | SEC (XBRL)· 13 Aug 2026verified |
| SG&A | 3.1 bn | 3.5 bn | 3.5 bn | 3.7 bn | 4.0 bn | 4.3 bn | SEC (XBRL)· 13 Aug 2026verified |
| Operating income | 968.0 m | 1.2 bn | 1.2 bn | 1.1 bn | 415.0 m | 1.9 bn | SEC (XBRL)· 13 Aug 2026verified |
| Depreciation & amortisation | 220.5 m | 195.3 m | 182.2 m | 174.0 m | 162.9 m | 160.8 m | SEC (XBRL)· 13 Aug 2026verified |
| EBITDA | 1.2 bn ≈ | 1.4 bn ≈ | 1.4 bn ≈ | 1.3 bn ≈ | 577.9 m ≈ | 2.1 bn ≈ | SEC (XBRL)· 13 Aug 2026derived |
| Interest expense | 73.5 m | 68.8 m | 72.8 m | 369.6 m | 271.2 m | 119.3 m | SEC (XBRL)· 13 Aug 2026verified |
| Pre-tax income | 897.3 m | 1.0 bn | 1.1 bn | 1.0 bn | 216.1 m | 1.9 bn | SEC (XBRL)· 13 Aug 2026verified |
| Income tax | 63.1 m | 190.7 m | 207.1 m | 195.9 m | 32.9 m | 332.9 m | SEC (XBRL)· 13 Aug 2026verified |
| Net income | 834.2 m | 856.3 m | 936.0 m | 816.0 m | 183.2 m | 1.5 bn | SEC (XBRL)· 13 Aug 2026verified |
| Diluted EPS | 2.95 | 3.17 | 3.88 | 3.50 | 0.82 | 7.27 | SEC (XBRL)· 13 Aug 2026verified |
| Weighted average diluted shares | 283.0 m | 270.1 m | 241.3 m | 233.2 m | 222.5 m | 210.2 m | SEC (XBRL)· 13 Aug 2026verified |
| Dividend per share | 0.00 | 1.00 | 1.20 | 1.40 | 1.40 | 1.60 | SEC (XBRL)· 13 Aug 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 2.0 bn | 789.8 m | 726.1 m | 6.1 bn | 1.1 bn | 974.7 m | SEC (XBRL)· 13 Aug 2026verified |
| Receivables | 200.2 m | 252.3 m | 211.5 m | 228.2 m | 239.3 m | 237.1 m | SEC (XBRL)· 13 Aug 2026verified |
| Inventories | 734.8 m | 994.2 m | 919.5 m | 824.8 m | 860.7 m | 826.2 m | SEC (XBRL)· 13 Aug 2026verified |
| Current assets | 3.4 bn | 2.6 bn | 2.4 bn | 8.8 bn | 2.9 bn | 2.9 bn | SEC (XBRL)· 13 Aug 2026verified |
| Goodwill | 1.3 bn | 1.2 bn | 1.2 bn | 1.2 bn | 983.3 m | 957.7 m | SEC (XBRL)· 13 Aug 2026verified |
| Intangibles (excl. goodwill) | 1.4 bn | 1.4 bn | 1.4 bn | 1.4 bn | 719.6 m | 716.5 m | SEC (XBRL)· 13 Aug 2026verified |
| Total assets | 8.4 bn | 7.3 bn | 7.1 bn | 13.4 bn | 6.6 bn | 6.7 bn | SEC (XBRL)· 13 Aug 2026verified |
| Accounts payable | 445.2 m | 520.7 m | 416.9 m | 452.2 m | 456.1 m | 582.3 m | SEC (XBRL)· 13 Aug 2026verified |
| Short-term debt | 0 | 31.2 m | 25.0 m | 303.4 m | 16.7 m | 0 | SEC (XBRL)· 13 Aug 2026verified |
| Long-term debt | 1.6 bn | 1.7 bn | 1.6 bn | 7.0 bn | 2.4 bn | 2.4 bn | SEC (XBRL)· 13 Aug 2026verified |
| Current liabilities | 1.4 bn | 1.5 bn | 1.3 bn | 1.7 bn | 1.6 bn | 1.6 bn | SEC (XBRL)· 13 Aug 2026verified |
| Total liabilities | 5.1 bn | 5.0 bn | 4.8 bn | 10.5 bn | 5.7 bn | 6.0 bn | SEC (XBRL)· 13 Aug 2026verified |
| Equity | 3.3 bn † | 2.3 bn † | 2.3 bn † | 2.9 bn † | 857.8 m † | 692.1 m † | SEC (XBRL)· 13 Aug 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 1.3 bn | 853.2 m | 975.2 m | 1.3 bn | 1.2 bn | 2.0 bn | SEC (XBRL)· 13 Aug 2026verified |
| Capex | 116.0 m | 93.9 m | 184.2 m | 108.9 m | 122.7 m | 166.0 m | SEC (XBRL)· 13 Aug 2026verified |
| Free cash flow | 1.2 bn ≈ | 759.3 m ≈ | 791.0 m ≈ | 1.1 bn ≈ | 1.1 bn ≈ | 1.8 bn ≈ | SEC (XBRL)· 13 Aug 2026derived |
| Investing cash flow | -91.0 m | -253.6 m | 5.7 m | -1.0 bn | 914.0 m | -218.3 m | SEC (XBRL)· 13 Aug 2026verified |
| Financing cash flow | -666.0 m | -1.8 bn | -1.0 bn | 5.2 bn | -7.2 bn | -1.9 bn | SEC (XBRL)· 13 Aug 2026verified |
| Dividends paid | 0 | 264.4 m | 283.3 m | 321.4 m | 299.3 m | 326.1 m | SEC (XBRL)· 13 Aug 2026verified |
| Share repurchases | 0 | 1.6 bn | 703.5 m | 0 | 1.7 bn | 1.6 bn | SEC (XBRL)· 13 Aug 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 81 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 25.0 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation51
- Returns100
- Quality100
- Balance sheet96
- Growth76
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 86.88 – 207.15 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)130.22 – 207.15 (Mid 159.75)WACC 8.9% · starting FCFF 1.9 bn USD · terminal value share of EV 74%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -3.7%
- Peers: EV/EBITDA99.98 – 134.47 (Mid 117.44)3 companies used · median multiple 12.0x · quartiles 10.3x – 13.6xCPRI, RCKY, WWW
- Peers: P/E86.88 – 132.16 (Mid 87.27)5 companies used · median multiple 12.0x · quartiles 12.0x – 18.2xCAL, CPRI, RCKY, SHOO, WWW
- Dividend discount (DDM)outside the aggregate21.03 – 28.28 (Mid 24.12)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 81/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 73.4% | 100 (vs peers) | 10% |
| Net margin · Quality | 19.1% | 100 (vs peers) | 6% |
| FCF conversion · Quality | 118.6% | 100 (on a fixed band) | 6% |
| Revenue CAGR 3Y · Growth | 6.3% | 53 (on a fixed band) | 8% |
| EPS CAGR 3Y · Growth | 23.3% | 100 (on a fixed band) | 8% |
| Net debt / EBITDA · Balance sheet | 0.7x | 100 (vs peers) | 10% |
| Interest coverage · Balance sheet | 16.0x | 100 (on a fixed band) | 6% |
| Current ratio · Balance sheet | 1.8x | 79 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 17.2x | 50 (vs peers) | 10% |
| EV/EBITDA · Valuation | 12.7x | 21 (on a fixed band) | 10% |
| FCF yield · Valuation | 7.3% | 91 (on a fixed band) | 8% |
| Shareholder yield (distributions) · Returns | 7.5% | 100 (on a fixed band) | 6% |
| Payout ratio (FCF) · Returns | 18.0% | 100 (on a fixed band) | 4% |
Score groups
- Balance sheet96/100 · 3/3 factors with a value
- Growth76/100 · 2/2 factors with a value
- Quality100/100 · 3/3 factors with a value
- Returns100/100 · 2/2 factors with a value
- Valuation51/100 · 3/3 factors with a value
Memo
Tapestry, Inc. (TPR). Latest full fiscal year: 2026; data up to 2026-06-27.
Figures computed from the financial statements: revenue 8.0 bn USD in 2026; YoY growth 14.2%; net margin 19.1%; ROE 197.1%; net debt/EBITDA 0.7x.
The estimated value range is 99.98–134.47 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 117.44 USD, the price of 125.31 USD leaves a potential of -6.3% (value / price − 1) and a margin of safety of -6.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 81/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 73.4%
- Net margin: 19.1%
- FCF conversion: 118.6%
- EPS CAGR 3Y: 23.3%
- Net debt / EBITDA: 0.7x
- Interest coverage: 16.0x
- Current ratio: 1.8x
- FCF yield: 7.3%
- Shareholder yield (distributions): 7.5%
- Payout ratio (FCF): 18.0%
What contradicts it
- EV/EBITDA: 12.7x
- The valuation methods diverge
Versus the vertical median
Leather products (SIC 31xx) · same major group (2-digit SIC) · compared with 9 companies
The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| TPRTapestry, Inc. | 25.0 bn | 17.2 | 197.1% | 19.1% | +14.2% | +18% / +348% |
| SHOOSteven Madden, Ltd. | 3.4 bn | 22.9 | 16.7% | 5.4% | +11.0% | +12% / +24% |
| CPRICapri Holdings Limited | 2.2 bn | 12.0 | — | 6.1% | −4.1% | −16% / −56% |
| WWWWolverine World Wide, Inc. | 1.9 bn | 18.2 | 27.1% | 5.5% | unavailable | +45% / +174% |
| CALCaleres, Inc | 507.6 m | 9.9 | 8.2% | 1.8% | +1.3% | +26% / −52% |
| RCKYRocky Brands, Inc. | 411.2 m | 12.0 | 13.2% | 6.6% | +6.2% | +80% / +89% |
| VRAVera Bradley, Inc. | 216.0 m | — | -7.4% | -3.7% | −15.4% | +165% / +0% |
| TLFTandy Leather Factory, Inc | 18.6 m | — | -3.2% | -2.1% | +2.6% | −17% / −45% |
| FMFCKandal M Venture Limited | — | 366.0 | 76.7% | 1.2% | +23.0% | −85% / unavailable |
| BIRKBirkenstock Holding plc | — | — | 13.0% | 16.6% | +16.2% | −14% / −19% |
1- and 3-year price returns: for TPR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 79.49 Total return -35% · Per year -35% | 140.40 Total return 13% · Per year 13% | 211.32 Total return 70% · Per year 70% |
| 3 years | 79.98 Total return -33% · Per year -12% | 158.70 Total return 31% · Per year 9% | 261.85 Total return 115% · Per year 29% |
| 5 years | 80.48 Total return -30% · Per year -7% | 179.37 Total return 51% · Per year 9% | 324.46 Total return 170% · Per year 22% |
- Exit P/E± 39.67
- Net margin± 27.77
- Annual revenue growth± 22.41
- Annual dilution± 2.33
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 13 Aug 2026; since then the company filed 8-K (05 Nov 2026 · results), 10-Q (05 Nov 2026).
In brief
In fiscal 2026, Tapestry reported net sales of 8004.2 million USD, up 14.2% from the prior year 12. The Coach segment accounted for 86.4% of total sales, and the GAAP operating margin reached 23.9% 1. For fiscal 2027 the company is initiating guidance for mid-single digit revenue growth, which could hold if the post-Investor Day trend continues 2.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Trade tariffshigh
Tariffs on imports from producing countries can directly affect costs and margins, and legal decisions still in progress could change refunds 1.
- Dependence on Coachhigh
The Coach segment makes up most sales, so a slowdown in demand for that brand would have a major impact 1.
- International exposuremedium
Operations outside the United States and reliance on Greater China expose the company to political, currency and regulatory risks 1.
- Mall trafficmedium
Lower mall traffic can reduce sales in physical stores and lead to asset impairments 1.
- Supply chain riskmedium
Shipping delays, reliance on independent manufacturers and compliance issues can affect deliveries and reputation 1.
Investment thesis
What would need to be true (bull case)
- Strong Coach growth together with the acquisition of new customers could support revenue and margins if the trend continues 2.
- Exceeding margin targets and raising the dividend show operational discipline and capacity to return capital 2.
- Geographic diversification and expansion in Asia and Europe could reduce reliance on any single market 12.
What would break the thesis
- If tariffs stay high, margins could come under pressure again, especially for products imported from Asia 1.
- Concentration of sales in one brand makes the company sensitive to shifts in fashion or demand 1.
- Continued decline at Kate Spade and a shrinking store count could limit the group's growth potential 12.
What to watch
- Coach sales trajectory and Gen Z customer retentionQ1 2027
- Delivery against fiscal 2027 guidance for revenue growth and marginsnext 10-K
- Effect of the Ohio to Pennsylvania fulfillment transition2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 13 Aug 2026; since then the company filed 8-K (05 Nov 2026 · results), 10-Q (05 Nov 2026).
The business
Tapestry, Inc. is a global house of accessories and lifestyle brands uniting Coach and kate spade new york 1. It reports two segments: Coach, with 86.4% of fiscal 2026 net sales, and Kate Spade, with 13.4% 1. Direct-to-consumer represented about 87% of total net sales in fiscal 2026, and wholesale about 12% 1.
Coach net sales were 6914.7 million USD in fiscal 2026, while Kate Spade generated 1074.9 million USD 1. The company sold Stuart Weitzman on August 4, 2025 for 109.1 million USD, after that brand had net sales of only 14.6 million USD in the period before the sale 1. The 2028 Amplify strategy focuses on Gen Z consumers, leathergoods and international expansion 1.
Production relies on a limited number of independent manufacturers, mainly in Vietnam, Cambodia, the Philippines, India and Bangladesh 1. The company maintains sourcing offices in Vietnam, mainland China, the Philippines and Cambodia, with fulfillment through owned and third-party centers in North America, Europe and Asia 1.
Market context
Trends
- Coach brand momentum and younger customerstailwind
Coach growth and the acquisition of about 11.0 million new customers in fiscal 2026 point to strong demand among Gen Z 2. If this trend holds, it could support revenue growth over the medium term 2.
- Tariffs and trade policymixed
Tariffs on imports from producing countries reduced gross margin, and new tariffs could change sourcing costs 1. IEEPA refunds could partly offset the impact, but timing depends on the CBP process 1.
- Expansion in Asia and Europetailwind
Growth in Europe and Asian regions was significant in fiscal 2026, supported by the push to internationalize 2. If momentum in Greater China continues, exposure to that region could also heighten sensitivity to geopolitical risk 1.
- Declining mall trafficheadwind
Lower traffic in malls and shopping centers can reduce sales in physical stores, which form part of the DTC channel 1. The company notes that impairment charges could arise if expected cash flows fall 1.
Competitive position
Tapestry competes with other luxury and lifestyle houses for consumer attention and mall space, and the source offers limited detail on individual rivals 1. Competitive pressure is amplified by the need to attract new customers while marketing spend is high 1.
Tapestry's position depends on keeping its brands desirable and responding quickly to consumer preferences 1. If competitors gain share in handbags and leathergoods, pressure on prices and volumes could increase 1.
- Other luxury accessories and leathergoods houses
Direct rivals in handbags and leathergoods, referred to generically in the sources without specific identification.
- Lifestyle and mass-fashion brands
Competing for younger consumers and mall space, mentioned in the context of risk factors.
- Third-party digital platforms
Channels that can capture online sales, including marketplaces used by the company.
- Wholesale department and specialty store partners
Retailers that compete for shelf space and customer attention in the wholesale channel.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report05 Nov 2026
- Current report05 Nov 2026Results of operations · Financial statements and exhibits
- Proxy statement25 Sept 2026
- Annual report13 Aug 2026
- Current report13 Aug 2026Results of operations · Financial statements and exhibits
- Quarterly report07 May 2026
- Current report07 May 2026Results of operations · Financial statements and exhibits
- Current report06 Apr 2026Departure or appointment of officers · Financial statements and exhibits
- Quarterly report05 Feb 2026
- Current report05 Feb 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2026-06-27 · SEC / TPR · 13 Aug 2026
- [2] Form 8-K, results release (exhibit 99.1) · SEC / TPR · 13 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.