The company is working to support its staff, contribute to pandemic relief efforts, and boost its financial flexibility by drawing down from its revolving credit facility, suspending its quarterly cash dividend and more.
Wednesday was another day full of announcements from U.S. retailers looking to do their part to combat the spread of Covid-19 by implementing store closures. J.C. Penney, Skechers and J.Jill were among the latest batch.
With North American retailers implementing store closures to combat the spread of Covid-19 since the weekend, Tuesday’s announcements have come from the likes of Macy's, Ralph Lauren, AEO, Foot Locker and Tapestry.
As the outbreak continues in China, the American company has announced that it has closed 60% of its stores in the country, but is yet to provide a prediction of the impact the crisis will have on its financial results.
According to consulting firm Pambianco, the top fashion and luxury performers on the stock market last year were sportswear brands and French luxury groups. Italian luxury labels were flat, save for Moncler and Prada.
Tapestry Inc. has made several new appointments to its senior management team, including a new CEO and president at both its Kate Spade and Stuart Weitzman brands, and a new president of Tapestry Asia Pacific.