Capri Holdings had big news on Tuesday as it announced a new CEO — Joshua Schulman — for Michael Kors. But more importantly, he'll take over as group CEO from John D Idol next year. Idol will become executive chairman.
Coach and Kate Spade owner Tapestry Inc forecast annual revenue and profit above estimates after posting better-than-expected results on Thursday, expecting the reopening of economies to boost demand for luxury goods.
The American luxury group has announced a series of new initiatives, including the launch of the Tapestry Foundation, the expansion of its corporate responsibility agenda, and the implementation of a $15 minimum wage.
Tapestry Inc returned to quarterly sales growth and forecast full-year numbers above analysts’ estimates as the Coach handbag maker benefits from a strong rebound in demand for luxury goods in North America and China.