Coach makes Todd Kahn permanent CEO
Having served as interim CEO and brand president of Coach since July 2020, Todd Kahn has now had his position at the head of the New York-based designer accessories brand made permanent.
Announced on Thursday, Kahn’s appointment will see him assume responsibility for all aspects of the Tapestry-owned label globally on a permanent basis. He will report to Tapestry CEO Joanne Crevoiserat.
The executive first joined Coach as senior vice president, general counsel and secretary in January 2008 and went on to hold a range of roles of increasing responsibility, including chief legal officer, company secretary, and chief administrative officer.
Prior to joining Coach, Kahn served as EVP and COO at Sean “Diddy” Combs’ Sean John brand from 2004 to 2007, having previously held the role of president and COO at Accessory Network Group for two years. The executive, who holds a BS in business management from Touro College and a JD from Boston University School of Law, began his career as a corporate associate at Fried Frank in 1988.
Commenting on Kahn’s permanent appointment, Crevoiserat commended the executive’s leadership during the Covid-19 pandemic. In particular, she highlighted the brand’s solid business results and growing momentum, which has been driven by concerted efforts to attract younger customers and accelerate digital development.
“Todd has both deep industry and company experience, bringing a unique balance of brand stewardship and commercial capabilities,” she explained. “I am confident that he is the right person to lead Coach, partnering closely with me and the senior management team as we continue to advance our Acceleration Program.”
“Coach is an iconic brand with a remarkable 80-year history and incredibly talented teams,” added Kahn. “I am honored to lead the brand and passionate about the opportunities ahead as we continue to implement a purpose-led, consumer-centric, and data-driven approach to fueling innovation across customer touchpoints.”
In the second quarter ended December 26, 2020, Tapestry, which also owns the Kate Spade and Stuart Weitzman brands, reported net sales of $1.69 billion, a decline of 7% from the same period in the previous year. Coach contributed revenues of $1.23 billion, down 4% year over year.
Tapestry’s net income for the quarter totaled $311 million, or $1.11 per diluted share, compared to $299 million, or $1.08 per diluted share, in the prior-year period.
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