Coach handbag maker Tapestry Inc raised its annual sales and profit forecasts on strong rebound in demand for luxury goods even as global supply chain bottlenecks threaten to create a shortage of products.
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.