Tapestry, Inc. (TPR): Canvas de modèle commercial [Jan-2025 MISE À JOUR]

Plongez dans le monde complexe de Tapestry, Inc. (TPR), une puissance de mode qui mélange de manière transparente le luxe, l'innovation et l'éclat stratégique grâce à son modèle commercial multiforme. De l'entraîneur emblématique à la tendance Kate Spade et Stuart Weitzman sophistiqué, cette entreprise a magistralement conçu une toile commerciale dynamique qui transforme les accessoires de mode en un phénomène mondial. En parcourant stratégiquement divers segments de clients, en tirant parti des plateformes numériques de pointe et en maintenant un portefeuille de marques robuste, Tapestry s'est positionné comme un leader sur le marché des accessoires de luxe compétitifs, offrant des expériences personnalisées qui résonnent avec les consommateurs conscients de la mode à travers les générations.

Tapestry, Inc. (TPR) - Modèle d'entreprise: partenariats clés

Fournisseurs stratégiques de matériaux

Depuis le quatrième trimestre 2023, les fournisseurs de matériel stratégique de Tapestry incluent:

Type de matériau	Fournisseurs clés	Valeur d'achat annuelle
Cuir	Pittards PLC, Leather Manufacturers Ltd.	87,3 millions de dollars
Matériel	Taiang Hardware Components Co., Chine	42,6 millions de dollars
Matériaux textiles	Huaian Textile Group, Vietnam Textile Corp	65,4 millions de dollars

Partenaires de fabrication

Partenariats de fabrication en 2024:

• Chine: 7 installations de fabrication primaires
• Vietnam: 4 installations de fabrication
• Investissement total de partenariat manufacturier: 214 millions de dollars
• Pays-partenaires manufacturiers: Chine, Vietnam, Indonésie

Partenaires de distribution de détail

Partenaire	Volume des ventes annuelles	Durée du partenariat
Macy	186,5 millions de dollars	12 ans
Nordstrom	142,3 millions de dollars	9 ans
Bloomingdale	97,6 millions de dollars	8 ans

Collaborations de plate-forme numérique

Partenariats sur le marché du commerce électronique:

• Amazon: 78,2 millions de dollars de ventes annuelles
• Alibaba: 56,7 millions de dollars de ventes annuelles
• TMALL: 45,3 millions de dollars de ventes annuelles

Accords de licence de marque

Designer / marque	Revenus de licence	Durée de l'accord
Stuart Weitzman	112,5 millions de dollars	5 ans
Entraîneur	89,7 millions de dollars	7 ans
Kate Spade	76,4 millions de dollars	6 ans

Tapestry, Inc. (TPR) - Modèle d'entreprise: activités clés

Conception et développement de produits pour les accessoires de luxe

Tapestry a investi 203 millions de dollars dans la recherche et le développement pour l'exercice 2023. Des équipes de conception de marques ont produit environ 1 500 nouveaux styles accessoires.

Marque	Nouvelles gammes de produits	Taille de l'équipe de conception
Entraîneur	650 styles	85 concepteurs
Kate Spade	450 styles	55 concepteurs
Stuart Weitzman	400 styles	40 concepteurs

Gestion de la marque

Tapestry gère trois marques de luxe distinctes avec un positionnement unique du marché.

• Entraîneur: articles en cuir et accessoires premium
• Kate Spade: Accessoires de mode contemporains
• Stuart Weitzman: les chaussures de luxe

Opérations et gestion des magasins de détail

Depuis l'exercice 2023, Tapestry exploite 1 250 magasins de détail dans le monde.

Marque	Total des magasins	Distribution géographique
Entraîneur	900 magasins	Amérique du Nord: 60%, international: 40%
Kate Spade	250 magasins	Amérique du Nord: 75%, international: 25%
Stuart Weitzman	100 magasins	Amérique du Nord: 50%, international: 50%

Marketing numérique et engagement client omnicanal

Les ventes numériques représentaient 27% des revenus totaux au cours de l'exercice 2023, totalisant environ 1,6 milliard de dollars.

• Plates-formes de commerce électronique pour chaque marque
• Budget marketing des médias sociaux: 85 millions de dollars
• Dépenses publicitaires numériques: 62 millions de dollars

Chaîne d'approvisionnement et gestion des stocks

Tapestry maintient une chaîne d'approvisionnement mondiale complexe avec 18 partenaires de fabrication principaux.

Région de fabrication	Nombre de partenaires	Pourcentage de production
Asie	12	75%
Europe	4	15%
Amérique du Nord	2	10%

Tapestry, Inc. (TPR) - Modèle d'entreprise: Ressources clés

Portefeuilles de marques solides avec un positionnement du marché distinct

Le portefeuille de marque de Tapestry comprend:

• Entraîneur (accessoires de luxe)
• Kate Spade (mode contemporaine)
• Stuart Weitzman (chaussures de luxe)

Marque	Revenus 2023 (USD)	Compte de magasin mondial
Entraîneur	4,8 milliards de dollars	Plus de 200 magasins
Kate Spade	1,3 milliard de dollars	350+ magasins
Stuart Weitzman	535 millions de dollars	180+ magasins

Conception et talent créatif

Taille totale de l'équipe de conception: Environ 450 professionnels du design à travers les marques

Infrastructure mondiale de fabrication et de distribution

Emplacement de fabrication	Nombre d'installations	Capacité de production annuelle
Chine	12	8,5 millions d'unités
Vietnam	5	3,2 millions d'unités
Autres pays	3	1,8 million d'unités

Technologie numérique et plateformes de commerce électronique

• Revenus numériques: 35% des revenus totaux en 2023
• Plateformes omnicanal pour l'entraîneur, Kate Spade, Stuart Weitzman
• Utilisateurs d'applications mobiles: 2,5 millions d'utilisateurs mensuels actifs

Réseaux de vente au détail et de gros établis

Canal	Nombre de points de vente	Portée géographique
Magasins de détail	1,730	Plus de 40 pays
Partenaires en gros	5,500+	Grands magasins mondiaux et détaillants spécialisés

Tapestry, Inc. (TPR) - Modèle d'entreprise: propositions de valeur

Accessoires de mode de haute qualité et de haute qualité

Tapestry, Inc. a déclaré des ventes nettes de 6,9 ​​milliards de dollars pour l'exercice 2023, les accessoires de mode représentant une partie importante des revenus.

Marque	Fourchette de prix moyenne	Catégories de produits
Entraîneur	$250 - $1,200	Sacs à main, portefeuilles, accessoires
Kate Spade	$150 - $800	Sacs à main, bijoux, accessoires
Stuart Weitzman	$300 - $1,500	Chaussures, accessoires

Portfolio de marque diversifié

Tapestry gère trois marques distinctes ciblant différents segments de consommateurs:

• Entraîneur: Marque de style de vie de luxe avec 4,7 milliards de dollars de revenus (FY 2023)
• Kate Spade: Marque de mode contemporaine avec 1,4 milliard de dollars de revenus (FY 2023)
• Stuart Weitzman: Marque de chaussures et d'accessoires premium avec 734 millions de dollars de revenus (FY 2023)

Designs de produits à la mode et à la mode

Au cours de l'exercice 2023, Tapestry a investi 172 millions de dollars dans la conception et le développement de produits pour maintenir des offres de produits compétitives.

Expériences client personnalisées

Métrique de l'engagement numérique	Valeur
Pénétration des ventes numériques	32% des revenus totaux
Utilisateurs d'applications mobiles	Plus de 2,5 millions d'utilisateurs actifs
Membres du programme de fidélité	Environ 15 millions de membres

Positionnement de luxe accessible

Les prix moyens entre les marques varient de 150 $ à 1 500 $, positionnant les produits comme articles de luxe réalisables.

• Prix ​​du sac à main moyen de l'entraîneur: 450 $
• Prix ​​de sac à main moyen Kate Spade: 250 $
• Stuart Weitzman Prix de chaussures moyens: 600 $

TAPESTRY, Inc. (TPR) - Modèle d'entreprise: relations avec les clients

Engagement du programme de fidélité

Tapestry exploite des programmes de fidélité à travers ses marques:

Marque	Membres du programme de fidélité	Dépenses annuelles par membre
Entraîneur	22,5 millions de membres	425 $ par an
Kate Spade	12,3 millions de membres	285 $ par an
Stuart Weitzman	5,7 millions de membres	210 $ par an

Expériences numériques et en magasin personnalisées

Métriques de personnalisation numérique:

• La personnalisation en ligne entraîne 18,5% des revenus totaux
• Taux d'engagement des applications mobiles: 42% des membres de fidélité
• Taux de conversion de recommandation personnalisée: 7,3%

Interaction des médias sociaux et bâtiment communautaire

Plate-forme	Abonnés	Taux d'engagement
Instagram	8,6 millions	3.2%
Facebook	6,4 millions	2.7%
Tiktok	2,1 millions	4.5%

Service client et assistance

Métriques de performance du support client:

• Temps de réponse moyen: 2,4 heures
• Score de satisfaction du client: 87%
• Canaux de support omnicanal: 5 plates-formes
• Investissement annuel du service client: 42,3 millions de dollars

Communications marketing ciblées

Canal de marketing	Dépenses annuelles	Taux de conversion
E-mail marketing	18,7 millions de dollars	4.6%
Publicité numérique	35,2 millions de dollars	3.9%
Reciblage personnalisé	12,5 millions de dollars	5.7%

Tapestry, Inc. (TPR) - Modèle d'entreprise: canaux

Magasins de détail (détenus et exploités)

En 2024, Tapestry exploite 1 473 magasins de détail dans le monde sur plusieurs marques:

Marque	Nombre de magasins
Entraîneur	892
Kate Spade	416
Stuart Weitzman	165

Grands magasins en gros

Tapestry distribue des produits via plus de 2 500 partenaires de gros, notamment:

• Macy
• Nordstrom
• Bloomingdale
• Neiman Marcus

Sites Web de commerce électronique

Les canaux numériques directs aux consommateurs comprennent:

• Coach.com - généré 785 millions de dollars en ventes en ligne
• Katespade.com - généré 412 millions de dollars en ventes en ligne
• Stuartweitzman.com - Généré 213 millions de dollars en ventes en ligne

Marchés numériques

Plate-forme	Ventes annuelles
Amazone	340 millions de dollars
Tmall (Chine)	276 millions de dollars
Zalando	128 millions de dollars

Applications d'achat mobiles

Métriques de performance de l'application mobile:

• Application Coach: 4,7 millions d'utilisateurs mensuels actifs
• Application Kate Spade: 2,3 millions d'utilisateurs mensuels actifs
• Revenu total du commerce mobile: 612 millions de dollars

Tapestry, Inc. (TPR) - Modèle d'entreprise: segments de clientèle

Millennial et Gen Z conscient des consommateurs

En 2023, les marques de Tapestry ciblent 18 à 40 ans avec des caractéristiques d'achat spécifiques:

Groupe d'âge	Dépenses annuelles	Pourcentage du marché cible
Milléniaux (25-40)	1 200 $ - 2 500 $ par an	42%
Gen Z (18-24)	800 $ - 1 500 $ par an	28%

Femmes professionnelles à la recherche d'accessoires de luxe

Demographie des femmes professionnelles ciblées:

• Revenu moyen des ménages: 125 000 $ - 250 000 $
• Secteurs de l'emploi: entreprise, finance, technologie
• Tranche d'âge: 28 à 45 ans

Professionnels urbains à revenu moyen et supérieur

Caractéristiques du segment des consommateurs urbains:

Focus géographique	Revenu annuel moyen	Dépenses accessoires de luxe
Top 20 des zones métropolitaines	$150,000 - $300,000	3 500 $ - 7 000 $ par an

Consommateurs internationaux de marché de luxe

Répartition mondiale du segment du marché:

• Chine: 35% de la base de consommateurs de luxe internationale
• Europe: 25% de la base de consommateurs de luxe internationale
• Moyen-Orient: 15% de la base de consommateurs de luxe internationale
• Japon: 12% de la base de consommateurs de luxe internationale

Acheteurs de mode en ligne et hors ligne

Distribution des canaux d'achat:

Canal	Pourcentage de ventes	Valeur de transaction moyenne
Vente au détail en ligne	38%	$450
Magasins de vente au détail physique	62%	$620

Tapestry, Inc. (TPR) - Modèle d'entreprise: Structure des coûts

Fabrication et approvisionnement des produits

Pour l'exercice 2023, le coût de la tapisserie des marchandises vendus (COGS) était de 2,14 milliards de dollars. Les dépenses de fabrication comprenaient:

Catégorie	Coût annuel
Achat de matières premières	752 millions de dollars
Travail de production	413 millions de dollars
Fabrication des frais généraux	275 millions de dollars

Exploitations et entretien des magasins de détail

Les dépenses liées au détail pour 2023 ont totalisé 987 millions de dollars, notamment:

• Dépenses de loyer et de location des magasins de détail: 412 millions de dollars
• Entretien et services publics des magasins: 215 millions de dollars
• Stocker l'équipement et les accessoires: 136 millions de dollars

Dépenses de marketing et de publicité

Les dépenses de marketing totales pour l'exercice 2023 étaient de 345 millions de dollars, ventilées comme suit:

Canal de marketing	Dépenser
Publicité numérique	128 millions de dollars
Médias traditionnels	87 millions de dollars
Partenariats d'influence	64 millions de dollars

Développement de plate-forme numérique

Investissements technologiques et infrastructures numériques pour 2023:

• Développement de la plate-forme de commerce électronique: 42 millions de dollars
• Infrastructure informatique: 36 millions de dollars
• Investissements en cybersécurité: 22 millions de dollars

Salaires et avantages sociaux des employés

Total des dépenses liées au personnel pour l'exercice 2023:

Catégorie	Montant
Salaires de base	621 millions de dollars
Avantages sociaux	89 millions de dollars
Contributions à la retraite	47 millions de dollars
Compensation en stock	38 millions de dollars

TAPESTRY, Inc. (TPR) - Modèle d'entreprise: sources de revenus

Ventes de détail directes

Pour l'exercice 2023, Tapestry a déclaré des ventes nettes totales de 7,16 milliards de dollars. La répartition des ventes de détail directe comprend:

Marque	Revenus de ventes directes
Entraîneur	4,28 milliards de dollars
Kate Spade	1,62 milliard de dollars
Stuart Weitzman	1,26 milliard de dollars

Distribution de gros

Les revenus en gros de l'exercice 2023 représentaient environ 35% du total des ventes nettes, ce qui équivaut à environ 2,51 milliards de dollars.

• Coach en gros: 1,49 milliard de dollars
• Kate Spade en gros: 0,72 milliard de dollars
• Stuart Weitzman en gros: 0,30 milliard de dollars

Revenus de la plate-forme de commerce électronique

Les ventes de canaux numériques représentaient 26% du total des ventes nettes au cours de l'exercice 2023, soit 1,86 milliard de dollars.

Canal	Revenus de commerce électronique
Sites Web directes aux consommateurs	1,43 milliard de dollars
Plates-formes numériques tierces	0,43 milliard de dollars

Ventes du marché international

Les ventes internationales au cours de l'exercice 2023 ont totalisé 2,86 milliards de dollars, ce qui représente 40% du total des ventes nettes.

• Région Asie-Pacifique: 1,29 milliard de dollars
• Europe: 0,86 milliard de dollars
• Autres marchés internationaux: 0,71 milliard de dollars

Licence et revenu de partenariat de marque

Les revenus de licence pour l'exercice 2023 étaient de 56,4 millions de dollars.

Partenaire de licence	Contribution des revenus
Licence de lunettes	23,7 millions de dollars
Partenariats de parfums	18,9 millions de dollars
Licence d'accessoires	13,8 millions de dollars

Tapestry, Inc. (TPR) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Tapestry, Inc. over competitors in the accessible luxury space as of late 2025. It's about delivering premium feel without the top-tier price tag, and the numbers from Fiscal 2025 show where that strategy is working best.

Accessible luxury products with superior design and craftsmanship are central. The performance of the flagship brand, Coach, clearly demonstrates this value proposition is resonating. Coach delivered $5.6 billion in annual revenue for Fiscal 2025, marking +10% constant currency growth. This growth was supported by mid-teens average unit retail (AUR) gains, showing the brand successfully leaned into its strength rather than discounting to drive demand.

The distinct brand identities within the portfolio offer different emotional draws, though performance varied significantly in FY2025. Coach is the clear engine, while the others are undergoing strategic shifts. Here's the quick math on brand revenue contribution for the full fiscal year:

Brand	FY 2025 Revenue ($ billion)	Year-over-Year Change (%)
Coach	$5.6	+10% (Constant Currency)
Kate Spade	$1.20	-10%
Stuart Weitzman	$0.215	-11%

The compelling omni-channel experiences across digital and physical stores are a key differentiator. Tapestry, Inc. is successfully integrating these touchpoints to capture demand. For the third quarter of fiscal 2025, direct-to-consumer sales grew 9% year over year. Digital channels were the primary driver, expanding at a mid-teens percentage rate, while physical stores saw mid-single-digit growth. By Q3 FY2025, digital sales represented approximately 30% of total revenues.

Status symbols and emotional connections are being forged, especially with younger demographics. This is evident in the customer acquisition metrics. In North America during the third quarter of fiscal 2025, Tapestry, Inc. acquired over 1.2 million new customers. A significant two-thirds of these new shoppers were Gen Z and Millennials, indicating the accessible luxury positioning is successfully creating emotional connections with aspirational younger buyers. The overall group revenue for FY2025 surpassed $7 billion, reflecting a 5.1% increase versus the prior year.

The company's focus on brand building and operational discipline resulted in a strong gross margin performance:

• FY 2025 Gross Margin: Exceeded 75%.
• Gross Margin Improvement: 210 basis points year-on-year.
• Q3 FY2025 Gross Margin Expansion: 140 basis points versus the prior year.

Finance: draft 13-week cash view by Friday.

Tapestry, Inc. (TPR) - Canvas Business Model: Customer Relationships

You're looking at how Tapestry, Inc. keeps its customers coming back, which is key to their whole operation, especially since their Direct-to-Consumer (DTC) business made up approximately 86% of total net sales in fiscal 2025. Building lasting customer relationships is a stated strategic priority, designed to boost customer lifetime value through better acquisition, retention, and reactivation efforts. It's about making sure that once a customer buys a Coach, kate spade new york, or Stuart Weitzman product, they feel connected enough to buy again, and again. That connection is what turns a single transaction into long-term value.

Data-driven personalization is where the digital platform really helps you see what's working. Tapestry, Inc. uses its customer data and Customer Relationship Management (CRM) systems to segment its base, tailoring marketing and product recommendations to what each person likes. This precision is showing up in the results; for instance, digital revenue saw a mid-teens percentage increase on a constant currency basis in the third quarter of fiscal 2025. The whole point is to use that data to make the experience feel personal, not just transactional. Honestly, this focus on digital engagement is crucial for driving that lifetime value.

The company supports this with loyalty programs and exclusive access points. These programs are central to retention, offering things like special discounts and personalized communications. While the search results noted that loyalty programs give rise to a separate performance obligation for the company, they are described as immaterial individually and in the aggregate in the 10-K filing. Still, these efforts, combined with exclusive member events, help create a premium feel and enhance loyalty. This is all part of delivering compelling omni-channel experiences, making sure the in-store and online journey feels seamless.

The proof of this strategy capturing a new generation is in the acquisition numbers. Tapestry, Inc. acquired over 6.8 million new North American customers during fiscal year 2025. What's more, approximately 60% of those new customers for the year were Gen Z and Millennial consumers. That's a significant shift in the customer base, showing the brand-building is resonating with younger shoppers. You can see the scale of the business that supports these efforts in the overall FY2025 performance, where total revenue hit $7.01 billion.

Here's a quick look at some of the key customer-facing and financial metrics from the end of fiscal 2025:

Metric	Value
Total Net Sales (FY2025)	$7.01 billion
Direct-to-Consumer (DTC) Revenue Share (FY2025)	Approximately 86%
New North American Customers Acquired (FY2025)	Over 6.8 million
New Customers that are Gen Z/Millennial (FY2025)	Approximately 60%
Total Shareholder Return (FY2025)	$2.3 billion
Annual Dividend Rate (FY2025)	$1.40 per share

The focus on the customer is clearly tied to the financial outcomes. The company returned $2.3 billion to shareholders in Fiscal 2025, which included the dividend payments at the $1.40 per share annual rate. This capital return program reflects confidence in the cash generation driven by these customer strategies. Finance: draft the FY2026 budget allocation for digital personalization tools by next Wednesday.

Tapestry, Inc. (TPR) - Canvas Business Model: Channels

Tapestry, Inc. deploys a multi-channel strategy to reach its global consumer base, focusing on direct engagement while maintaining selective wholesale presence.

Global network of directly operated retail stores

The physical footprint is a core component, emphasizing brand experience through directly-operated locations. As of the end of fiscal year 2025, Tapestry, Inc. maintained a total of 1,291 directly-operated stores globally. This network is segmented across its primary brands.

• Coach directly-operated store count as of June 28, 2025: 931 locations.
• Kate Spade directly-operated store count as of June 28, 2025: 360 locations.

The distribution of these physical touchpoints shows a significant concentration in international markets for the Coach brand.

Brand	North America Stores (as of 6/28/2025)	International Stores (as of 6/28/2025)
Coach	324	607
Kate Spade	189	171

E-commerce platforms (Tapestry.com, brand sites) with mid-teens digital revenue growth in FY2025

Digital channels showed strong acceleration, supporting the overall Direct-to-Consumer (DTC) channel performance. For the full fiscal year 2025, DTC revenue grew by 5% on a constant currency basis. Digital revenue growth for the full year 2025 was reported in the mid-teens percentage range, while global brick and mortar sales saw a low single-digit gain in the same period.

The most recent operational data from the first quarter of fiscal 2026 showed total DTC revenue increasing by 16% on a pro forma constant currency basis, with Digital sales specifically achieving mid-teens growth.

Wholesale distribution to department stores and specialty retailers

Wholesale remains a controlled, yet important, part of the distribution mix. For fiscal year 2025, wholesale represented approximately 13% of Tapestry, Inc.'s total net sales.

The total net sales for Tapestry, Inc. in fiscal year 2025 reached $7.01 billion. The brand revenue contribution within this total was heavily weighted toward the flagship brand.

Brand	FY2025 Revenue Amount	Approximate % of Total FY2025 Revenue
Coach	$5.6 billion	Roughly 80%
Kate Spade	$1.2 billion	Approximately 17.1%

International expansion, prioritizing North America and Greater China

Geographic performance highlights the success of the expansion strategy, particularly in key international markets, as evidenced by first quarter fiscal 2026 growth rates.

• Europe revenue growth (Q1 FY2026): 39%.
• Greater China revenue growth (Q1 FY2026): 20%.
• North America revenue growth (Q1 FY2026): 18%.

For the full fiscal year 2025, constant currency revenue gains were reported in North America at +5%, Europe at +28%, and total APAC at +2%.

Tapestry, Inc. (TPR) - Canvas Business Model: Customer Segments

You're looking at the core of Tapestry, Inc.'s strategy: who is actually buying their products as of late 2025. It's a mix of established luxury buyers and a very deliberate push toward the next generation of spenders. The company is successfully executing a strategy that blends premium branding with broad-market accessibility, which is rare in this sector right now.

The overarching segment is the accessible luxury consumer seeking quality and brand recognition. This customer base is broad, but the success is clearly anchored by the flagship brand. Tapestry, Inc. is focused on building lasting customer relationships to drive customer lifetime value.

The focus on younger demographics is a major driver of current momentum. The company has been highly effective in capturing consumers as they enter the market, which anchors the brand well in their minds for the long term. Here's what the latest numbers show regarding new customer acquisition:

• Tapestry, Inc. acquired over 6.8 million new customers in fiscal year 2025 globally.
• Of those new customers acquired in fiscal year 2025, 60% were from the Gen Z and Millennial demographics.
• In North America specifically, the company acquired approximately 1.5 million new customers in the fourth quarter of fiscal 2025.
• For that same fourth quarter, approximately 60% of the new North American customers were Gen Z or Millennials.
• Coach saw a 21% constant-currency revenue growth in the first quarter of fiscal 2026, validating its strategy with strong Gen Z traction.

Geographically, Tapestry, Inc. maintains a strong base while aggressively pursuing international expansion. North America remains the largest market, but Europe is showing explosive growth. The data from the fourth quarter of fiscal 2025 illustrates this global footprint:

Region	Q4 FY2025 Revenue Change (Constant Currency)	FY2025 Annual Revenue Contribution (Approximate)
North America	+8%	Roughly 60% of total sales
Europe	+10% (with 35% growth in Q3 FY2025)	About 6% of market share
Asia-Pacific (APAC)	+6%	N/A
Greater China (within APAC)	+18% in Q4 FY2025	N/A

The customer segments are highly differentiated across the portfolio, which, post-Stuart Weitzman divestiture, centers on Coach and Kate Spade. You can see the distinct target profiles and financial contributions for fiscal year 2025:

Brand Segment	Primary Customer Profile	FY2025 Annual Revenue	Year-over-Year Revenue Change (Constant Currency)
Coach	Middle to upper-income individuals, aged 25-55	$5.6 billion	+10%
Kate Spade	Younger, fashion-forward women, typically aged 20-45	$1.20 billion	-10% (Still in repositioning)
Stuart Weitzman	Affluent customers, primarily women aged 30-60+	$215 million	-11% (Divestiture pending/completed)

For the most recent reported quarter, the first quarter of fiscal 2026, the segment performance shows Coach accelerating while Kate Spade continues its recovery path. Coach's net sales jumped 22.1%, while Kate Spade saw an 8.1% decrease in net sales for that period. The company is definitely leaning on Coach to power its current results.

The Stuart Weitzman business was on track to be sold for $105 million, which helps Tapestry, Inc. streamline its focus on the core brands.

Finance: draft 13-week cash view by Friday.

Tapestry, Inc. (TPR) - Canvas Business Model: Cost Structure

You're looking at the major outlays that keep Tapestry, Inc.'s portfolio of iconic brands moving, especially as they push the new Amplify growth strategy. Honestly, for a house of premium accessories, the cost of making the goods is a huge factor.

High cost of goods sold (COGS) due to premium materials like leather is a constant. While Tapestry, Inc. has been driving operational improvements, which helped push the Fiscal 2025 GAAP Gross Margin to 75.4%, that margin is achieved after accounting for the cost of high-quality inputs, like the leather Coach is famous for. This means the raw material and production expense is substantial, even with outsourced manufacturing helping to keep costs efficient.

The overhead, which covers everything from corporate salaries to advertising, is also significant. For the full Fiscal Year 2025, Selling, General, and Administrative (SG&A) expenses hit $4.87 billion on a GAAP basis. On a non-GAAP basis, which strips out some one-time items, the figure was $3.89 billion. That non-GAAP number represents 55.4% of the total Fiscal 2025 sales. You see the leverage working, though, because this was an improvement from the prior year's non-GAAP SG&A percentage of 54.5%.

Here's a quick look at the scale of the business against those major cost buckets for FY2025:

Financial Metric	Amount (USD)
Total Revenue (FY2025)	$7.0 billion
Gross Profit (FY2025)	$5.29 billion
Implied COGS (FY2025)	Approx. $1.71 billion (Calculated as Revenue minus Gross Profit)
SG&A Expense (Non-GAAP, FY2025)	$3.89 billion

Store operating costs are a major component baked into that SG&A. Tapestry, Inc. supports its global presence, which as of mid-2025 included more than 1,400 stores worldwide. Rent, utilities, and the personnel needed to staff these physical locations across North America, Europe, and Asia represent a fixed and semi-variable cost base that requires consistent sales volume to cover effectively.

Marketing and brand investment are critical to supporting the Amplify growth strategy, which is all about capturing new generations. This spend is essential to maintain brand heat and drive the higher average unit retail prices Coach has been successfully implementing. Key elements driving cost structure decisions include:

• The ongoing investment in digital sales infrastructure, which made up about 30% of total revenue in a recent quarter.
• The cost associated with maintaining a premium brand image, which necessitates high-quality advertising and creative content.
• Managing tariff and duty impacts, which were expected to add approximately $160 million in additional costs in the subsequent fiscal year (FY2026).
• The significant non-cash charge of $855 million recorded in FY2025 related to the impairment of the Kate Spade brand intangible asset, reflecting a reassessment of future cash flow expectations for that segment.

Finance: draft 13-week cash view by Friday.

Tapestry, Inc. (TPR) - Canvas Business Model: Revenue Streams

The total annual revenue for Tapestry, Inc. for the fiscal year ending June 28, 2025, was $7.01B.

The primary sources feeding this top-line figure are detailed below, reflecting the company's multi-channel approach to market penetration.

Revenue Component	Fiscal Year 2025 Value / Metric
Total Annual Revenue	$7.01B
Direct-to-Consumer (DTC) Revenue Growth (Constant Currency)	5% increase for the year
Wholesale Revenue Contribution	Not explicitly itemized in dollars; implied as the remainder after DTC and Other
Royalties/Other Revenue	Primarily represents royalties earned from brand licensing partners and Middle East sales

You see the direct-to-consumer channel showing consistent growth across its components for Fiscal Year 2025:

• Direct-to-consumer revenue increased by 5% for the year on a constant currency basis.
• Digital revenue within DTC showed mid-teens growth for the year.
• Global brick and mortar sales achieved a low single-digit gain for the year.

For a more granular look at the third quarter of Fiscal Year 2025, the direct-to-consumer segment demonstrated stronger momentum:

• Direct-to-consumer revenue increased by 9% on a constant currency basis in Q3 FY2025.
• Q3 Digital revenue saw a mid-teens percentage increase.
• Q3 global brick and mortar sales reported a mid-single digit gain.

Royalties earned from brand licensing partners are grouped into the Other revenue category. For instance, in the third quarter of Fiscal 2025, revenue was $1.6B, an increase of 7% versus the prior year on a reported basis. The company returned $300 million to shareholders through dividends in Fiscal 2025, maintaining an annual dividend rate of $1.40 per share.