CEO of Coach parent Tapestry out; temporary replacement named
There’s been an abrupt changing of the guard at Tapestry Inc.
The company, whose brands include Coach, Kate Spade and Stuart Weitzman, has appointed Jide Zeitlin as CEO — for the time being. He replaces Victor Luis, who is leaving Tapestry. Both changes are effective immediately. Zeitlin will also continue in his role as chairman of the board, a position he has held since November 2014. At the “appropriate time, Zeitlin, with his board colleagues, will lead a search for a future chief executive officer,” Tapestry said.
In a statement, Tapestry thanked Luis for his service but gave little insight as to the reason for his departure. A 13-year company veteran, Luis took the reins at what was then Coach Inc. in 2013 and oversaw the acquisition of Stuart Weitzman in 2015 and Kate Spade in 2018, creating a $6 billion multi-brand luxury fashion empire. But sales have been sluggish at Kate Spade, which has struggled to find its footing. In its most recent earnings report, Tapestry noted challenges at Kate Spade, whose same-sales were down 6%. The company also lowered its forecast, and said it now expected low single-digit increases in revenue and flat earnings.
“On behalf of the board, we thank Victor for the passion and commitment he has shown during his time with the company,” Zeitlin said. “Early in his tenure, he was a critical part of Coach’s development outside of North America, first as president and CEO of Coach Japan and then assuming responsibility for the brand’s entire international organization. Over the past five years, as CEO, Victor was instrumental in the successful transformation of Coach and the establishment of Tapestry as New York’s first house of modern luxury lifestyle brands.”
Zeitlin was elected to Tapestry’s board in spring 2006. He spent the first 20 years of his career at Goldman Sachs, where he held a number of senior management positions, including as a member of Goldman Sachs’s executive office and serving as global COO of its investment banking businesses.
In a related announcement, Tapestry said that board member Susan Kropf has been named lead independent director.
“The board remains committed to Tapestry’s multi-brand model, while recognizing the need to sharpen our focus on execution,” Kropf said. “Given the continued strength and momentum at Coach – the largest brand at Tapestry – our top priority remains driving significantly improved performance at our acquired brands. Having worked alongside Jide for more than 10 years, I know how eminently capable he is of leading Tapestry’s world-class teams at this time.”
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