FILE PHOTO: Tapestry Inc. logo and trading information are displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., June 13, 2018. REUTERS/Brendan McDermid
September 4, 2019
(Reuters) – Tapestry Inc <TPR.N> said on Wednesday Chief Executive Officer Victor Luis would leave the company just weeks after the high-end fashion house cut its full-year earnings forecast.
Luis, who joined the company in 2006 as CEO of its Japan unit, has tried to transform Tapestry from a handbag maker to a global fashion house, with the acquisition of Stuart Weitzman and Kate Spade brands.
But Tapestry, formerly Coach, has struggled to fully integrate the Kate Spade brand as it faces challenges with inventory, new collections and latest re-launches.
Shares of the company have lost more than half of their value since Luis took over the top job in 2014. They were up nearly 3% in trading before the opening bell.
The company said Chairman Jide Zeitlin will take over as Tapestry CEO on an interim basis, adding that it would start looking for a permanent replacement.
(Reporting by Nivedita Balu in Bengaluru; Editing by Anil D’Silva)
