business increased 19 percent to $301.5 million and Stuart Weitzman advanced 11 percent to $63.6 million.
That is a position that many brands have adopted in fashion, looking to ween off price cuts to drive sales in favor of a stronger brand proposition. It’s an effort that was supported by the pandemic shopping dynamic and inventory shortages amid supply chain backups. “We’ll see continuing headwinds in China, but we do expect a reopening, particularly in Shanghai, starting in June,” Crevoiserat said. “We think the recovery will be gradual so we’re not looking for a ‘V’ if you will.”
“We’re a different company than we were two years ago based on these investments,” she said. “We’re leaning in to our digital capabilities and our data and analytics capabilities and developing — not only systems, it’s process. It’s the ways of working. It’s the investment we’ve made in talent that are helping to drive our business, and we’re seeing really strong returns. Those are primarily the investments we’re making in digital and in marketing. You have seen us invest in fulfillment.
Tapestry said “COVID-19-related pressure in China” would give a 25 cent to 30 cent hit to its earnings per share.
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