Coach Transformation Is On The Verge Of Failure, Kate Spade CEO Resigns
Tapestry Inc. ( NYSE:TPR In the early September, when the chief executive Victor Luis stepped down, the company announced on Friday that it would not be able to reverse the downtrend of Kate Spade brand CEO Bakst, who will leave at the end of the year.
In 2017, Coach Inc. announced its acquisition of Kate Spade brand, and appointed Nicola Glass and Anna Bakst as the chief creative officer and chief executive officer and chief executive officer of the brand in late 2017 and early 2018.
Before joining Kate Spade, Anna Bakst served the group's biggest competitor, Capri Holdings Ltd.. NYSE:CPRI As the president of the group's Michael Kors brand, he is responsible for managing the brand accessories and footwear business, and leads the brand global design, production and procurement team, as well as the domestic wholesale business in the US.
In the past two years of serving Kate Spade, Anna Bakst has failed to help Kate Spade recover and become the most important factor in dragging the group.
In the early September, Jide Inc., chairman of Tapestry Inc., who was also a group CEO position, thanked Anna Bakst for her work in the statement, and said she was searching for her successor. During the transition period, the group chief financial officer Joanne Crevoiserat will be responsible for leading the Kate Spade brand.
Jide Zeitlin also claims that Kate Spade is on the right track since the two quarter, and is confident that it will achieve the goal of the holiday season. It looks forward to providing details at the February performance meeting.
However, the actual situation is, as of the first quarter of September 28th fiscal year 2020, Kate Spade brand same store sales plunged 16%, the worst quarterly performance since joining Tapestry Inc..
In the first quarter statement of last month, Jide Zeitlin said, "we have begun a comprehensive, in-depth and effective review of our business to seize short-term and long-term opportunities to promote profitability and organic growth of the entire portfolio. It is important that we maintain our outlook for fiscal year 2020. " Group management said that Kate Spade will be the focus of the review. Since joining the group, the brand has never achieved a positive same store sales performance, and the recent situation has been seriously deteriorating.
Under the drag of Kate Spade, Tapestry Inc. ( NYSE:TPR In recent years, the stock price has recorded a 19.18% decline, which is far higher than the 26.41% of the S & P 500 index, which is also worse than the rival Capri Holdings Ltd. ( NYSE:CPRI The 2.27% increase in the same period.
Source: no fashion Chinese net Author: Flower broken
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