Coach parent Tapestry released its second quarter performance report. Tapestry Luis Inc. CEO Luis Victor pointed out that the brand of the company will directly control the international distribution business to a greater extent. It is reported that at present, Tapestry has obtained the operation control right of Kate Spade joint venture in the mainland, Hongkong, Macao and Taiwan. At the same time, it has signed a purchase agreement with the relevant distributors to acquire Stuart Weitzman business in North China market. Beijing commercial newspaper reporter found that Stuart Weitzman official Tmall flagship shop has been unable to visit.
It will be an important direction for the future of Tapestry to rebuild the self-management system to increase brand control. Beijing Daily reporter learned that, in addition to the right, in Chinese operating control Kate Spade joint venture company acquired Kate Spade is located in the North China market China Stuart Weitzman business, Tapestry also announced the purchase of Coach business from Australia and New Zealand distributor, is expected to be completed this year in the third quarter to repurchase.
Tapestry said that the brand should be directly controlled by its brands to the international distribution business, and the strategy of “maximizing the opportunities of all brands in the global Chinese consumers” will be promoted. According to the latest quarter data, Tapestry sales increased by 35% over the 3 months to December 30, 2017, but net profit fell 68.2% to 63 million 200 thousand US dollars. In the first quarter of 2017, the net profit of the group was $17 million 700 thousand. In addition, in the two quarter, Coach brand sales increased slightly from 2% to 1 billion 230 million yuan, Kate Spade sales amounted to 435 million dollars, and Stuart Weitzman sales increased 2% to 121 million US dollars.