Tapestry is a multi-brand accessible luxury accessories company built around two core brands: Coach and kate spade new york. Coach is by far the dominant business, representing roughly 80% of total net sales, with kate spade at about 17%. A third brand, Stuart Weitzman, was sold to Caleres in August 2025. Handbags are the core product, representing roughly 55% of total net sales, followed by small leather goods like wallets and wristlets at about 26%, with footwear and other lifestyle products rounding out the mix. Coach is positioned as "Expressive Luxury" — accessible, authentic luxury at roughly $200–$700 price points — with key franchises like the Tabby and New York bag families. Kate spade is a colorful lifestyle brand historically popular with younger women, currently in a multi-year turnaround after heavy promotional activity eroded brand equity. Tapestry sells primarily through its own direct-to-consumer channels — freestanding stores, outlets, and e-commerce — which account for roughly 86% of net sales, with the remainder through wholesale and licensing. The DTC model allows Tapestry to capture full retail margins and control brand presentation. Key profitability drivers include growing average unit retail prices, reducing promotional discounting, supply chain efficiency, and a favorable channel mix shift toward digital. Coach is the growth engine, with management focused on acquiring Gen Z and millennial customers, building deep iconic handbag franchises rather than chasing trends, and expanding in underpenetrated markets like Europe.