Coach handbag maker Tapestry Inc raised its annual sales and profit forecasts on strong rebound in demand for luxury goods even as global supply chain bottlenecks threaten to create a shortage of products.
Capri Holdings had big news on Tuesday as it announced a new CEO — Joshua Schulman — for Michael Kors. But more importantly, he'll take over as group CEO from John D Idol next year. Idol will become executive chairman.
Coach and Kate Spade owner Tapestry Inc forecast annual revenue and profit above estimates after posting better-than-expected results on Thursday, expecting the reopening of economies to boost demand for luxury goods.
Tapestry Inc returned to quarterly sales growth and forecast full-year numbers above analysts’ estimates as the Coach handbag maker benefits from a strong rebound in demand for luxury goods in North America and China.