Tapestry President & CEO Joanne Crevoiserat Talks Luxury Goods Market; Coach, Kate Spade

Summary

Bloomberg Talks – Tapestry President & CEO Joanne Crevoiserat on the Luxury Goods Market
Episode Date: April 14, 2026

---

Episode Overview

In this engaging episode, Bloomberg sits down with Joanne Crevoiserat, President & CEO of Tapestry, the parent company behind Coach and Kate Spade. The discussion centers on the evolving global landscape for accessible luxury brands, resilience amid geopolitical and economic turmoil, and how Tapestry continues to win over younger consumers—especially Gen Z. Joanne also sheds light on strategic brand building, her approach to market disruptions, the Coach and Kate Spade brand trajectories, and the company’s outlook on mergers and acquisitions.

---

Key Discussion Points & Insights

1. Global Market Trends and Consumer Resilience

• Consumer Resilience Despite Uncertainty
  • Joanne emphasizes the resilience of Tapestry’s customers despite “a lot going on in the world,” including inflation and geopolitical tensions.
  • Quote: “We have seen a consumer that has been and continues to be resilient. ... Our job is to deliver great product and experiences.” – Joanne Crevoiserat (00:56)
• Tapestry’s Approach
  • Focused on understanding how global issues impact consumers and delivering outstanding value.
  • The importance of continuous, market-responsive adaptation.

2. Regional Performance: US, Europe, Asia

• Strong Growth Across Regions
  • Tapestry reported double-digit growth in North America, China, and Europe in the last quarter.
  • Quote: “We grew double digits in North America, we grew double digits in China, and we grew by double digits in Europe. ... We're winning with this younger consumer.” – Joanne Crevoiserat (01:41)
• Winning Over Young Consumers Globally
  • Success linked to appealing to younger customers with high-quality, innovative products and experiences.
  • Global pressures vary by region, but a shared desire for value and innovation unites customers.

3. Navigating Geopolitical Disruption (US-Iran War)

• Impact on Middle East Operations
  • Middle Eastern markets comprise less than 1% of Tapestry’s business, so direct financial impact is minimal.
  • Top priority remains the safety of associates and consumers.
  • Tapestry focuses chiefly on consumer sentiment and indirect ripple effects rather than direct exposure.
  • Quote: “The Middle East represents less than 1% of our business. ... But more broadly, the way we think about those issues impacting our business is how it's impacting the consumer.” – Joanne Crevoiserat (02:47)

4. The Gen Z Factor: Brand Desirability and Innovation

• Maintaining Brand Relevance and Momentum
  • The authentic connection with young consumers is central, with Tapestry positioning itself as the “first luxury handbag purchase” for many.
  • Continuous study and understanding of young consumers is crucial—described as a “muscle” the company has built over the last 5 years.
  • Innovation and Data: Blending “magic and logic”; data-driven insights paired with creative product development fuel ongoing innovation.
  • Quote: “We have to maintain an insatiable curiosity about who they are and what they're going through and marry what we call magic and logic in our business.” – Joanne Crevoiserat (04:10)

5. Brand Spotlight: Coach and Kate Spade

• Coach
  • Tapestry’s flagship brand, continuing strong momentum with goals to become a $10 billion brand.
• Kate Spade
  • Undergoing a brand turnaround, targeting young consumers through authenticity and emotional resonance.
  • Regularly receives “love letters” from customers expressing how the brand is part of major life milestones.
  • Focused on bringing distinct creativity, femininity, color, and joy to a new generation.
  • Quote: “This is a brand that has incredible emotional resonance with consumers. ... It's a brand that represents femininity and color and joy, and that is a space in the market that Kate Spade owns.” – Joanne Crevoiserat (05:54)

6. M&A Outlook and Organic Growth Focus

• M&A Philosophy Going Forward
  • While Tapestry has a history of acquisitions (such as the attempted Capri deal), Joanne signals a strong commitment to organic growth for now.
  • Priority is building up Coach and restoring Kate Spade to sustainable long-term growth before considering further acquisitions.
  • Quote: “We have incredible Runway ahead with our organic business. ... We want to make sure that we continue the momentum at Coach and return Kate to sustainable long term growth before we would look at another acquisition.” – Joanne Crevoiserat (07:15)

---

Notable Quotes & Memorable Moments

• On Resilience & Value:
  “Our focus as Tapestry and with our brands is how all of these issues are impacting the consumer. ... What we deliver is incredible value into the marketplace. And that’s how we see and that’s why we’re winning.” (00:56)

• On Brand Affinity:
  “I remember my first Coach bag ... This young consumer space and being that first luxury handbag purchase, this is a space that's authentic to who we are.” (04:10)

• On Brand Origin:
  “Kate Spade developed the brand because she saw nothing in the marketplace like it. It's a brand that represents femininity and color and joy, and that is a space in the market that Kate Spade owns.” (05:54)

• On Growth Focus:
  “We think Coach can be a $10 billion brand and we don’t see anything in our way to get there ... before we would look at another acquisition.” (07:15)

---

Key Timestamps

• [00:56] – Consumer resilience and Tapestry’s value proposition
• [01:41] – Double-digit growth in major regions and Gen Z focus
• [02:47] – Impact of the US-Iran war and Middle East market overview
• [04:10] – Brand connection to Gen Z and innovation strategy (“magic and logic”)
• [05:54] – Kate Spade’s unique place in the market and emotional resonance
• [07:15] – M&A philosophy and the organic growth roadmap

---

Conclusion

Joanne Crevoiserat offers a candid and confident view of Tapestry’s adaptive strategies in a tumultuous global landscape. From resilient, value-driven consumers to authentic brand connections and balanced growth ambitions, Tapestry’s deliberate focus on innovation and young consumers is driving continued success and positioning the company for the future.

Transcript

[A]

This message is brought to you by Apple Card. Apple Card members can earn unlimited daily cash back on everyday purchases wherever they shop. This means you could be earning daily cash on just about anything, like a slice of pizza from your local pizza place or a latte from the corner coffee shop. Apply for Apple Card and the Wallet app to see your credit limit offer in minutes subject to credit approval. Apple Card issued by Goldman Sachs Bank USA Salt Lake City Branch terms and more at applecard.com Bloomberg Audio Studios podcasts,

[B]

Radio News Joanne, thank you for joining me today. There's a lot going on in the world right now, from geopolitical tensions to that stubborn inflation that we're seeing certainly come through when it comes at least to the US how is that impacting the shopper in that accessible luxury category that Tapestry is so well known for?

[C]

Well, we have seen a consumer that has been and continues to be resilient. And certainly, as you mentioned, there's a lot going on in the world. And our focus as Tapestry and with our brands is how all of these issues are impacting the consumer. We spend a lot of time making sure that we understand how these issues are impacting the consumer. And our job is to deliver great product and experiences. And what we deliver, Katie, as you know, is incredible value into the marketplace. And that's how we see and that's why we're winning.

[B]

And when you think about the ripple effects here, I'm curious whether you've seen any clear trends emerge when it comes to, you know, what you're seeing in the US versus Europe versus Asia, for example.

[C]

Well, we're winning in all the markets that you just mentioned. In our last quarter, we grew double digits in North America, we grew double digits in China, and we grew by double digits in Europe. And where we're winning is we're winning with this younger consumer. Our focus has been really clear. We've made distinct choices to focus on this younger consumer and deliver, as I mentioned, great value into the marketplace. That includes not only really great high quality product, but that innovation that they're responding to. And in order to win today, you have to deliver innovation into the market. That's how we're winning around the world and we're seeing this young consumer respond. And certainly there are a lot of pressures on this consumer that differ between these regions. But what they have in common is understanding Great Value and responding to the innovation we're delivering.

[B]

And I do want to talk about, you know, the Gen Z shop or that younger consumer that you've carved out. But before we move on, when you think about the U.S. iran war, how is that affecting how you're thinking about your Middle east presence specifically?

[C]

Well, with Tapestry, it always starts with people. And the highest priority for us is ensuring the safety of our associates, our consumers, and the communities where they live and work. The financial impact of our business, The Middle east represents less than 1% of our business. So in our overall financial results, it's immaterial we do not have a big presence in that market. But more broadly, the way we think about those issues impacting our business is how it's impacting the consumer. And as you know, the ripple effects of those issues are, you know, meet these consumers around the world in every region. We operate in North America, in China and in Europe, and we make sure we stay close to the consumer just to understand how they are responding and what's important to them as these issues continue to resonate and reflect in their every day.

[B]

Well, Joanne, you mentioned, you know, Gen Z, that younger consumer, and I want to talk a little bit more about that because Tapestry obviously has had a lot of success in appealing to that generation. And that's created the big natural question here. How do you maintain that brand desirability? How do you keep that momentum going? What specifically is Tapestry looking at right now to retain and attract more of that consumer?

[C]

Well, this is a place that's really authentic to who we are. And as we've gone through art and done our research with the consumer, we hear these stories over and over again. And I remember my first Coach bag, I bought it when I had just graduated or when I had my promotion or my first Kate Spade bag. So this young consumer space and being that first luxury handbag purchase, this is a space that's authentic to who we are. And we are having momentum because we're focused on understanding this consumer. And that understanding has to be continuous. This is a muscle that we've built over the last five years. And but it's a muscle that we need to continue to use, because as you talk about all of the pressures around the world and the changes that we see on a daily basis, those pressures are impacting our young consumers in different ways around the world. So we have to maintain an insatiable curiosity about who they are and what they're going through and marry what we call magic and logic in our business. The logic side, the data, the analytics, the insights with the magic, the creativity, and that creative engine and supply chain that I think is unmatched at delivering innovation into the marketplace. Those two things come together to deliver innovation that our customer values.

[B]

Well, you bring up Coach, and Coach, of course, is the shining star in your portfolio as it stands today. Let's talk a little bit about Kate Spade, which has been in the midst of a turnaround for a while here. You think about magic and logic. How do you apply that to Kate Spade and what demographic are you trying to target there? Is it also that younger consumer or is it more broad based than that?

[C]

Yes. With, with Kate Spade, we see tremendous opportunity to resonate with a young consumer. Also an authentic place. We hear stories of my first Kate bag. We have consumers who write love letters to the brand about their involvement in their use of Kate Spade at really important life moments, you know, as they get promoted with, when they graduate, when they get married. This is a brand that has incredible emotional resonance with consumers. And when we talk about the magic and logic of our business, the logic side and the brand building capabilities that we've built at Tapestry are in full force. And we're applying those to Kate Spade and we're bringing them together with the creativity that is unique and distinctive to Kate Spade. You have to remember Kate as its own origin. Kate Spade developed the brand because she saw nothing in the marketplace like it. It's a brand that represents femininity and color and joy, and that is a space in the market that Kate Spade owns and we're going to bring to a new generation of consumers.

[B]

And Joanne, before I let you go, I do want to talk a little bit about M and A. Of course, you think about Tapestry's history, that blocked Capri deal. What are the necessary ingredients at this point that you would need to see to pursue another deal?

[C]

Well, we have incredible Runway ahead with our organic business and we are very focused on tapping into that untapped opportunity that we see to continue to grow. Coach, we think Coach can be a $10 billion brand and we don't see anything in our way to get there. We're continuing to execute our playbook there. And we also see Kate spent bait is another leg of growth for Tapestry. So we're going to continue to apply these brand building capabilities that we have to our organic business. And we have tremendous value creation and we want to make sure that we continue the momentum at Coach and return Kate to sustainable long term growth before we would look at another acquisition.

[B]

All right, Joanne, really appreciate your time. I know you're busy down there in dc.

[C]

It's a great conference. Thank you for your time. Katie.

[A]

This message is brought to you by Apple Card. Apple Card members can earn unlimited daily cash back on everyday purchases wherever they shop. This means you could be earning daily cash on just about anything, like a slice of pizza from your local pizza place or a latte from the corner coffee shop. Apply for Apple Card and the Wallet app to see your credit limit offer in minutes. Subject to credit approval. Apple Card issued by Goldman Sachs Bank USA, Salt Lake City branch terms and [e-mail].