Tapestry, Inc.

Tapestry, Inc. is an American house of luxury accessories and lifestyle brands whose principal asset is Coach, an 85-year-old leather-goods brand that has become one of the most potent growth stories in global consumer discretionary, generating $5.6 billion in revenue in fiscal 2025. The company also owns kate spade new york, a brand in the middle of a deliberate turnaround, and until August 2025 operated Stuart Weitzman, a luxury footwear label it sold to Caleres. Tapestry reported $7.0 billion in total revenue in FY2025 and is on pace to approach $8.0 billion in FY2026, driven almost entirely by Coach's acceleration.

This is a story about a single-brand thesis hiding inside a multi-brand structure. Coach is performing at a level that justifies the entire enterprise value; the debate is whether its momentum is durable and whether the other assets — kate spade today, and whatever capital allocation choices follow — add or subtract from the compounding. The file turns on a deceptively simple question: can an 85-year-old American handbag brand sustain growth rates that would be remarkable for a software company?