Tapestry Inc

TPR: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Coach’s Brand Strength Provides Tapestry With a Competitive Advantage After Capri Acquisition Fails

David Swartz

Feb 11, 2025

Business Strategy and Outlook

We believe Tapestry has a narrow moat based on the brand strength and pricing power of Coach (76% of fiscal 2024 revenue). The firm has turned Coach around through store closures, restrictions on discounting, and increased e-commerce. The brand is a leader in the attractive handbag category and consistently generates gross margins above 70%. Further, we expect growth in complementary categories like footwear and fashion. Coach’s sales and profitability have surged lately as the brand has gained a strong following among younger consumers.

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Tapestry Inc

Coach’s Brand Strength Provides Tapestry With a Competitive Advantage After Capri Acquisition Fails

Business Strategy and Outlook

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