Tapestry Inc

TPR: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Coach’s Enduring Brand Value Provides Tapestry With a Competitive Edge in Attractive Categories

David Swartz

Feb 20, 2026

Business Strategy and Outlook

We believe Tapestry has a narrow moat based on the brand strength and pricing power of Coach (80% of fiscal 2025 revenue). After some lean years, the firm has turned Coach around through store closures, restrictions on markdowns, and increased e-commerce. The brand is a leader in the attractive handbag category and consistently generates gross margins above 75%. Further, we expect growth in complementary categories like footwear and fashion. Coach sales and profitability have risen lately as the brand has gained a strong following among younger consumers.

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Tapestry Inc

Coach’s Enduring Brand Value Provides Tapestry With a Competitive Edge in Attractive Categories

Business Strategy and Outlook

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