Tapestry (TPR)
Operates Coach and Kate Spade New York across accessories and lifestyle categories.
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Tapestry sells leather handbags, and the wallets, belts and charms that go with them, under two brands: Coach and Kate Spade New York. Coach is now almost the whole company, growing mostly by raising prices rather than by opening more shops. Kate Spade is being made smaller on purpose while management tries to fix it. One brand pays for everything; the other is the repair job.
Item facts: FY2026 · year ended June 27, 2026, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
7 in detail · 14 more below
Coach handbags
The engine: roughly $4.0B in FY2026, about half of everything Tapestry sells. Growth came from charging more — average handbag prices up mid-teens — with units still up low double digits. Watch whether young shoppers keep arriving.
Competes with Michael Kors handbags (Capri) · Polène leather bags (Polène) · Ralph Lauren accessories (Ralph Lauren)
In plain English
A leather handbag priced where an ordinary person can talk themselves into it: management aims at a sweet spot of two hundred to five hundred dollars. The trade calls this accessible luxury — good materials, real design, a price that is a treat rather than an heirloom.
The money arrives one bag at a time, at full price, mostly in Coach's own shops and on its own website. There are no contracts and no single big buyer to lose; the brand simply has to be wanted again each season. Last year that meant nine million new Coach customers, many of them young, and they paid above the average ticket.
Tabby, New York and Teri bag families
The named shapes the handbag line actually runs on. Tabby is the icon and the place new pricing gets tested; the New York family — Brooklyn, Empire, Chelsea — recruits newer buyers at $295 to $695.
Competes with Michael Kors Bryant Camera Crossbody (Capri) · Mansur Gavriel bags (Mansur Gavriel) · Polène bags (Polène)
In plain English
Handbag brands do not really sell handbags. They sell a few shapes that catch on, then make them in fresh colours and sizes for years. Tabby is the one that caught on. The New York family — Brooklyn, Empire, Chelsea — is the newer set, and Teri sits alongside them.
A shape people already recognise sells at full price with no discount to help it along, which is why Coach tried its one-price idea on Tabby first. The catch sits in the same place: nothing underneath a hit is contracted. The Soft Empire Carryall went viral on TikTok, and you cannot order more of that. Management says Tabby has not slowed; an ageing hero shape is the risk here.
One Coach
The change management credits most: one price in every channel, and brand-new collection bags sitting in the discount shops too. It is behind mid-teens handbag price growth and about three and a half points of margin gain. Watch for a slide back to discounting.
Competes with Michael Kors outlet stores (Capri) · Ralph Lauren's less-promotional pricing (Ralph Lauren)
In plain English
Most fashion brands run two kinds of shop: the smart one where new things cost full price, and the outlet — the cheaper sister store where last season's stock goes to be marked down, the place a patient shopper waits for.
One Coach collapses the difference. A bag carries the same price wherever you find it, and brand-new collection product now turns up in outlet doors as well. No new factories, no extra building — the same bags just sell for more of their sticker price, which is how Coach's margin climbed while its discounting fell. It holds only as long as shoppers accept full-price goods sitting in a discount store.
Coach accessories
Wallets, card cases, belts and bag charms: about $2.0B, a quarter of the company, and where new customers are recruited before they trade up to a bag. Gift-led, so December carries it — and cutting discounts is felt here first.
Competes with Michael Kors small leather goods (Capri) · Ralph Lauren accessories (Ralph Lauren) · Kate Spade accessories (Tapestry)
In plain English
The cheap-thrill end of the shelf. Wallets, card cases, belts, little pouches and the leather charms people clip onto a bag strap — things you buy for someone else in December, or buy for yourself because the handbag is too much this month.
It works as a front door. Someone buys a wallet, likes it, and comes back later for the bag. Each piece costs less than a handbag but earns a similar slice of profit. Because these are gifts at modest prices, they are also the most discount-sensitive things Coach sells: when the brand holds firm on price, shoppers notice here first. December is by far the biggest quarter of the year.
Kate Spade New York
Coach takes 86.4% of company sales; Kate Spade's 13.4% has shrunk three years running, to $1.07B, and management guides to another high-single-digit fall. A new creative director started in August. The bottom is still ahead.
Competes with Michael Kors handbags and accessories (Capri) · Coach (Tapestry) · Steve Madden bags and shoes (Steve Madden)
In plain English
The other label in the house, and a broader one: handbags, clothes, jewellery, shoes, gifts and things for the home — the sort of brand bought for a birthday. It still runs three hundred-odd shops of its own around the world.
Right now it is being made smaller on purpose. Management is cutting the discounting the brand leaned on, which costs sales today in the hope of a brand worth full price later; it loses a little money while it does this. Two things make the repair harder. American import duties bite Kate Spade far deeper than Coach, because most of what it sells is sold at home, and the new creative director has only just arrived.
Coach footwear
Sneakers are the wedge into shoes: Soho at $145, High Line at $125, one price in every channel. Roughly $408M in FY2026 and growing double digits early in the year — still too small to move the company for years.
Competes with Sam Edelman footwear (Caleres) · Steve Madden shoes (Steve Madden) · Stuart Weitzman shoes (Caleres)
In plain English
Shoes, mostly sneakers, from the brand that sold you the bag. Coach runs two families rather than a broad range — Soho at $145, High Line at $125, the same price whether you find them in a smart store or a discount one. That is how a handbag company finds out whether anyone wants its shoes.
The case is arithmetic as much as fashion: Coach has a small share of a large shoe market, so even modest wins add up, and it has opened a shop selling nothing but Coach shoes. But four hundred million dollars growing quickly still cannot shift an eight-billion-dollar company for a long time. Management calls it a long-term opportunity, and that phrase is doing real work.
Coach ready-to-wear, jewelry and other
Coats, scarves, jewellery, plus the royalties from Coach-branded glasses, watches and perfume — about $498M, the leftover slice of the brand. Barely mentioned on earnings calls. The eyewear licence is the first one up, in 2026.
Competes with Ralph Lauren apparel (Ralph Lauren) · Michael Kors apparel and jewelry (Capri)
In plain English
Everything else with the Coach name on it. Some of it the company makes itself — outerwear, scarves, jewellery. Some of it it does not: other firms make Coach-branded sunglasses, watches and perfume, sell them, and send back a slice of each sale, which together comes to roughly a penny of every dollar Tapestry takes in.
Renting out a name is easy money for as long as the deal runs, and these deals have end dates — the sunglasses agreement with Luxottica is the first one due. Jewellery is the piece management is actually pushing, pulling it into the same one-price-everywhere approach it tried on bags.
Coach handbagsThe engine: roughly $4.0B in FY2026, about half of everything Tapestry sells. Growth came from charging more — average handbag prices up mid-teens — with units still up low double digits. Watch whether young shoppers keep arriving.The engine: roughly $4.0B in FY2026, about half of everything Tapestry sells. Growth came from charging more — average handbag prices up mid-teens — with units still up low double digits. Watch whether young shoppers keep arriving.
In plain English
A leather handbag priced where an ordinary person can talk themselves into it: management aims at a sweet spot of two hundred to five hundred dollars. The trade calls this accessible luxury — good materials, real design, a price that is a treat rather than an heirloom.
The money arrives one bag at a time, at full price, mostly in Coach's own shops and on its own website. There are no contracts and no single big buyer to lose; the brand simply has to be wanted again each season. Last year that meant nine million new Coach customers, many of them young, and they paid above the average ticket.
Competes with Michael Kors handbags (Capri) · Polène leather bags (Polène) · Ralph Lauren accessories (Ralph Lauren)
Tabby, New York and Teri bag familiesThe named shapes the handbag line actually runs on. Tabby is the icon and the place new pricing gets tested; the New York family — Brooklyn, Empire, Chelsea — recruits newer buyers at $295 to $695.The named shapes the handbag line actually runs on. Tabby is the icon and the place new pricing gets tested; the New York family — Brooklyn, Empire, Chelsea — recruits newer buyers at $295 to $695.
In plain English
Handbag brands do not really sell handbags. They sell a few shapes that catch on, then make them in fresh colours and sizes for years. Tabby is the one that caught on. The New York family — Brooklyn, Empire, Chelsea — is the newer set, and Teri sits alongside them.
A shape people already recognise sells at full price with no discount to help it along, which is why Coach tried its one-price idea on Tabby first. The catch sits in the same place: nothing underneath a hit is contracted. The Soft Empire Carryall went viral on TikTok, and you cannot order more of that. Management says Tabby has not slowed; an ageing hero shape is the risk here.
Competes with Michael Kors Bryant Camera Crossbody (Capri) · Mansur Gavriel bags (Mansur Gavriel) · Polène bags (Polène)
One CoachThe change management credits most: one price in every channel, and brand-new collection bags sitting in the discount shops too. It is behind mid-teens handbag price growth and about three and a half points of margin gain. Watch for a slide back to discounting.The change management credits most: one price in every channel, and brand-new collection bags sitting in the discount shops too. It is behind mid-teens handbag price growth and about three and a half points of margin gain. Watch for a slide back to discounting.
In plain English
Most fashion brands run two kinds of shop: the smart one where new things cost full price, and the outlet — the cheaper sister store where last season's stock goes to be marked down, the place a patient shopper waits for.
One Coach collapses the difference. A bag carries the same price wherever you find it, and brand-new collection product now turns up in outlet doors as well. No new factories, no extra building — the same bags just sell for more of their sticker price, which is how Coach's margin climbed while its discounting fell. It holds only as long as shoppers accept full-price goods sitting in a discount store.
Competes with Michael Kors outlet stores (Capri) · Ralph Lauren's less-promotional pricing (Ralph Lauren)
Coach accessoriesWallets, card cases, belts and bag charms: about $2.0B, a quarter of the company, and where new customers are recruited before they trade up to a bag. Gift-led, so December carries it — and cutting discounts is felt here first.Wallets, card cases, belts and bag charms: about $2.0B, a quarter of the company, and where new customers are recruited before they trade up to a bag. Gift-led, so December carries it — and cutting discounts is felt here first.
In plain English
The cheap-thrill end of the shelf. Wallets, card cases, belts, little pouches and the leather charms people clip onto a bag strap — things you buy for someone else in December, or buy for yourself because the handbag is too much this month.
It works as a front door. Someone buys a wallet, likes it, and comes back later for the bag. Each piece costs less than a handbag but earns a similar slice of profit. Because these are gifts at modest prices, they are also the most discount-sensitive things Coach sells: when the brand holds firm on price, shoppers notice here first. December is by far the biggest quarter of the year.
Competes with Michael Kors small leather goods (Capri) · Ralph Lauren accessories (Ralph Lauren) · Kate Spade accessories (Tapestry)
Kate Spade New YorkCoach takes 86.4% of company sales; Kate Spade's 13.4% has shrunk three years running, to $1.07B, and management guides to another high-single-digit fall. A new creative director started in August. The bottom is still ahead.Coach takes 86.4% of company sales; Kate Spade's 13.4% has shrunk three years running, to $1.07B, and management guides to another high-single-digit fall. A new creative director started in August. The bottom is still ahead.
In plain English
The other label in the house, and a broader one: handbags, clothes, jewellery, shoes, gifts and things for the home — the sort of brand bought for a birthday. It still runs three hundred-odd shops of its own around the world.
Right now it is being made smaller on purpose. Management is cutting the discounting the brand leaned on, which costs sales today in the hope of a brand worth full price later; it loses a little money while it does this. Two things make the repair harder. American import duties bite Kate Spade far deeper than Coach, because most of what it sells is sold at home, and the new creative director has only just arrived.
Competes with Michael Kors handbags and accessories (Capri) · Coach (Tapestry) · Steve Madden bags and shoes (Steve Madden)
Coach footwearSneakers are the wedge into shoes: Soho at $145, High Line at $125, one price in every channel. Roughly $408M in FY2026 and growing double digits early in the year — still too small to move the company for years.Sneakers are the wedge into shoes: Soho at $145, High Line at $125, one price in every channel. Roughly $408M in FY2026 and growing double digits early in the year — still too small to move the company for years.
In plain English
Shoes, mostly sneakers, from the brand that sold you the bag. Coach runs two families rather than a broad range — Soho at $145, High Line at $125, the same price whether you find them in a smart store or a discount one. That is how a handbag company finds out whether anyone wants its shoes.
The case is arithmetic as much as fashion: Coach has a small share of a large shoe market, so even modest wins add up, and it has opened a shop selling nothing but Coach shoes. But four hundred million dollars growing quickly still cannot shift an eight-billion-dollar company for a long time. Management calls it a long-term opportunity, and that phrase is doing real work.
Competes with Sam Edelman footwear (Caleres) · Steve Madden shoes (Steve Madden) · Stuart Weitzman shoes (Caleres)
Coach ready-to-wear, jewelry and otherCoats, scarves, jewellery, plus the royalties from Coach-branded glasses, watches and perfume — about $498M, the leftover slice of the brand. Barely mentioned on earnings calls. The eyewear licence is the first one up, in 2026.Coats, scarves, jewellery, plus the royalties from Coach-branded glasses, watches and perfume — about $498M, the leftover slice of the brand. Barely mentioned on earnings calls. The eyewear licence is the first one up, in 2026.
In plain English
Everything else with the Coach name on it. Some of it the company makes itself — outerwear, scarves, jewellery. Some of it it does not: other firms make Coach-branded sunglasses, watches and perfume, sell them, and send back a slice of each sale, which together comes to roughly a penny of every dollar Tapestry takes in.
Renting out a name is easy money for as long as the deal runs, and these deals have end dates — the sunglasses agreement with Luxottica is the first one due. Jewellery is the piece management is actually pushing, pulling it into the same one-price-everywhere approach it tried on bags.
Competes with Ralph Lauren apparel (Ralph Lauren) · Michael Kors apparel and jewelry (Capri)
Named in filings, launches and programs
- Coach PlayPlatformImmersive concept stores that draw younger shoppers in and keep them browsing longer; the newest are in Chicago, Atlanta and Paris.
- Coach OriginalsProduct lineA collection drawn from the brand's own archive; the $695 Large Kiss Lock Bag sold out within minutes online.
- Coach OutletPlatformThe discount side of the store fleet, now stocking brand-new full-price bags alongside the marked-down stock.
- Coach and Kate Spade wholesalePlatformBags sold through other retailers' shops rather than Tapestry's own — about 12% of sales, with the rest sold direct.
- coach.com and katespade.comPlatformThe brands' own websites, part of the roughly 87% sold direct; they run in the US, Canada, Japan, Greater China and Europe.
- Google AI shopping channelCustomer program · AnnouncedFrom September 2026 a Buy button puts Coach and Kate Spade purchases inside Google Search, its AI mode and the Gemini app.
- Coach eyewear licence — LuxotticaProduct lineSunglasses made and sold by Luxottica under the Coach name; this is the nearest licence to expiry, running to 2026.
- Coach watch licence — MovadoProduct lineCoach-branded watches made by Movado under an agreement that runs to 2028.
- Coach fragrance licence — InterparfumsProduct lineCoach perfume made and sold by Interparfums, with the deal running out to 2031 — the longest of the three.
- Kate Spade handbagsProduct lineJust over half of the Kate Spade brand's sales, roughly $594M, or about 7% of the whole company.
- Kate Spade accessoriesProduct lineWallets, pouches and other small leather pieces, roughly $241M — about 3% of the company.
- Kate Spade jewelry, home décor and giftsProduct lineRoughly $191M of goods that are not bags or shoes — a far bigger share of its brand than the equivalent slice is of Coach.
- Kate Spade footwearProduct lineThe brand's smallest line at roughly $48M, well under one percent of company sales.
- Kate Spade licensed categoriesProduct lineSix outside firms — Interparfums and Safilo among them — make and sell Kate Spade-branded goods under deals running from 2027 to 2031.
Coach PlayPlatform
Immersive concept stores that draw younger shoppers in and keep them browsing longer; the newest are in Chicago, Atlanta and Paris.
Coach OriginalsProduct line
A collection drawn from the brand's own archive; the $695 Large Kiss Lock Bag sold out within minutes online.
Coach OutletPlatform
The discount side of the store fleet, now stocking brand-new full-price bags alongside the marked-down stock.
Coach and Kate Spade wholesalePlatform
Bags sold through other retailers' shops rather than Tapestry's own — about 12% of sales, with the rest sold direct.
coach.com and katespade.comPlatform
The brands' own websites, part of the roughly 87% sold direct; they run in the US, Canada, Japan, Greater China and Europe.
Google AI shopping channelCustomer program · Announced
From September 2026 a Buy button puts Coach and Kate Spade purchases inside Google Search, its AI mode and the Gemini app.
Coach eyewear licence — LuxotticaProduct line
Sunglasses made and sold by Luxottica under the Coach name; this is the nearest licence to expiry, running to 2026.
Coach watch licence — MovadoProduct line
Coach-branded watches made by Movado under an agreement that runs to 2028.
Coach fragrance licence — InterparfumsProduct line
Coach perfume made and sold by Interparfums, with the deal running out to 2031 — the longest of the three.
Kate Spade handbagsProduct line
Just over half of the Kate Spade brand's sales, roughly $594M, or about 7% of the whole company.
Kate Spade accessoriesProduct line
Wallets, pouches and other small leather pieces, roughly $241M — about 3% of the company.
Kate Spade jewelry, home décor and giftsProduct line
Roughly $191M of goods that are not bags or shoes — a far bigger share of its brand than the equivalent slice is of Coach.
Kate Spade footwearProduct line
The brand's smallest line at roughly $48M, well under one percent of company sales.
Kate Spade licensed categoriesProduct line
Six outside firms — Interparfums and Safilo among them — make and sell Kate Spade-branded goods under deals running from 2027 to 2031.