The skills needed to run the fashion house – which owns Coach, Kate Spade, and Stewart Weitzman – are hard to find.
But the skills needed to run the fashion house — which owns the Coach, Kate Spade and Stuart Weitzman brands — are hard to find. The retailer is dealing with the aftermath of the global shutdown, restructuring two of its three brands and a continual rotation of its c-suite.
Just who that person would be is unclear. The pool of executives in the industry who have apparel, accessories and international experience and who offer diversity — and who are currently available for the job — is small. There’s also the fact that besides filling the top job at Tapestry, Coach, the group’s biggest brand, still does not have a permanent ceo.
“Jide appeared to be on paper a strong candidate, but then on the other hand, he was the chairman of the board when these decisions were made to buy Kate Spade and Stuart Weitzman,” Swarz said. “Clearly, he was part of the turnaround efforts, which have for the most part not really worked. There have been a number of mistakes, which reaffirms our overall view of the company’s stewardship that the company should not have bought Kate Spade and Stuart Weitzman in the first place.
Josh Schulman, former ceo and president of Coach — the company’s most lucrative brand — also unexpectedly resigned in March. “The company would certainly be attractive [to others],” Swartz said. “We still think the Coach brand has a lot of value. But I don’t think Tapestry wants to sell right now with the stock price where it is.”
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