by Apparel Resources News-Desk
24-May-2019 | 1 min read
Asia, lately, seems to be emerging as a major market for many Western brands.
A testimony of the same is Tapestry’s decision to open about 100 stores in Asia this year, most of them in China.
The parent company of Coach, Kate Spade and Stuart Weitzman, Tapestry is the first New York-based house of modern luxury lifestyle brands.
“China has emerged as the second-largest luxury market in the world according to Euromonitor, and we expect the country to continue to drive growth for Coach and Tapestry, over the foreseeable future,” the company said underling that it is focusing its growth on regions where it believes it is under-represented, namely Southeast Asia, Europe and Greater China.
Filing its latest results, Tapestry reportedly maintained that it plans to open between 60 and 70 new Kate Spade stores this year and another 30 for Stuart Weitzman.
As per the Tapestry’s fiscal third quarter results, its revenues came in at US $ 1.3 billion, up 1 per cent Y-o-Y on a reported basis.
The gross margins also rose 30 basis points for the quarter to 69.2 per cent as a result of noteworthy improvements in margins of Kate Spade as well as Coach.
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