Tapestry, the owner of Coach, Kate Spade and Stuart Weitzman, has a new boss.
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The designer and marketer of clothes and accessories has named board Chairman Jide Zeitlin as its CEO, effective immediately. Zeitlin replaces Victor Luis, who headed the company for the last 13 years.
“Having worked alongside Jide for more than 10 years, I know how eminently capable he is of leading Tapestry’s world-class teams at this time," said Susan Kropf, a board member and lead independent director, in a press release. "He is highly respected within the organization, and I am confident that Jide will help our teams unlock the potential of our entire portfolio.”
Luis’ departure comes amid struggling sales at Kate Spade. Same-store sales fell 6 percent in its fiscal fourth quarter, missing the 1.4 percent gain that was expected. Coach bought Kate Spade in May 2017 before rebranding to Tapestry that following October.
In Wednesday’s release, Tapestry said it was maintaining its fiscal year 2020 outlook of low single-digit increases for revenue and flat earnings.
Tapestry shares were up 2.5 percent ahead of Wednesday’s opening bell. They were down 39 percent this year through Tuesday.