Tapestry, Inc. (NYSE: TPR), a leading New York-based house of
modern luxury accessories and lifestyle brands, today provided
further details on the actions it’s taking across multiple aspects
of its brands and business to help assure that Tapestry emerges a
strong company when conditions normalize.
“Throughout this crisis, we have prioritized the health and
wellbeing of our employees, their families and communities. At the
same time, we have heightened our focus on our customers. While
this has primarily been through our digital channels, we are now
pleased to welcome them back to many of our stores,” said Jide
Zeitlin, Chairman and Chief Executive Officer of Tapestry, Inc.
“Our decision to support our store managers and associates in a
time of uncertainty allows us to execute quickly while maintaining
the highest standards to ensure everyone’s health and safety as
store re-openings become possible. I have never been prouder of our
team for living our values and maintaining our commitment to
customers who love our brands and to the communities where we do
business.”
Store Reopenings & Protocols
Tapestry, taking a phased market-by-market approach, has begun
the store reopening process in North America, Europe and additional
markets in Asia in accordance with governmental guidelines. By the
end of this week the Company expects to have over 300 Coach, Kate
Spade, and Stuart Weitzman stores in North America offering
curbside or store pickup service. In addition, approximately 20
stores in Europe, 35 stores across Japan, 35 stores in Malaysia and
nearly 30 stores in Australia will be open to customers, while
adhering to social distancing and density practices and on modified
operating hours. The approach to store operations is tailored by
market, with stores offering a combination of in-store shopping,
curbside and storefront pickup, with varying hours, as conditions
allow. This phased reopening approach builds upon successful
strategies developed in China and South Korea, where all stores
have reopened, demand continues to improve and select markets have
begun to return to growth.
To support the health and safety of customers and employees as
stores reopen, Tapestry has made significant enhancements to the
store environment and operating procedures. These measures
include:
- Training associates on new health and safety protocols,
including the use of masks and gloves, where required and as
appropriate
- Providing additional cleaning and sanitation measures in the
store and in fitting rooms
- Practicing proper social distancing within stores, utilizing
signage that highlights requirements and enforcing low customer
densities
- Providing contact-free customer service and payment options to
customers including curbside and store front pickup
- Offering sanitizers and wipes at cash wraps
- Requiring temperature and wellness checks for all store
employees upon arrival
Tapestry will continue to consider additional store re-openings
carefully with ongoing assessment of health and safety best
practices. For additional information on Tapestry’s store reopening
plans, visit the respective brand home pages at www.coach.com,
www.katespade.com and www.stuartweitzman.com.
Digital Platforms and Initiatives
Tapestry’s e-commerce businesses remain strong globally. The
Company has continued to lean into digital through the expansion of
programs and platforms. This includes the launch of the new Luxury
Soho flagship for Coach on TMall in China, targeted at a new,
younger consumer at the gateway to luxury. In North America, we are
maximizing our digital distribution channels - achieving
significant online sales and customer acquisition.
Corporate Offices
Tapestry’s offices in China and South Korea have fully reopened.
The Company is following guidance from local authorities to
establish return to work protocols for corporate employees across
other regions, where remote working procedures were put in place at
the onset of the pandemic. Based upon current recommendations, the
Hudson Yards global headquarters is expected to remain closed until
at least mid-June in accordance with guidelines from state and city
of New York, with the majority of employees not expected to return
until September. The Company will follow all government guidelines
and health and safety precautions when considering other regional
office reopenings including in Europe, Asia and Oceania.
Additional Community Support Initiatives
Tapestry continues to prioritize support of the communities
affected by the Covid-19 health crisis. To date, Tapestry’s brands,
the Coach Foundation and the kate spade new york foundation have
collectively committed $9,000,000 in financial support and product
donations to Covid-19 relief efforts globally.
As part of this overall commitment, the Coach Foundation, in
evaluating the areas of greatest need for community support, is
announcing its intention to commit:
- An additional $1,000,000 to the $2,000,000 already committed
($3,000,000 total) to support New York City small businesses. The
additional funds are focused on minority and women owned
businesses.
- $300,000 to a non-profit that supports low-income families in
the Bronx who have lost their primary earner due to Covid-19. This
will provide 300 families with $1,000 in emergency cash
assistance.
Separately, kate spade new york in partnership with their on
purpose supplier in Masoro, Rwanda is donating 24,000 masks to the
community of Masoro, where the supplier is based. In addition, kate
spade new york will be donating 5,000 backpacks to medical and
essential workers in the United States. Finally, in conjunction
with Mental Health Awareness Month, the kate spade new york
foundation has partnered with New York Governor Andrew Cuomo's
office and the global non-profit Crisis Text Line to bring
#forthefrontlines, free 24/7 emotional support, to New York based
frontline workers. The partnership launched on May 1st at Governors
Cuomo's daily briefing and was profiled in the New York State's A
Guide to Reopening New York and Building Back Better.
Tapestry, Inc. is a New York-based house of modern luxury
lifestyle brands. The Company’s portfolio includes Coach, Kate
Spade and Stuart Weitzman. Our Company and our brands are founded
upon a creative and consumer-led view of luxury that stands for
inclusivity and approachability. Each of our brands are unique and
independent, while sharing a commitment to innovation and
authenticity defined by distinctive products and differentiated
customer experiences across channels and geographies. To learn more
about Tapestry, please visit www.tapestry.com. The Company’s common
stock is traded on the New York Stock Exchange under the symbol
TPR.
This information to be made available in this press release may
contain forward-looking statements based on management's current
expectations. Forward-looking statements include, but are not
limited to, statements that can be identified by the use of
forward-looking terminology such as "may," "will," “can,” "should,"
“confident,” “future,” "expect," "intend," "estimate," "continue,"
"project," "guidance," "forecast," “outlook,” “believe,”
"anticipate," “proactive,” “preemptive,” “excited about,” “moving,”
“leveraging,” “capitalizing,” “developing,” “drive,” “targeting,”
“assume,” “plan,” “build,” “pursue,” “maintain,” “on track,” “well
positioned to,” “commit,” “look forward to,” “to acquire,”
“achieve,” “strategic vision,” “growth opportunities” or comparable
terms. Future results may differ materially from management's
current expectations, based upon a number of important factors,
including risks and uncertainties such as expected economic trends,
the ability to anticipate consumer preferences, the ability to
control costs and successfully execute our transformation and
operational efficiency initiatives and growth strategies and our
ability to achieve intended benefits, cost savings and synergies
from acquisitions, the risk of cybersecurity threats and privacy or
data security breaches, the impact of tax legislation, the impact
of the COVID-19 outbreak, etc. Please refer to the Company’s latest
Annual Report on Form 10-K, Quarterly Report on Form 10-Q and its
other filings with the Securities and Exchange Commission for a
complete list of risks and important factors. The Company assumes
no obligation to revise or update any such forward-looking
statements for any reason, except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20200514005254/en/
Tapestry, Inc. Analysts & Media: Andrea Shaw Resnick Global
Head of Investor Relations and Corporate Communications
212/629-2618 aresnick@tapestry.com Christina Colone Vice President,
Investor Relations 212/946-7252 ccolone@tapestry.com
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