Coach has a new president and CEO.
Today, parent Tapestry Inc. announced the appointment of Todd Kahn, who has held the posts on an interim basis since July. Effective immediately, he will be in charge of all aspects of the brand, reporting to Tapestry CEO Joanne Crevoiserat.
“Todd has done a tremendous job leading Coach over the last nine months, delivering exceptional business results, while effectively navigating the pandemic,” Crevoiserat said in a statement. “In addition, throughout his 13-year tenure with the company, he has been instrumental in shaping our strategic agenda as well as developing empowered and inclusive teams. Todd has both deep industry and company experience, bringing a unique balance of brand stewardship and commercial capabilities.”
Kahn joined Tapestry in January 2008 and has held a number of leadership roles within the organization. He started in the role of SVP, general counsel and secretary, as well as served in the positions of chief legal officer until March last year, company secretary until August, and president and chief administrative officer from May 2016 to the present.
According to the retail group, which owns the Kate Spade and Stuart Weitzman brands, Kahn has also led the “revenue-generating business units” at Coach since March.
“I am honored to lead the brand and passionate about the opportunities ahead as we continue to implement a purpose-led, consumer-centric and data-driven approach to fueling innovation across customer touchpoints,” Kahn said. “We will deliver the blend of magic and logic that make our brand and business distinctive, providing customers around the world with authentic, compelling product and experiences under Stuart Vevers’ creative direction, underpinned by a focus on operational excellence to support enhanced profitability.”
The appointment comes in the midst of the execution of Tapestry’s turnaround plan, which aims to amplify its brands’ digital presence while rethinking its brick-and-mortar store fleet. For the second quarter, the New York-based conglomerate posted a profit and sales beat: It logged profits of $323 million, or adjusted earnings per share of $1.15, compared with the prior year’s $304 million, or earnings per share of $1.10. Analysts had predicted earnings of $1.01 per share. Revenues declined 7% to $1.69 billion but still topped Wall Street’s forecasts of $1.63 billion.
As it enters the second half of our fiscal year, Crevoiserat shared in early February that the fashion firm is “optimistic” despite the uncertain backdrop caused by the COVID-19 health crisis. It expects revenues for the fiscal year to increase at a high-single digit rate on a 52-week basis and in the area of 10% on 53-week basis.