Coach owner Tapestry replaces CEO with chairman
NEW YORK (AP) — Tapestry, the company behind Coach handbags, named chairman Jide Zeitlin as its new CEO.
Zeitlin will replace Victor Luis, who struggled to turn the company into a fashion conglomerate. Luis was named CEO of Coach Inc. in 2014 and he transformed it from a single-brand company to one that oversaw three by acquiring designer labels Stuart Weitzman and Kate Spade.
Coach Inc. was renamed Tapestry Inc. two years ago to reflect its growing number of brands. But the company failed to revive the Kate Spade brand, which has been a drag on the Tapestry’s revenue.
New York-based Tapestry says Zeitlin will replace Luis as CEO immediately.
Shares of Tapestry, which are down 37% so far this year, rose more than 4% in midday trading Wednesday to $21.32.