The chief executive of Tapestry has departed after his attempt to turn the company into a fashion powerhouse led to a halving of its share price.
Victor Luis, 53, who led the company for five years, was replaced yesterday by Jide Zeitlin, 55, the chairman. Tapestry said that Mr Zeitlin would lead a search for a future chief executive “at the appropriate time”.
Tapestry, based in New York and valued at $6.1 billion, owns Coach, the luxury handbag maker that is its largest brand, the shoemaker Stuart Weitzman and the design house Kate Spade.
The chief executive of Tapestry has departed after his attempt to turn the company into a fashion powerhouse led to a halving of its share price.
Victor Luis, 53, who led the company for five years, was replaced yesterday by Jide Zeitlin, 55, the chairman. Tapestry said that Mr Zeitlin would lead a search for a future chief executive “at the appropriate time”.
Tapestry, based in New York and valued at $6.1 billion, owns Coach, the luxury handbag maker that is its largest brand, the shoemaker Stuart Weitzman and the design house Kate Spade.
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