Tapestry’s shares tumbled yesterday after the luxury fashion house reported deepening troubles at Kate Spade, the design brand that it bought two years ago.
Comparable sales at Kate Spade fell 6 per cent in the three months to June 29, the company’s fourth quarter, disappointing expectations of slight growth. Tapestry, based in New York and valued at about $6 billion, also owns Coach, the luxury handbag maker, and Stuart Weitzman, the shoemaker, which it acquired in 2015.
