During a conference call, management of Tapestry discussed the company’s vision to refresh each of its three brands, including Stuart Weitzman, with the goal of inching back to profitability, CNBC reports. Coach sales fell by 53 percent, while sales at Kate Spade dropped by 51 percent, and sales at its Stuart Weitzman brand plunged by 61 percent during the quarter. Stuart Weitzman chief Giorgio Sarne said the brand is having success designing and selling more casual merchandise during the pandemic. Tapestry’s CEO Jide Zeitlin resigned in mid-July as the board began a probe into his personal conduct. To buoy its finances during the pandemic, Tapestry said it cut corporate headcount costs by 20 percent and made other decisions to reduce operating expenses.

Source: The Standard August 13, 2020 15:30 UTC