Zeitlin will replace Victor Luis, who oversaw the company's acquisition of Stuart Weitzman in 2015 and Kate Spade in 2017.
The company is maintaining its fiscal 2020 outlook and expects to return approximately $700 million to shareholders., owner of such luxury brands as Coach and Kate Spade, appointed Jide Zeitlin as its new CEO on Wednesday, effective immediately.
Zeitlin, chairman of the board since November 2014, will replace Victor Luis, who oversaw the company's acquisition of Stuart Weitzman in 2015 and Kate Spade in 2017. The company also said it is maintaining its fiscal 2020 outlook and expects to return about $700 million to shareholders through dividend and repurchase programs.
Shares of Tapestry rose 2.5% in premarket trading Wednesday but have fallen 39% since January, bringing it to a market cap of around $5.9 billion.
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