Victor Luis, once tasked with turning things around at Coach, is out.
Author:Dhani MauUpdated:Sep 4, 2019Original:Sep 4, 2019Victor Luis, the man who spent the last five years leading Coach's transition into a multi-brand fashion group dubbed Tapestry, has left, the company announced on Wednesday.
Kate Spade and Stuart Weitzman have been experiencing some growing pains since their acquisitions. In its latest earnings report from mid-August, covering fiscal 2019 and the year's fourth quarter, the company announced sluggish, worse-than-expected sales at Kate Spade, with comparable-store sales down 7 percent for the year. It also lowered its overall sales forecast for the year. Given the timing of Luis's departure, it's hard not to see a connection to these results.
A replacement for Luis has already been named: Jide Zeitlin, formerly Tapestry's Chairman of the Board, which he's served on for over a decade following over 30 years of global financial and operational experience. It's also worth noting, we think, that Zeitlin is now one of the only Black CEOs of a major fashion company — in an industry that could majorly benefit from having more people of color in such positions of power.
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