Shares of luxury lifestyle brand Tapestry, Inc. (NYSE: TPR) announced the appointment of Jide Zeitlin as its new Chief Executive Officer. Zeitlin replaces Victor Luis who worked within the Company’s leadership team for thirteen years.
The Company, whose brands include Coach, Kate Spade and Stuart Weitzman, said the change is effective immediately.
Zeitlin was elected to Tapestry’s Board of Directors in 2006 and since 2014 has served as Chairman of the Board. “On Behalf of the Board, we thank Victor for the passion and commitment he has shown during his time with the Company,” he said in a statement.
Victor Luis worked in various roles prior to the brand’s name change from Coach to Tapestry in 2017. Before being appointed CEO at coach in 2014, Luis served as the Company’s President, Chief Communications Officer, and President of Coach international Retail.
Luis oversaw Coach’s USD 574 Million acquisition of Stuart Weitzman in 2015 and USD 2.4 Billion acquisition of Kate Spade in 2017.
“I am proud to have led the talented individuals at Tapestry and of the culture rooted in optimism, innovation and inclusivity that we’ve built. I am confident in the boundless potential of these teams and brand and very much look forward to following their future success,” he said.
In its announcement Wednesday, Tapestry said it is maintaining its 2020 outlook and expects to return about USD 700 million to shareholders through dividend and repurchase programs.
Shares of Tapestry have lost about 37% this year versus top competitor Capri Holdings (NYSE: CPRI), down 30%.