×
543
Fashion Jobs
LIBERTY LTD
Sales Coach - Fashion
Permanent · LONDON
HAYS RECRUIMENT
Merchandising Manager - Growing Jewellery Brand
Permanent · LONDON
FOUR SEASONS RECRUITMENT
Ecommerce Manager
Permanent · LONDON
FOUR SEASONS RECRUITMENT
Sales Supervisor
Permanent · LONDON
TOO FACED
Too Faced Business Manager, Boots - Oxford
Permanent · OXFORD
TOO FACED
Too Faced Business Manager - Boots, Leeds Trinity
Permanent · LEEDS
FOUR SEASONS RECRUITMENT
Merchandising Manager
Permanent · LONDON
360 RESOURCING
Account Manager
Permanent · LONDON
BIMBA Y LOLA
Sales Assistant Brompton Road
Permanent · LONDON
BIMBA Y LOLA
Part Time Sales Assistant Brompton Road
Permanent · LONDON
BIMBA Y LOLA
Sales Assistant Richmond
Permanent · LONDON
NEXT RETAIL LTD
Home Design Consultant
Permanent · CAMBERLEY
NEXT RETAIL LTD
Warehouse Administrator
Permanent · DONCASTER
HAYS RECRUIMENT
E-Commerce Manager
Permanent · LONDON
HAYS RECRUIMENT
Eyewear Account Manager South London
Permanent · LONDON
NEXT RETAIL LTD
Home Design Consultant
Permanent · CARDIFF
NEXT RETAIL LTD
Sales Coordinator - Permanent
Permanent · LONDON
360 RESOURCING
Head Office Recruitment Consultant - Fashion Retail
Permanent · LONDON
360 RESOURCING
Temps Controller / Temps Recruitment Consultant - Fashion Retail
Permanent · LONDON
OUTSIDE THE BOX RECRUITMENT
Production Manager-Shoes & Slg-Luxury- London Salary up to £70k
Permanent · LONDON
DEPLOY LONDON
International Sales & Marketing Manager
Permanent · LONDON
FOUR SEASONS RECRUITMENT
Digital Marketing Manager
Permanent · LONDON
Advertisements

Victor Luis exits Tapestry, chairman takes over as CEO for now

Published
today Sep 4, 2019
Reading time
access_time 2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

It's become something of a tradition in the fashion industry in recent years that shortly after releasing less-than-stellar results, the CEO heads for the exit, however distinguished his or her record may have been.


Tapestry chairman Jide Zeitlin is now also its CEO - Tapestry


And on Wednesday, Coach, Kate Spade and Stuart Weitzman owner Tapestry Inc said that its CEO Victor Luis is leaving the company. It had cut its full-year earnings forecast just a few weeks ago.

And it has appointed a successor from within the organisation. Jide Zeitlin, the company’s chairman, has been appointed CEO in place of Luis, while also retaining his chairman’s role. At the same time, Susan Kropf, a current member of the Tapestry board, was named lead independent director. All appointments are effective immediately.

Victor Luis had been with the company since 2006, starting there as CEO of its Japanese unit. In recent years, he has worked on transforming a company that was originally known as a premium-priced handbag specialist into a multibrand fashion group positioned at the more affordable end of the luxury sector.

But that transformation hasn't been without its problems and both Stuart Weitzman’s and Kate Spade’s integration into the business has been far from seamless, each of them remaining a work-in-progress. 

This has dented the company share price (and its overall market capitalisation as well) with the shares now changing hands at less than half the price they were when Luis took over as CEO.

So what happens now under Zeitlin? Well, we know that he's not planning to be a permanent replacement. Tapestry said on Wednesday that “with more than 30 years of global financial and operational experience and over a decade of serving on Tapestry’s board, [he] will actively drive the business performance with the objective of creating long-term sustainable growth. At the appropriate time, Mr Zeitlin, with his board colleagues, will lead a search for a future Chief Executive Officer.” We don't know when the appropriate time will be, however.

It's interesting that just a few weeks ago when the disappointing results were announced, Luis had said that the company won't be focusing on making any acquisitions in the short term. That was a surprise as there have been persistent rumours that it has a couple of major names in its sights.

But this could have been one of the issues on which Luis and the board disagreed. Luis had been the key executive driving the acquisition strategy at the company. Today though, the group seems to be fighting shy of any new buys.

On Wednesday, Kropf said: “The board remains committed to Tapestry’s multi-brand model, while recognising the need to sharpen our focus on execution. Given the continued strength and momentum at Coach – the largest brand at Tapestry – our top priority remains driving significantly improved performance at our acquired brands.”

Copyright © 2020 FashionNetwork.com All rights reserved.