Tapestry, Inc. Files 2024 10-K

TL;DR

Tapestry (TPR) filed its 2024 10-K. Check financials.

AI Summary

Tapestry, Inc. filed its 10-K for the fiscal year ending June 29, 2024, reporting its financial performance and business operations. The company, formerly known as Coach Inc., is headquartered at 10 Hudson Yards, New York, NY. This filing provides a comprehensive overview of its financial health and strategic direction for investors.

Why It Matters

This 10-K filing provides crucial financial and operational details for Tapestry, Inc., allowing investors and analysts to assess the company's performance and make informed decisions.

Risk Assessment

Risk Level: low — This is a standard annual financial filing (10-K) and does not inherently present new risks.

Key Numbers

• 2024 — Fiscal Year End (The report covers the fiscal year ending in 2024.)
• 0629 — Fiscal Year End Date (The specific end date for the fiscal year reported.)
• 0815 — Filing Date (The date the 10-K was officially filed with the SEC.)

Key Players & Entities

• Tapestry, Inc. (company) — Filer of the 10-K
• Coach Inc. (company) — Former name of Tapestry, Inc.
• June 29, 2024 (date) — Fiscal year end
• August 15, 2024 (date) — Filing date
• 10 Hudson Yards, New York, NY (location) — Company headquarters address

FAQ

Key Financial Figures

• $616.8 m — -related activities in fiscal 2024 were $616.8 million, representing over 9% of net sale
• $570.7 million — nting over 9% of net sales, compared to $570.7 million in fiscal 2023, representing less than

Filing Documents

• tpr-20240629.htm (10-K) — 2742KB
• exhibit191-fy24.htm (EX-19.1) — 19KB
• exhibit211-fy24.htm (EX-21.1) — 58KB
• exhibit231-fy24.htm (EX-23.1) — 2KB
• exhibit311-fy24.htm (EX-31.1) — 10KB
• exhibit312-fy24.htm (EX-31.2) — 9KB
• exhibit321-fy24.htm (EX-32.1) — 4KB
• exhibit322-fy24.htm (EX-32.2) — 4KB
• exhibit971-fy24.htm (EX-97.1) — 42KB
• tpr-20240629_g1.jpg (GRAPHIC) — 388KB
• 0001116132-24-000018.txt ( ) — 15692KB
• tpr-20240629.xsd (EX-101.SCH) — 78KB
• tpr-20240629_cal.xml (EX-101.CAL) — 164KB
• tpr-20240629_lab.xml (EX-101.LAB) — 1024KB
• tpr-20240629_pre.xml (EX-101.PRE) — 774KB
• tpr-20240629_def.xml (EX-101.DEF) — 390KB
• tpr-20240629_htm.xml (XML) — 2784KB

, Items 10 – 14

Part III, Items 10 – 14 TAPESTRY, INC. TABLE OF CONTENTS Page Number PART I Item 1.

Business

Business 2 Item 1A.

Risk Factors

Risk Factors 14 Item 1B. Unresolved Staff Comments 28 Item 1C. Cybersecurity 28 Item 2.

Properties

Properties 29 Item 3.

Legal Proceedings

Legal Proceedings 30 Item 4. Mine Safety Disclosures 30 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 31 Item 6. Reserved 32 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 33 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 49 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 51 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 51 Item 9A.

Controls and Procedures

Controls and Procedures 51 Item 9B. Other Information 51 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 51 PART III Item 10. Directors, Executive Officers and Corporate Governance 52 Item 11.

Executive Compensation

Executive Compensation 52 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 52 Item 13. Certain Relationships and Related Transactions, and Director Independence 52 Item 14. Principal Accounting Fees and Services 52 PART IV Item 15. Exhibits and Financial Statement Schedules 53 Item 16. Form 10-K Summary 57

Signatures

Signatures 58 i SPECIAL NOTE ON FORWARD-LOOKING INFORMATION This document, and the documents incorporated by reference in this document, our press releases and oral statements made from time to time by us or on our behalf, may contain certain "forward-looking statements" within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are based on management's current expectations, that involve risks and uncertainties that could cause our actual results to differ materially from our current expectations. In this context, forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as "may," "can," "continue," "project," "assumption," "should," "expect," "confidence," "goals," "trends," "anticipate," "intend," "estimate," "on track," "future," "well positioned to," "plan," "potential," "position," "believe," "seek," "see," "will," "would," "target," similar expressions and variations or negatives of these words. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Such statements involve risks, uncertainties and assumptions. If such risks or uncertainties materialize or such assumptions prove incorrect, the results of Tapestry, Inc. and its consolidated subsidiaries could differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements. Tapestry, Inc. assumes no obligation to revise or update any such forward-looking statements for any reason, except as required by law. Tapestry, Inc.'s actual results could differ materially from the results contemplated by these forward-looking statements and are subject to a number of risks, uncertainties, estimates a

BUSINESS

ITEM 1. BUSINESS Tapestry, Inc. (the "Company") is a house of iconic accessories and lifestyle brands. Our global house of brands unites the magic of Coach, kate spade new york and Stuart Weitzman. Each of our brands are unique and independent, while sharing a commitment to innovation and authenticity defined by distinctive products and differentiated customer experiences across business channels and geographies. We use our collective strengths to move our customers and empower our communities, to make the fashion industry more sustainable and to build a company that's equitable, inclusive and diverse. Individually, our brands are iconic. Together, we can stretch what's possible. Founded in 1941, Coach, Inc., the predecessor to Tapestry, Inc., was incorporated in the state of Maryland in 2000. During fiscal 2015, the Company acquired Stuart Weitzman Holdings LLC, a luxury women's footwear company. During fiscal 2018, the Company acquired Kate Spade & Company, a lifestyle accessories and ready-to-wear company. Later in fiscal 2018, the Company changed its name to Tapestry, Inc. OUR BRANDS The Company has three reportable segments: Coach - Coach is a global fashion house of accessories and lifestyle collections, founded in New York City in 1941. Inspired by the vision of Expressive Luxury and the inclusive and courageous spirit of its hometown, the brand makes beautiful things, crafted to last – for you to be yourself in. Coach has built a legacy of craftsmanship and a community that champions the courage to be real. Coach includes global sales of primarily Coach brand products to customers through our direct-to-consumer ("DTC"), wholesale and licensing businesses. This segment represented 76.4% of total net sales in fiscal 2024. Kate Spade - Since its launch in 1993 with a collection of six essential handbags, kate spade new york has always been colorful, bold and optimistic. Today, it is a global lifestyle brand that designs extraordinary things for the everyd