TAPESTRY, INC.TPR
TAPESTRY, INC. Segments Disclosure
SEGMENT INFORMATION
The Company has three reportable segments:
•Coach - Includes global sales primarily of Coach brand products to customers through our DTC, wholesale and licensing businesses.
•Kate Spade - Includes global sales primarily of kate spade new york brand products to customers through our DTC, wholesale and licensing businesses.
•Stuart Weitzman - Includes global sales of Stuart Weitzman brand products primarily through our DTC, wholesale and licensing businesses. On February 16, 2025, the Company entered into the Purchase Agreement to sell the Stuart Weitzman Business. The sale was completed on August 4, 2025. Refer to Note 5, "Acquisitions and Divestitures," and Note 21, "Subsequent Events," for further information.
The Company's chief operating decision maker ("CODM"), who is its Chief Executive Officer, regularly evaluates operating profit of these segments compared to management's expectations in deciding how to allocate resources and assess performance. Segment operating profit is the gross profit of the segment less direct expenses of the segment. Total expenditures for additions to long-lived assets are not disclosed as this information is not regularly provided to the CODM at the segment level.
In addition to these reportable segments, the Company has certain corporate expenses that are not directly attributable to its brands ("Unallocated corporate expenses"); therefore, they are not allocated to its segments. Such costs primarily include certain overhead expenses related to corporate functions as well as certain administration, corporate occupancy, information technology and depreciation costs.
On February 16, 2025, the Company entered into a sale and purchase agreement (the “Purchase Agreement”) with Caleres, Inc. (the “Purchaser”) to sell the Stuart Weitzman Business (as defined below). The Purchaser acquired certain assets and liabilities of the Company's global business of designing, manufacturing, promotion, marketing, production, distribution, sales and licensing of Stuart Weitzman branded products (the "Stuart Weitzman Business"). The sale was completed on August 4, 2025 (the "Stuart Weitzman Business Divestiture"). Refer to Note 5, "Acquisitions and Divestitures," and Note 21, "Subsequent Events," for further information.
The following table summarizes net sales, significant expenses and operating profit (loss) of each of the Company's segments and reconciliation to the Company's Income (loss) before provision for income taxes for fiscal 2025, fiscal 2024 and fiscal 2023:
| Coach | Kate Spade | Stuart Weitzman | Total | ||||||||||||||||||||
| (millions) | |||||||||||||||||||||||
| Fiscal 2025 | |||||||||||||||||||||||
| Net sales | $ | 5,598.5 | $ | 1,197.1 | $ | 215.1 | $ | 7,010.7 | |||||||||||||||
Cost of sales(1) | 1,226.0 | 399.1 | 96.7 | 1,721.8 | |||||||||||||||||||
Selling, general and administrative expenses(1) | 2,497.2 | 1,567.2 | 133.8 | 4,198.2 | |||||||||||||||||||
| Total segment operating profit (loss): | $ | 1,875.3 | $ | (769.2) | $ | (15.4) | $ | 1,090.7 | |||||||||||||||
Unallocated corporate expenses(2) | 675.7 | ||||||||||||||||||||||
Unallocated other charges, net(3) | 198.9 | ||||||||||||||||||||||
| Income (loss) before provision for income taxes | $ | 216.1 | |||||||||||||||||||||
| Fiscal 2024 | |||||||||||||||||||||||
| Net sales | $ | 5,095.3 | $ | 1,334.4 | $ | 241.5 | $ | 6,671.2 | |||||||||||||||
Cost of sales(1) | 1,219.9 | 463.2 | 98.6 | 1,781.7 | |||||||||||||||||||
Selling, general and administrative expenses(1) | 2,224.3 | 738.6 | 164.1 | 3,127.0 | |||||||||||||||||||
| Total segment operating profit (loss): | $ | 1,651.1 | $ | 132.6 | $ | (21.2) | $ | 1,762.5 | |||||||||||||||
Unallocated corporate expenses(2) | 622.4 | ||||||||||||||||||||||
Unallocated other charges, net(3) | 128.2 | ||||||||||||||||||||||
| Income (loss) before provision for income taxes | $ | 1,011.9 | |||||||||||||||||||||
| Fiscal 2023 | |||||||||||||||||||||||
| Net sales | $ | 4,960.4 | $ | 1,418.9 | $ | 281.6 | $ | 6,660.9 | |||||||||||||||
Cost of sales(1) | 1,313.3 | 518.8 | 113.9 | 1,946.0 | |||||||||||||||||||
Selling, general and administrative expenses(1) | 2,117.2 | 785.1 | 174.4 | 3,076.7 | |||||||||||||||||||
| Total segment operating profit (loss): | $ | 1,529.9 | $ | 115.0 | $ | (6.7) | $ | 1,638.2 | |||||||||||||||
Unallocated corporate expenses(2) | 465.8 | ||||||||||||||||||||||
Unallocated other charges, net(3) | 29.3 | ||||||||||||||||||||||
| Income (loss) before provision for income taxes | $ | 1,143.1 | |||||||||||||||||||||
(1) Significant expense categories that are regularly provided to the CODM, or easily computable from information that is regularly provided to the CODM. SG&A expenses includes Other selling, general and administrative expenses and Impairment of goodwill and intangible assets on the Company's Consolidated Statement of Operations.
(2) Unallocated corporate expenses represent certain corporate expenses that are not directly attributable to a segment.
(3) Includes Loss on extinguishment of debt, Interest expense, net and Other expense (income).
The following table summarizes depreciation and amortization expense of each of the Company's segments for fiscal 2025, fiscal 2024, and fiscal 2023:
| Fiscal Year Ended | |||||||||||||||||
June 28, 2025(1) | June 29, 2024 | July 1, 2023 | |||||||||||||||
| (millions) | |||||||||||||||||
Depreciation and amortization expense(2): | |||||||||||||||||
| Coach | $ | 91.2 | $ | 88.0 | $ | 94.7 | |||||||||||
| Kate Spade | 34.1 | 41.6 | 44.2 | ||||||||||||||
| Stuart Weitzman | 6.1 | 10.6 | 10.5 | ||||||||||||||
| Total segment depreciation and amortization expense: | 131.4 | 140.2 | 149.4 | ||||||||||||||
Unallocated corporate(3) | 36.0 | 33.8 | 32.8 | ||||||||||||||
| Total Depreciation and amortization expense: | $ | 167.4 | $ | 174.0 | $ | 182.2 | |||||||||||
(1) For the fiscal year ended June 28, 2025, depreciation and amortization expense includes $2.7 million of impairment charges in connection with the sale of the Stuart Weitzman Business of which $2.1 million was recorded within Unallocated corporate and $0.6 million was recorded within the Stuart Weitzman segment. For the fiscal year ended June 28, 2025, depreciation and amortization expense includes $1.8 million of costs related to the Company's organizational efficiency efforts recorded within Unallocated corporate. Refer to Note 5, "Acquisitions and Divestitures," for further information.
(2) Depreciation and amortization expense for the segments includes an allocation of expense related to assets which support multiple segments.
(3) Unallocated corporate, which is not a reportable segment, represents certain depreciation and amortization costs that are not directly attributable to a segment.
Impairment charges in fiscal 2025 includes $854.8 million of brand intangible and goodwill impairment charges for the Kate Spade reportable segment. There were no impairment charges in fiscal 2024 and fiscal 2023. Refer to Note 14, "Goodwill and Other Intangible Assets," for further information.
The following table summarizes total assets of each of the Company's segments for fiscal 2025, fiscal 2024, and fiscal 2023:
| Fiscal Year Ended | |||||||||||||||||
| June 28, 2025 | June 29, 2024 | July 1, 2023 | |||||||||||||||
| (millions) | |||||||||||||||||
| Total assets: | |||||||||||||||||
| Coach | $ | 2,497.5 | $ | 2,238.4 | $ | 2,272.3 | |||||||||||
| Kate Spade | 1,656.6 | 2,469.2 | 2,597.3 | ||||||||||||||
Stuart Weitzman(1) | 176.4 | 232.6 | 235.8 | ||||||||||||||
| Total segment assets: | 4,330.5 | 4,940.2 | 5,105.4 | ||||||||||||||
Unallocated corporate(2) | 2,250.0 | 8,456.1 | 2,011.4 | ||||||||||||||
| Total assets: | $ | 6,580.5 | $ | 13,396.3 | $ | 7,116.8 | |||||||||||
(1) As of June 28, 2025, the assets relating to the Stuart Weitzman Business are presented in the Consolidated Balance Sheet as Assets held for sale. Refer to Note 5, "Acquisitions and Divestitures," for further information.
(2) Unallocated corporate, which is not a reportable segment, represents certain assets that are not directly attributable to a segment.
The following table disaggregates Net sales for each of the Company's product categories by segment in fiscal 2025, fiscal 2024, and fiscal 2023:
| Fiscal Year Ended | |||||||||||||||||||||||||||||||||||
| June 28, 2025 | June 29, 2024 | July 1, 2023 | |||||||||||||||||||||||||||||||||
| Amount | % of total segment net sales | Amount | % of total segment net sales | Amount | % of total segment net sales | ||||||||||||||||||||||||||||||
| (millions) | |||||||||||||||||||||||||||||||||||
| Coach | |||||||||||||||||||||||||||||||||||
| Handbags | $ | 3,223.3 | 57.6 | % | $ | 2,889.9 | 56.7 | % | $ | 2,847.1 | 57.4 | % | |||||||||||||||||||||||
| Accessories | 1,539.5 | 27.5 | 1,407.9 | 27.6 | 1,325.7 | 26.7 | |||||||||||||||||||||||||||||
| Footwear | 342.5 | 6.1 | 326.0 | 6.4 | 311.5 | 6.3 | |||||||||||||||||||||||||||||
| Other | 493.2 | 8.8 | 471.5 | 9.3 | 476.1 | 9.6 | |||||||||||||||||||||||||||||
| Total Coach | $ | 5,598.5 | 100.0 | % | $ | 5,095.3 | 100.0 | % | $ | 4,960.4 | 100.0 | % | |||||||||||||||||||||||
| Kate Spade | |||||||||||||||||||||||||||||||||||
| Handbags | $ | 623.0 | 52.1 | % | $ | 721.0 | 54.0 | % | $ | 779.7 | 54.9 | % | |||||||||||||||||||||||
| Accessories | 269.8 | 22.5 | 307.0 | 23.0 | 324.8 | 22.9 | |||||||||||||||||||||||||||||
| Footwear | 55.2 | 4.6 | 57.4 | 4.3 | 57.8 | 4.1 | |||||||||||||||||||||||||||||
| Other | 249.1 | 20.8 | 249.0 | 18.7 | 256.6 | 18.1 | |||||||||||||||||||||||||||||
| Total Kate Spade | $ | 1,197.1 | 100.0 | % | $ | 1,334.4 | 100.0 | % | $ | 1,418.9 | 100.0 | % | |||||||||||||||||||||||
Stuart Weitzman(1) | $ | 215.1 | 100.0 | % | $ | 241.5 | 100.0 | % | $ | 281.6 | 100.0 | % | |||||||||||||||||||||||
| Tapestry | |||||||||||||||||||||||||||||||||||
| Handbags | $ | 3,846.3 | 54.9 | % | $ | 3,610.9 | 54.1 | % | $ | 3,626.8 | 54.4 | % | |||||||||||||||||||||||
| Accessories | 1,809.3 | 25.8 | 1,714.9 | 25.7 | 1,650.5 | 24.8 | |||||||||||||||||||||||||||||
| Footwear | 612.8 | 8.7 | 624.9 | 9.4 | 650.9 | 9.8 | |||||||||||||||||||||||||||||
| Other | 742.3 | 10.6 | 720.5 | 10.8 | 732.7 | 11.0 | |||||||||||||||||||||||||||||
| Total Tapestry | $ | 7,010.7 | 100.0 | % | $ | 6,671.2 | 100.0 | % | $ | 6,660.9 | 100.0 | % | |||||||||||||||||||||||
(1)The significant majority of sales for Stuart Weitzman is attributable to footwear and therefore all of Stuart Weitzman net sales are within the Tapestry Footwear category.
Geographic Area Information
Geographic revenue information is based on the location of our customer sale. Geographic long-lived asset information is based on the physical location of the assets at the end of each fiscal year and includes property and equipment, net, right-of-use assets and other assets.
| United States | Greater China(2) | Japan | Other(3) | Total | |||||||||||||||||||||||||
| (millions) | |||||||||||||||||||||||||||||
Fiscal 2025 | |||||||||||||||||||||||||||||
Net sales(1) | $ | 4,208.1 | $ | 1,059.7 | $ | 514.8 | $ | 1,228.1 | $ | 7,010.7 | |||||||||||||||||||
| Long-lived assets | 1,431.7 | 142.3 | 105.1 | 257.7 | 1,936.8 | ||||||||||||||||||||||||
Fiscal 2024 | |||||||||||||||||||||||||||||
Net sales(1) | $ | 3,949.7 | $ | 1,012.6 | $ | 554.4 | $ | 1,154.5 | $ | 6,671.2 | |||||||||||||||||||
| Long-lived assets | 1,533.7 | 151.8 | 94.0 | 210.0 | 1,989.5 | ||||||||||||||||||||||||
Fiscal 2023 | |||||||||||||||||||||||||||||
Net sales(1) | $ | 4,040.2 | $ | 1,015.8 | $ | 569.0 | $ | 1,035.9 | $ | 6,660.9 | |||||||||||||||||||
| Long-lived assets | 1,662.5 | 160.3 | 87.7 | 213.5 | 2,124.0 | ||||||||||||||||||||||||
(1)Includes net sales from our global travel retail business in locations within the specified geographic area.
(2)Greater China includes sales in mainland China, Taiwan, Hong Kong SAR, and Macao SAR.
(3)Other includes sales in Europe, Canada, Malaysia, Australia, South Korea, Singapore and other countries primarily in Asia as well as royalties earned from the Company's licensing partners.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Aug 14, 2025 | Showing above |
| 2024 | Aug 15, 2024 | |
| 2023 | Aug 17, 2023 | |
| 2022 | Aug 18, 2022 | |
| 2021 | Aug 19, 2021 | |
| 2020 | Aug 13, 2020 | |
| 2019 | Aug 15, 2019 | |
| 2018 | Aug 16, 2018 | |
| 2017 | Aug 18, 2017 | |
| 2016 | Aug 19, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.