Interprétation IA fondée sur des extraits vérifiés. Les déclarations de l’entreprise et les limites de couverture restent explicites.
Méthode quality-scores-2 : six catégories de même poids. Le score global exige une couverture complète. Les données manquantes ne valent pas zéro. Les évaluations qualitatives sont des interprétations sourcées, pas des probabilités. 6/6 · 22/10/2026
Moat50
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
structural advantage · 3/4 · Protected brand assets, Coach's multiyear sales growth and simultaneous handbag AUR and unit growth demonstrate a current intangible-asset advantage. Coach's 86.4% sales contribution makes this economically material. Management's structural-strength assertion is supporting commentary, not proof.
durability · 2/4 · Legal protection and multiyear Coach demand support persistence, but Kate Spade's repeated sales declines and impairment demonstrate that protected brands can lose economic value. The disclosed history does not establish exceptional durability.
customer dependency · 1/4 · Brand demand and existing-customer engagement provide some attachment, but disclosed purchases are transactional and incentive programs are immaterial. This supports weak customer dependence; no material contractual lock-in or switching friction is demonstrated.
erosion resilience · 2/4 · Coach's successive quarterly pricing improvements offset tariff pressure, and consolidated adjusted gross margin expanded despite tariffs. Kate Spade's contraction, impairment and margin deterioration make resilience mixed across the portfolio. Generic competition risks are not treated as realized failure.
Pouvoir de fixation des prix56
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
realized pricing · 3/4 · Coach reported mid-teens handbag AUR growth alongside unit growth in the second quarter and full year, plus low-double-digit AUR growth with units rising more than 20% in the third quarter. Quarterly net pricing improvements corroborate realization. Kate Spade's higher AUR and reduced promotions coexist with declining sales. Mix effects and pure price elasticity remain unquantified.
retention · 2/4 · Successive quarterly disclosures report increased demand from existing customers, followed by higher full-year existing-customer engagement. These are relevant repeat-demand indicators, but qualitative issuer reporting, absent cohort measures and Kate Spade's continued sales contraction limit the assessment to mixed.
margin resilience · 2/4 · Coach pricing offset tariffs in successive quarters, while annual adjusted gross margin expanded after excluding the tariff refund. Divestiture, operational improvements and mix also contributed; Kate Spade margins deteriorated. The evidence demonstrates qualified portfolio resilience rather than attributing all improvement to pricing.
contractual freedom · 2/4 · Controlled DTC access accounts for 87% of fiscal 2026 sales, supporting substantial discretion over offers and terms. Wholesale discounts can be contractually specified or negotiated, and markdowns generally require company approval. Detailed retail pricing restrictions are absent, so unrestricted pricing authority is not assumed.
Prévisibilité92
Five consecutive annual periods. Equal weights: nondeclining revenue frequency; revenue-growth volatility (5–40pp); positive FCF frequency; FCF-margin volatility (3–20pp). Stability indicator, not a growth forecast.
- Nondeclining revenue years (%)
- 75.00
- Revenue growth volatility (pp)
- 5.83
- Positive FCF years (%)
- 100.00
- FCF margin volatility (pp)
- 4.10
Solidité financière90
Equal-weight grades: debt/FCF (1–8x), net debt/earnings before interest and tax (0–5x), interest service (1–12x), current ratio (0.75–2x). Earnings use reported operating income, or reported pretax profit plus reported interest expense when operating income is unavailable. Interest service uses earnings/interest expense; if unavailable, it uses reported operating cash flow/cash interest paid, without relabeling cash paid as accrued expense. Nonpositive cash flow/earnings score 0 for their service component; reported zero interest with a positive numerator scores 100. Net cash scores 100 for net leverage. Missing disclosures remain unavailable. General nonfinancial-company rubric, not a credit rating; exceptional and nonoperating gains are not normalized out. IFRS finance-cost and cash-flow classifications retain their reported scope.
- debtFcfGrade
- 95.40
- netDebtEbitGrade
- 85.15
- interestCoverageGrade
- 100.00
- currentRatioGrade
- 80.17
- Debt / FCF (x)
- 1.32
- Net debt / operating income (x)
- 0.74
- Interest coverage (x)
- 16.05
- Current ratio (x)
- 1.75
Allocation du capital100
Three-year equal-weight indicators: pretax return on average invested capital (0–25%; equity + debt − cash, each year and its prior year), share-count growth (0–5%, lower better), share-based cost/revenue (2–20%, lower better), consolidated FCF/net income (0–1x). Return uses reported operating income or, if unavailable, EBIT calculated from reported pretax profit plus reported interest expense; exceptional/nonoperating gains are not normalized out. Share-based cost uses the reported cash-flow add-back or, if absent, separately reported recognized compensation expense; the latter never becomes an FCF adjustment. Nonpositive net income scores 0 for cash conversion; absent income/FCF stays unavailable. Nonpositive invested capital has no defined return and remains unavailable. Does not establish acquisition quality or buyback timing.
- 3-year pre-tax operating return (%)
- 44.66
- 3-year average dilution (%)
- -4.79
- 3-year average SBC / revenue (%)
- 1.28
- cashConversionGrade
- 100.00
Qualité du management63
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 2/4 · Fiscal 2026 operating cash flow of $1,978.5 million substantially exceeded $166.0 million of capital expenditure. Cash repurchases and dividends together exceeded that difference, earlier repurchases were partly debt-funded, and the terminated acquisition incurred $268.4 million of fiscal 2025 expenses. Kate Spade impairment further tempers demonstrated cash generation.
incentive alignment · 3/4 · Actual NEO ownership compliance at December 31, 2025, multiyear vesting, capped incentive payouts and clawback policies support demonstrated alignment. Stricter qualifying-equity rules and a higher CEO ownership requirement strengthen the framework, but compliance with those later changes is not inferred from the earlier measurement date. These policies do not establish exceptional incentive outcomes.
execution · 3/4 · Coach's 24% annual sales growth, simultaneous AUR and unit growth, higher adjusted operating income and strong cash generation demonstrate execution through operating outcomes. This is an indirect assessment of management contribution. Kate Spade's contraction and operating loss, together with failed-acquisition costs, prevent an exceptional grade.
governance · 2/4 · An independent chair, independent committees, annual director elections and proxy access support accountability. Board-exclusive vacancy appointments and a two-thirds director-removal threshold constrain shareholder control. A failed uncontested election requires a resignation tender, but acceptance remains discretionary. Nominee independence is not treated as a completed future election.
Preuves
INTELLECTUAL PROPERTY Tapestry owns COACH and KATE SPADE brand intellectual property, as well as all of the material trademark, design and patent-rights related to the production, marketing, distribution and sale of these brands' products in the United States and other countries in which our products are principally sold.
Business / Intellectual Property · Dépôt 13/08/2026
This segment represented 86.4% of total net sales in fiscal 2026.
Business / Coach segment share of fiscal 2026 sales · Dépôt 13/08/2026
FY25 NET SALES (IN MILLIONS) FY26 NET SALES (IN MILLIONS) % CHANGE CONSTANT CURRENCY % CHANGE Coach $ 5,598.5 $ 6,914.7 24% 23% Kate Spade 1,197.1 1,074.9 (10)% (11)% Stuart Weitzman 215.1 14.6 (93)% (93)% Total Tapestry $ 7,010.7 $ 8,004.2 14% 13% Total Tapestry Pro Forma(3) $ 6,795.6 $ 7,989.6 18% 17% (1)See pages 44, 42 and 41 of the Company's Form 10-K for fiscal years 2026, 2025 and 2024, respectively, for a detailed description of certain items excluded from the non-GAAP financial measures presented in the 10-K for fiscal years 2026, 2025 and 2024.
Appendix A / Fiscal 2025–2026 net sales reconciliation · Dépôt 25/09/2026
Highlights from the fiscal fourth quarter and full year 2026 included:
•
Drove strong new customer acquisition globally, welcoming over 2.5 million new consumers in Q4 and approximately 11.0 million in FY26, with approximately 35% of new customers Gen Z; at the same time, increased engagement among existing customers, reflecting broad consumer appeal and enduring customer relationships;
•
Achieved growth in the core leathergoods offering, led by strong handbag revenue gains at Coach, where handbag AUR increased at a mid-teens percentage rate in both Q4 and FY26; for the full year, leathergoods outperformance was driven by a combination of AUR and unit growth, underscoring the brand’s desirability, innovation, and value proposition while demonstrating diversified drivers of growth;
3
•
Delivered broad-based growth across key regions, gaining market share, and expanding the overall category.
Fiscal fourth-quarter and full-year 2026 highlights / Customer engagement, handbag AUR and units · Dépôt 13/08/2026
3
Highlights from the fiscal third quarter included:
•
Acquired over 2.4 million new customers globally, led by a growing number of Gen Z consumers versus prior year, which represented over 35% of new customers; further, demand from existing customers also increased, demonstrating broad-based traction and an ability to consistently attract and retain new generations of consumers in a large TAM;
•
Accelerated growth in core leathergoods offering, led by strong handbag revenue gains at Coach, where handbag units rose more than 20% and AUR increased at a low-double-digit rate; this reflects healthy and diversified drivers of growth as well as the craftsmanship and value offered to consumers at scale – a fundamental strength of the business;
•
Drove double-digit growth across key markets, outperforming expectations, highlighted by pro forma constant currency gains in North America (+20%), Europe (+21%), and total APAC (+30%), including Greater China (+55%); delivered Coach brand growth of 29% in constant currency;
•
Increased total direct-to-consumer revenue by 23% on a pro forma constant currency basis, led by strong digital growth of approximately 25% and over 20% growth in global brick and mortar sales with increasing profitability across channels, showcasing the power of Tapestry’s data-driven and agile business model.
Fiscal third-quarter 2026 highlights / Existing-customer demand, handbag units and AUR · Dépôt 07/05/2026
Tapestry, Inc. Fiscal 2026 Second Quarter Financial Highlights (Unaudited) – in USD millions except per share data
Ignite the Power of our People
Highlights from the fiscal second quarter included:
•
Acquired over 3.7 million new customers globally, led by a growing number of Gen Z consumers versus prior year, which represented approximately one-third of new customers; further, demand from existing customers also increased, reflecting broad-based traction across the business;
•
Accelerated growth in core leathergoods offering, led by strong handbag revenue gains at Coach, where handbag AUR and units each increased at a mid-teens percentage rate, contributing approximately equally to topline momentum, reflecting compelling innovation across the assortment and diversified drivers of growth;
•
Drove growth across key markets, outperforming expectations, highlighted by pro forma constant currency gains in North America (+17%), Europe (+22%), and total APAC (+18%), including Greater China (+34%); fueled Coach brand growth of 25% in the quarter;
•
Increased total direct-to-consumer revenue by 17% on a pro forma basis, led by strong digital growth of approximately 20% and mid-teens percentage growth in global brick and mortar sales; expanded profitability across channels by uniting the creativity and consumer-led mindset of our teams with disciplined execution and data-driven insights.
Fiscal second-quarter 2026 highlights / Existing-customer demand, handbag AUR and units · Dépôt 05/02/2026
This increase in operating margin was primarily attributed to:
36
◦Gross margin, increased 80 basis points mainly due to net pricing improvements, partially offset by the impact of higher tariffs;
MD&A / Coach second-quarter gross-margin drivers · Dépôt 05/02/2026
This increase in operating margin was primarily attributed to: ◦Gross margin, remained even mainly due to net pricing improvements, offset by the impact of higher tariffs; ◦SG&A expenses as a percentage of net sales, decreased approximately 260 basis points mainly due to leverage of fixed costs on higher net sales, partially offset by higher marketing spend.
MD&A / Coach third-quarter operating-margin drivers · Dépôt 07/05/2026
•Impairment - Total pre-tax charges of $854.8 million primarily due to impairment charges on the indefinite-lived brand intangible asset and goodwill for Kate Spade.
MD&A / Fiscal 2025 Kate Spade impairment · Dépôt 13/08/2026
40 Operating Income (Loss) Fiscal Year Ended June 27, 2026 June 28, 2025 Variance (millions) Amount % of Net Sales Amount % of Net Sales Amount % Coach $ 2,541.2 36.8 % $ 1,875.3 33.5 % $ 665.9 35.5 % Kate Spade (10.0) (0.9) (769.2) (64.3) 759.2 98.7 Stuart Weitzman (1.0) (7.0) (15.4) (7.1) 14.4 93.4 Corporate (615.8) NA (675.7) NA 59.9 8.9 Tapestry $ 1,914.4 23.9 $ 415.0 5.9 $ 1,499.4 NM Operating income increased $1.50 billion to $1.91 billion during fiscal 2026 as compared to $415.0 million in fiscal 2025.
MD&A / Fiscal 2026 and fiscal 2025 segment operating income · Dépôt 13/08/2026
This decrease in operating margin was primarily attributed to: ◦Gross margin, decreased 410 basis points mainly due to the impact of higher tariffs and unfavorable channel mix, partially offset by net pricing improvements; ◦SG&A expenses as a percentage of net sales, increased 650 basis points mainly driven by higher marketing spend and deleverage of fixed costs on lower net sales.
MD&A / Kate Spade third-quarter margin deterioration · Dépôt 07/05/2026
COMPETITION
The Company faces intense competition from many other brands in the product lines and markets that we participate.
Business / Competition · Dépôt 13/08/2026
In fiscal 2026, fiscal 2025 and fiscal 2024, advertising expenses for the Company totaled $962.5 million, $744.5 million and $616.8 million, respectively, and are included in SG&A expenses.
Financial statement notes / Advertising expenses · Dépôt 13/08/2026
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
At Tapestry, each brand has a dedicated design and merchandising team; this ensures that Coach, Kate Spade and Stuart Weitzman speak to their customers with a voice and positioning unique to
6
Business / Fiscal 2023–2025 sales by product category and segment · Dépôt 14/08/2025
DIRECT TO CONSUMER BUSINESS
Our DTC business consists of channels that provide us with immediate, controlled access to consumers.
Business / Controlled direct-to-consumer access · Dépôt 13/08/2026
DTC revenues were approximately 87% of total net sales in fiscal 2026.
Business / Fiscal 2026 direct-to-consumer revenue share · Dépôt 13/08/2026
Discounts are based on contract terms with the customer, while cooperative advertising allowances and other consideration may be based on contract terms or negotiated on a case-by-case basis.
Revenue recognition / Wholesale contractual and negotiated discounts · Dépôt 07/05/2026
Returns and markdowns generally require approval from the Company and are estimated based on historical trends, current season results and inventory positions at the wholesale locations, current market and economic conditions as well as, in select cases, contractual terms.
Revenue recognition / Wholesale return and markdown approval · Dépôt 07/05/2026
These programs are immaterial individually and in the aggregate.
Revenue recognition / Immateriality of customer incentive programs and warranties · Dépôt 07/05/2026
Direct-to-Consumer
The Company recognizes revenue in its retail stores, including concession shop-in-shops, at the point-of-sale when the customer obtains physical possession of the products.
Revenue recognition / Direct-to-consumer point-of-sale transactions · Dépôt 07/05/2026
COACH NET SALES (IN MILLIONS) OPERATING INCOME (IN MILLIONS) GROSS MARGIN NET SALES (IN MILLIONS) OPERATING INCOME (IN MILLIONS) GROSS MARGIN As Reported: (GAAP Basis) $ 8,004.2 $ 1,914.4 77.8% $ 6,914.7 $ 2,541.2 79.7% Acquisition and Divestiture (14.6) 10.9 (0.1)% N/A N/A N/A Organizational Efficiency N/A 29.0 N/A N/A 1.3 N/A IEEPA Tariff Refund N/A (98.3) (1.1)% N/A (66.0) (0.9)% Distribution Network Optimization N/A 9.8 N/A N/A N/A N/A Adjusted: (Non-GAAP basis as reported in Form 10-K)(1) $ 7,989.6 $ 1,865.8 76.6% $ 6,914.7 $ 2,476.5 78.8% Foreign Currency Adjustments (58.7) (22.4) (0.1)% (54.7) (23.2) -% Add Back AIP $ in Operating Income 0.0 169.3 -% 0.0 72.3 -% Exclude Tariff Impact 0.0 (83.5) (0.8)% 0.0 (66.3) (0.8)% Exclude Brand Mix Impact from Gross Margin 0.0 0.0 (0.4)% 0.0 0.0 -% Adjusted: (Non-GAAP Basis for AIP results measurement) $ 7,930.9 $ 1,929.2 75.3% $ 6,860.0 $ 2,459.3 78.0% 82 Tapestry 2026 Proxy Statement Appendix A: Reconciliation of GAAP and Non-GAAP Financial Measures ADJUSTMENTS FOR FISCAL YEAR 2025 FINANCIAL HIGHLIGHTS AND FISCAL YEAR 2025 ANNUAL INCENTIVE PLAN TAPESTRY, INC.
Appendix A / Fiscal 2026 GAAP, adjusted and incentive-measurement reconciliations · Dépôt 25/09/2026
On a non-GAAP basis, gross profit totaled $6.12 billion, while gross margin was 76.6%, representing expansion of 120 basis points versus the prior year, driven by operational improvements of approximately 200 basis points as well as a favorable impact from the divestiture of Stuart Weitzman of 60 basis points, partially offset by a negative tariff and duty impact of 130 basis points.
Full-year results / Adjusted gross-margin bridge · Dépôt 13/08/2026
68 TAPESTRY, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS Fiscal Year Ended June 27, 2026 June 28, 2025 June 29, 2024 (millions) CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES Net income (loss) $ 1,527.7 $ 183.2 $ 816.0 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization 160.8 162.9 174.0 Amortization of cloud computing arrangements 56.4 62.0 55.0 Impairment charges — 854.8 — Provision for bad debt 6.1 3.6 4.3 Loss on extinguishment of debt — 120.1 — Share-based compensation 104.5 87.3 85.9 Deferred income taxes 50.8 (139.8) 2.5 Changes to lease related balances, net (19.3) (35.0) (42.6) Other non-cash charges, net (27.7) (43.2) (7.4) Changes in operating assets and liabilities: Trade accounts receivable (12.0) 8.8 (37.3) Inventories 35.4 (108.2) 85.8 Accounts payable 131.6 (15.0) 49.1 Accrued liabilities 29.9 56.0 91.6 Other liabilities 75.8 3.9 (21.2) Other assets (141.5) 15.2 (0.1) Net cash provided by (used in) operating activities 1,978.5 1,216.6 1,255.6 CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES Purchases of investments (163.0) (1,886.4) (2,713.0) Proceeds from maturities and sales of investments 1.6 2,923.1 1,676.3 Purchases of property and equipment (166.0) (122.7) (108.9) Proceeds from sale of business, net of cash divested 109.1 — — Settlement of net investment hedge — — 103.7 Net cash provided by (used in) investing activities (218.3) 914.0 (1,041.9) CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES Payment of dividends (326.1) (299.3) (321.4) Repurchase of common stock (1,554.6) (1,718.7) — Share repurchase not yet settled — (300.0) — Proceeds from issuance of debt, net of discount — 2,248.1 6,089.5 Payment of debt issuance costs (0.5) (13.4) (78.3) Payment of debt extinguishment costs — (63.5) — Repayment of debt — (7,163.3) (468.8) Proceeds from share-based awards 118.9 156.1 27.3 Taxes paid to net settle share-based awards (81.6) (36.5) (32.7) Proceeds from revolving credit facility — 1,016.5 — Repayment of revolving credit facility (17.0) (1,000.0) — Other financing activities — (1.2) (1.2) Net cash provided by (used in) financing activities (1,860.9) (7,175.2) 5,214.4 Effect of exchange rate changes on cash and cash equivalents (24.6) 26.3 (12.2) Net increase (decrease) in cash and cash equivalents, including cash classified within assets held for sale (125.3) (5,018.3) 5,415.9 Less: net increase (decrease) in cash classified within current assets held for sale — (23.7) — Net increase (decrease) in cash and cash equivalents (125.3) (5,042.0) 5,415.9 Cash and cash equivalents at beginning of year 1,100.0 6,142.0 726.1 Cash and cash equivalents at end of year $ 974.7 $ 1,100.0 $ 6,142.0 Supplemental information: Cash paid for income taxes, net $ 200.7 $ 189.5 $ 200.1 Cash paid for interest $ 241.6 $ 394.9 $ 262.8 Non-cash investing activity – property and equipment obligations $ 35.2 $ 25.7 $ 15.1 See accompanying Notes.
Consolidated statements of cash flows / Fiscal 2024–2026 · Dépôt 13/08/2026
During the fiscal year ended June 28, 2025, the Company incurred $268.4 million in pre-tax expenses primarily related to Loss on extinguishment of debt as a result of the redemption of the Capri Acquisition Senior Notes recorded within Loss on extinguishment of debt on the Consolidated Statement of Operations, financing-related expenses recorded within Interest expense, net on the Consolidated Statement of Operations, expense reimbursement payment made to Capri recorded within SG&A expenses on the Consolidated Statement of Operations and professional fees recorded within SG&A expenses on the Consolidated Statement of Operations.
Financial statement notes / Terminated Capri acquisition expenses · Dépôt 13/08/2026
During the second quarter of fiscal 2025, the Company executed $1.00 billion of borrowings under the Existing Revolving Credit Facility used to partially fund the share repurchases under the ASR Agreements and for general corporate purposes.
Debt / Borrowings partly funding accelerated share repurchases · Dépôt 07/05/2026
As of the last measurement date (December 31, 2025), all NEOs owned the required number of shares.
Executive compensation / Ownership compliance at December 31, 2025 · Dépôt 25/09/2026
Some of the key factors supporting the HR Committee’s conclusion that our programs do not drive inappropriate or excessive risk include capped payouts on all of our incentive plans, use of multiple, counter-balancing financial performance criteria in our AIP and Long-Term Incentive Plan, executive and independent director stock ownership and anti-hedging policies, a market-competitive weight on each component of pay, multiple-year vesting for LTI, a variety of performance metrics for PRSUs and incentive compensation clawback policies.
Executive compensation / Incentive caps, vesting, ownership and clawback policies · Dépôt 25/09/2026
Among other changes, stock options no longer count toward satisfaction of the ownership requirements, and credit for unvested equity is limited to RSUs and PRSUs for which the applicable performance period has been completed.
Compensation changes / Qualifying equity under ownership guidelines · Dépôt 25/09/2026
We also increased the CEO’s stock ownership requirement from 5x to 6x base salary.
Compensation changes / Increased CEO ownership requirement · Dépôt 25/09/2026
CORPORATE GOVERNANCE HIGHLIGHTS ENGAGED AND INDEPENDENT BOARD FOCUSED ON CONTINUOUS EVALUATION AND REFRESHMENT •10 of 11 director nominees are independent •Independent Chair of the Board and Board Committees comprised solely of independent directors •Demonstrated commitment to Board refreshment and rigorous director selection criteria •Annual election of all directors •Annual Board, Committee and director assessments, as well as annual CEO evaluation •Regular executive sessions of independent directors COMMITMENT TO STOCKHOLDER RIGHTS •Bylaws contain proxy access provision •Bylaws may be amended by stockholders representing a majority of outstanding shares entitled to vote •Active year-round stakeholder engagement •Majority vote standard for uncontested director elections •Annual “Say on Pay” advisory vote DEMONSTRATED CORPORATE GOVERNANCE AND COMPENSATION BEST PRACTICES •Longstanding corporate responsibility commitments, with strong Board oversight and measurable short and long-term goals •Directors have a broad range of key skills and experience •Active Board oversight of risk management, including cybersecurity •Code of Conduct for ethical business policies and conduct •Stock ownership guidelines for directors and executives and clawback for incentive awards •Prohibition on political expenditures 2 Tapestry 2026 Proxy Statement Proxy Summary FISCAL YEAR 2026 HIGHLIGHTS & AWARDS Achieved goal of continuing to source 99% of our leather from Gold- and Silver-rated Leather Working Group tanneries Achieved our goal of 100% renewable energy across our own operations globally by 2025 Our employees completed over 43,000 volunteer hours, bringing us to over 348,000 hours since our program launch, and moving us closer toward our 500,000 hour 2030 target Through the Coach Foundation’s Dream It Real program, we have funded over 8,000 scholarships to date, advancing our goal of awarding 10,000 scholarships globally by 2030 to support the next generation Recognized for leading workplace practices with over 50 awards in FY26 Forbes America's Best Workplaces for Women Forbes America's Best Employers for Company Culture U.S.
Proxy summary / Corporate governance highlights · Dépôt 25/09/2026
The Company’s charter provides that, except as may be provided by our Board in setting the terms of any class or series of preferred stock, any vacancy on our Board may be filled only by a majority of the remaining directors, even if the remaining directors do not constitute a quorum.
Common-stock ownership risks / Board authority to fill vacancies · Dépôt 13/08/2026
The Company’s charter further provides that a director may be removed only by the affirmative vote of at least two-thirds of the votes entitled to be cast generally in the election of directors.
Common-stock ownership risks / Director removal voting threshold · Dépôt 13/08/2026
Under our Corporate Governance Principles, a director nominee, running uncontested, who does not receive a majority of the votes cast, is required to tender his or her resignation for consideration by the GN Committee.
Voting questions / Resignation tender after failed uncontested election · Dépôt 25/09/2026
The GN Committee will recommend to the Board whether to accept or reject the resignation.
Voting questions / Discretion over resignation acceptance · Dépôt 25/09/2026
In fiscal year 2026, we remained disciplined in executing that strategy, making choices that strengthened the quality of the business, including improved handbag performance, with a more focused assortment, reduced promotions, and higher average unit retail (AUR).
Stockholder letter / Kate Spade reduced promotions and higher AUR · Dépôt 25/09/2026
We are confident that our strengths are structural, and that our innovation, creativity, and brand-building capabilities will deliver significant value for our customers, employees, and shareholders for years to come.
Stockholder letter / Management assertion of structural strengths · Dépôt 25/09/2026
Competition is based on a number of factors, including, without limitation, the following: •our competitors may develop new products or product categories that are more popular with our customers; •anticipating and responding in a timely fashion to changing consumer demands and shopping preferences, including the ever-increasing shift to digital brand engagement, social media communications, and online and cross-channel shopping; •maintaining strong brand recognition, loyalty, and a reputation for quality, including through digital brand engagement and online and social media presence; •recruiting and retaining key talent; •developing and producing innovative, high-quality products in sizes, colors, and styles that appeal to a diverse group of consumers; •competitively pricing our products and creating an acceptable value proposition for consumers, including price increases to mitigate inflationary pressures while simultaneously balancing the risk of lower consumer demand in response to any such price increases; •providing strong and effective marketing support in several diverse demographic markets, including through digital and social media platforms in order to stay better connected to consumers; •providing attractive, reliable, secure, and user-friendly digital commerce sites; •sourcing sustainable raw materials at cost-effective prices; •ensuring product availability and optimizing supply chain efficiencies with third-party suppliers and retailers; •protecting our trademarks and design patents; •identifying and adapting to changes in technology, including the successful utilization of data analytics, artificial intelligence (“AI”), and machine learning, and competing with AI-enabled shopping tools to help find products, compare prices, and make purchase decisions; •the ability to withstand prolonged periods of adverse economic conditions or business disruptions.
Risk factors / Competitive factors and price-demand tradeoffs · Dépôt 13/08/2026
