Tapestry brands: Coach, Kate Spade and the Stuart Weitzman exit, with fiscal 2026 numbers

Tapestry owns two brands: Coach and Kate Spade. It used to own a third, Stuart Weitzman, and completed that sale on August 4, 2025. For fiscal 2026, the year ended June 27, 2026, Tapestry reported revenue of $8.00 billion, up 14%, and Coach accounted for 86.4% of net sales. That makes this company mostly a Coach story with a smaller, shrinking brand attached.

The brands, per the 10-K

Tapestry's annual filing describes Coach as a global fashion house of accessories and lifestyle collections, founded in New York City in 1941, selling mainly through direct-to-consumer, wholesale and licensing channels. Kate Spade launched in 1993 with six essential handbags and now offers handbags, ready-to-wear, jewelry, footwear, gifts and home décor. Coach and Kate Spade are the company's two reportable segments.

The store counts at the end of fiscal 2026 show the gap. Coach had 973 stores: 336 in North America and 637 international. Kate Spade had 326: 178 in North America and 148 international.

What happened to Stuart Weitzman

Tapestry completed the sale of Stuart Weitzman on August 4, 2025. The filing does not, in the portion we read, name the buyer or the price, so we do not state them. What the numbers show is the effect: Stuart Weitzman net sales were $14.6 million in fiscal 2026, or 0.2% of the total, against $215.1 million in fiscal 2025. In the fourth quarter it had no sales at all, against $45.5 million a year earlier.

That is why Tapestry reports "pro forma" growth. Reported revenue rose 14% for the year and 13% in constant currency. Pro forma, excluding Stuart Weitzman, it rose 18% reported and 17% in constant currency. Pro forma is a company-defined measure, so read it as Tapestry's view of the continuing business.

Coach carries the group

Coach revenue was $6.91 billion for the year, up 24% reported and 23% in constant currency. In the fourth quarter it was $1.64 billion, up 15%. Kate Spade revenue was $1.07 billion, down 10% reported and 11% in constant currency, and $235.1 million in the fourth quarter, down 7%.

Put another way, Coach made 86.4% of net sales and Kate Spade 13.4%. The remainder is Stuart Weitzman's final weeks. In the quarter, Coach grew by about $214 million by our arithmetic from a 15% rise to $1.64 billion, while Kate Spade lost about $17 million. The group's overall growth is almost entirely one brand.

The profit picture

Operating income for the year was $1.91 billion on a GAAP basis and $1.87 billion non-GAAP, a 23.4% margin, with non-GAAP operating income up 33%. Non-GAAP earnings per share were $7.05, up 38%, and GAAP EPS was $7.27. The fourth quarter produced a non-GAAP operating margin of 19.3% and non-GAAP EPS of $1.32. The board approved a 16% dividend increase to $0.4625 per quarter.

What the company says it expects

For fiscal 2027 Tapestry guides to revenue of $8.4 billion to $8.5 billion, which it describes as mid-single-digit growth, with operating margin expansion of about 50 basis points and non-GAAP EPS of $7.80 to $7.90. These are company forecasts, not predictions from us. Notice the slowdown they imply, from 14% to mid-single digits, which is partly a product of the Stuart Weitzman sale and partly a harder comparison for Coach.

Chief executive Joanne Crevoiserat says the fourth quarter "capped a year of strong growth, as we meaningfully exceeded expectations" and that "Our success is by design, demonstrating the power of our Amplify strategy." Those are the company's words. The independent point is simpler: the revenue numbers support strong Coach growth and do not support a claim of broad strength across the portfolio.

What to watch next

Three numbers decide whether the fiscal 2027 guide holds. The first is Coach's growth rate, which has to stay well above the group's mid-single-digit target for Kate Spade's drag to be absorbed. The second is Kate Spade's revenue, which fell in the fourth quarter even as the group grew. The third is the margin: Tapestry guides to about 50 basis points of expansion, which means it expects to keep the cost discipline that lifted non-GAAP operating margin to 23.4%.

The first fiscal 2027 quarter is guided to non-GAAP EPS of about $1.55. That is the earliest check, and the company will report it in its own time. We do not forecast results or advise on the shares; the point is only that the guide is specific enough to test.

How it compares with other groups

The structure is unusual. Capri Holdings sold Versace to Prada Group and now holds Michael Kors and Jimmy Choo, as our piece on Capri Holdings brands explains. Tapestry, by contrast, has narrowed to two names. Narrower groups are easier to read and more exposed: when one brand is 86.4% of sales, its fashion cycle is the group's cycle.

The filing also shows how concentrated the footprint is. Coach's 973 stores are nearly three times Kate Spade's 326, and Coach's international stores (637) outnumber its North American ones (336). Kate Spade is the reverse: 178 in North America against 148 abroad. A brand that is shrinking while holding a mostly domestic footprint has less room to lean on new markets for growth.

Our take

Tapestry has become a Coach company with a Kate Spade problem. The group's revenue, margin and EPS are all up, and the filing backs that up. But the portfolio is thin, and Kate Spade's decline is the one number the guidance does not explain. We would watch Kate Spade's quarterly revenue and Coach's growth rate against the mid-single-digit guide. If Coach slows before Kate Spade stabilizes, the group has little to cushion it.