Tapestry, Inc.: Anatomy of a Retail Compounder

研报英文原文证据摘录

Tapestry, Inc.: Anatomy of a Retail Compounder

Equity Research

U.S. Specialty Retail, Apparel & Footwear

26 May 2026

Tapestry, Inc.

Anatomy of a Retail Compounder

We recently hosted investor meetings with Joanne

Crevoiserat, CEO; Sandeep Seth, Chief Growth Officer &

President International; and Christina Colone, Global Head of TPR OVERWEIGHT Unchanged

IR in Stockholm and London. In this note, we highlight the 5 U.S. Specialty Retail, POSITIVE

Pillars of TPR’s structural growth model. Apparel & Footwear Unchanged

Price Target USD 179.00

Unchanged

Price (22-May-26) USD 138.49

Potential Upside/Downside +29.3%

THE 2026 EXTEL SURVEY IS NOW OPEN Source: Bloomberg, Barclays Research

Market Cap (USD mn) 27981 Support our industry-leading

Shares Outstanding (mn) 202.04

analysts with 5-Star votes in Free Float (%) 99.24

this year’s Extel All-America 52 Wk Avg Daily Volume (mn) 3.0

Dividend Yield (%) 1.16

Research Survey Return on Equity TTM (%) 60.91

Current BVPS (USD) 3.37

Source: Bloomberg

Vote Now View Analysts

Price Performance Exchange-NYSE

52 Week range USD 161.97-76.92

On 5/20/26 and 5/21/26, we hosted investor meetings with Joanne Crevoiserat, CEO; Sandeep

Seth, Chief Growth Officer & President International; and Christina Colone, Global Head of IR in

Stockholm and London. Please contact us to discuss any of the topics below in more detail.

Anatomy of a Retail Compounder. TPR is proving and establishing itself as a structural grower,

Source: IDC

not a cyclical retailer. While macro remains uncertain and demand elasticity is a reality, TPR Link to Barclays Live for interactive charting

demonstrates the defining characteristics of a retail compounder through 5 pillars: 1) a self-

renewing customer acquisition engine with favorable cohort economics; 2) a large,

U.S.