TAPESTRY (+) : Craftsmanship at Scale

研报英文原文证据摘录

TAPESTRY (+) : Craftsmanship at Scale

EQUITIES

GENERAL RETAIL

TAPESTRY OUTPERFORMPRICE* USD149.2  TARGET PRICE USD185 (UPSIDE 24%)

FLASH NOTE

Craftsmanship at Scale

23 JUNE 2026 Securities Research Report Production time: 21:09* (London time)

Research Analyst & Publishing Entities

Laurent Vasilescu BNP Paribas Securities Corp (1) (+1) 212 634 4971 Laurent.Vasilescu@us.bnpparibas.com

What happened?

We had the opportunity to meet with Scott Roe, COO & CFO, Peter Charles, Chief Supply Chain Officer, Christina

Colone, Global Head of IR, and Maddison Miller, Director of IR to discuss Tapestry’s competitive advantages with its

supply chain. In addition to the discussion, we toured the design workshop at Tapestry’s HQ with Massimiliano Arbo,

Director, New York Workshop, to see first-hand how leather goods prototyping is done to ultimately deliver finished,

crafted goods at scale.

BNPP View:

Tapestry started as a manufacturer a long time ago. While the company no longer directly operates as a manufacturer,

it still thinks like a manufacturer and we discussed the key stages of Tapestry’s supply chain to ensure high quality

finished goods are delivered to the end consumer… at scale.

The Design Stage: The design lead times for leather goods production average 12 months, similar to what we observe

in the footwear space. On occasion lead times can be shortened to 6 months with new prototyping methods. If the raw

materials are already procured, chased product can be cut, sewn and shipped in 2 to 3 weeks. Nearly all goods delivered

by Tapestry are sent by boat. Tapestry has two distinct design teams, one for Coach and one for Kate Spade, to

maintain each brand's DNA. But after the design stage, there are synergies at play at the manufacturing stage –