U.S. Specialty Retail: Handbag Promo Tracker: Building Conviction for TPR; Cautious Checks for CPRI

研报英文原文证据摘录

U.S. Specialty Retail: Handbag Promo Tracker: Building Conviction for TPR; Cautious Checks for CPRI

Equity Research

15 July 2026

U.S. Specialty Retail

Handbag Promo Tracker: Building

Conviction for TPR; Cautious

U.S. Specialty Retail, Apparel & FootwearChecks for CPRI

POSITIVE

Our U.S. Handbag Promo Tracker shows "Flat" y/y promo Unchanged

levels for both TPR and CPRI. TPR shifted its Summer Sale out U.S. Specialty Retail, Apparel & Footwear

of the quarter versus LY suggesting strong full-price selling Adrienne Yih

and GM upside. CPRI negatively inflected from "Better" to +1adrienne.yih@barclays.com212 526 5257

BCI, US"Flat" this quarter as the product recovery may take longer.

Angus Kelleher

+1 212 526 0081

angus.kelleherferguson@barclays.com

BCI, US

19TH ANNUAL Michael Vu

+1 212 526 9568

Global Consumer Conference michael.vu@barclays.com

Boston, 8-10 September 2026 Donald Tiburzi

+1 212 526 3253

donald.tiburzi@barclays.com

Register Now BCI, US

Building Conviction for Continued Brand Strength at TPR; Cautious Checks for CPRI. Both

Tapestry (TPR) and Capri (CPRI) recorded "Flat" promo scores y/y. However, not all "Flat" scores

are created equal. TPR is anniversarying exceptionally low promo levels from the past few years

and is now driving margin growth from initial retail increases. At Full-Line, we note that TPR

shifted its Summer Sale out of the quarter versus LY (June into July) with very little product

included in the Summer Sale. This suggests strong full-price selling and GM upside for the

quarter. We take a more cautious view on CPRI as we see the product recovery taking time and

promotional intensity increasing as the quarter ended.

TPR FY4Q26 Promo Score "Flat" (58/100) (see TPR section below). Coach Brand Full-Line