Despite record-high earnings, Tapestry Inc.’s stock price has taken a hit due to declining Kate Spade sales. The fashion brand, which owns both Coach and Kate Spade, reported a revenue jump in its fourth-quarter results, driven by growing popularity among millennials and Gen Z customers. However, the strong performance of Coach was not enough to offset declining sales of its Kate Spade brand, leading to a decline in Tapestry’s stock price.
Source: https://www.marketwatch.com/story/millennial-and-gen-z-customers-are-flocking-to-coach-so-why-is-tapestrys-stock-tanking-80679a91