Under the leadership of Victor Luis, Coach’s parent company launched a comprehensive acquisition strategy in 2015 to enrich the brand matrix.
Editor’s note: This article is from WeChat public account “LADYMAX” (ID:lmfashionnews) , author Zhou Huining. Authorized to reprint.
In the current moment of uncertainty, no luxury brand dares to despise the Chinese market.
According to the fashion business news, Coach’s parent company Tapestry Group announced on Wednesday that Jide Zeitlin will be the new CEO and will continue to serve as chairman of the board. Victor Luis, who has been in charge for 13 years, immediately resigned, but did not disclose the specific reasons. , causing high attention in the industry.
According to the information, Jide Zeitlin was elected to the Tapestry Board of Directors in June 2006. He has served as Chairman of the Board since November 2014. He previously worked for Goldman Sachs for 20 years and held a number of senior management positions. Relevant experience. However, Jide Zeitlin said in a statement that the future will be the right person to look for a new CEO with the board members at the right time, which means that Jide Zeitlin will be the transitional CEO.
Jide Zeitlin was elected to the Tapestry Board of Directors in June 2006 and has extensive experience
The picture shows the top five major shareholders of the group
The picture shows the revenue and profit growth data of the group for the past five quarters
Some analysts believe that Victor Luis may be a scapegoat for the “T-shirt incident” half a month ago. A T-shirt from the Coach brand was exposed as a country of Hong Kong and Macao, and then the spokesperson Liu Wen immediately decided to cancel the contract. Although Coach said that he would respect Liu Wen’s decision and stressed that he would not make any claims against Liu Wen, the related incidents continued to ferment.
Coach CEO Joshua Schulman said in an interview with the media last year that the Chinese market is expected to become the world’s largest source of revenue for the brand. Victor Luis also re-emphasized in the latest earnings report that China is a very important market for Coach. At the end of last month, Coach Greater China President and CEO Yang Lan said in an exclusive interview that the brand will continue to increase investment in China. On behalf of Coach, I would like to express my sincere apologies to the Chinese consumers who have been emotionally hurt.
Victor Luis became the first executive to leave because of the “Insulting T-Shirt” incident
It is worth noting that the Tapestry Group is not the only luxury brand involved in the “insulting T-shirt” storm. Since the exposure of the Italian brand Versace, which was acquired by the American luxury group Capri Group, the T-shirts of the LVMH brand, Givenchy Fresh, Japanese sportswear brand Asics, American apparel group Calvin Klein and jewelry brand Swarovski are also involved in the storm.
With the exception of the Tapestry Group, none of the other brands responded to the next step of the spokesperson’s cancellation and branding. They only issued an apology on official social accounts such as Weibo, which means that Victor Luis became the first to T-shirts executives who left after the incident.
However, some analysts believe that the “insulting T-shirt” incident is only a trigger. The essential reason behind Victor Luis’s departure is that it is no longer related to the patience of the board. Since the acquisition of Kate Spade, Victor