US luxury group, Tapestry Inc. has announced a number of new appointments to its senior management team. The group said it had taken these steps “in order to enhance the companies ability to facilitate long term development” of its three fashion brands.
Tapestry has appointed two new brand presidents for fashion labels Kate Spade and Stuart Weitzman. The luxury conglomerate announced Liz Fraser as CEO and Brand President of Kate Spade who plans on joining the group on March 1, 2020 and will take operational control of the brand from Joanne Crevoiserat, Tapestry’s Chief Financial Officer.
Crevoiserat has managed the brand in an interim capacity since December 2019. Tapestry added that Fraser will be responsible for all areas of Kate Spade globally, working alongside the brand’s Creative Director, Nicola Glass and its leadership team.
Fraser will be bringing valuable and rich experience in senior and executive roles from the retail industry to the US based luxury group. Previously Fraser has been the President of New York brand, Lafayette 148, a womenswear brand. Here Fraser lead the brand’s marketing and global sales and also design and merchandising for clothing and accessories. Prior to this role, she was CEO at Anne Klein and president at Marc Jacobs.
Kate Spade has proven to be one of the weaker fashion brands within Taperstry’s portfolio. The luxury conglomerate has experienced a slide in investments in the beginning on 2019. Since 2017, same store sales at Kate Spade have dropped each quarter since Tapestry gained control of the brand for $2.4 billion. The company has experienced a number of challenges in trying to rebuild the label after a series of flash sales and strong discounting tarnished the brand’s reputation. Although this case improved last quarter, sales continued to slide 4%.
The luxury conglomerate has also named Giorgio Sarné, who is currently president for Tapestry Asia and president & CEO Coach Asia, to be promoted to CEO and Brand President of Stuart Weitzman. He will take leadership from Eraldo Poletto, the brand’s current CEO and brand president, who will be leaving Tapestry from March 1, 2020. In addition, the company added Sarné will be accountable for all aspects of Stuart Weitzman globally, working closely with the brand’s Head of Product Design, Edmundo Castillo. Sarné has held a number of senior positions in both Asia and North America and has been part of the luxury group since November 2013.
Emmanuel Ruelland, currently vice president and general manager at Tapestry Southeast Asia & Oceania, will be assuming Sarné’s role as President of Coach Asia (Japan, Korea, Southeast Asia, Australia and New Zealand) and will report to Joshua Schulman, CEO and Brand President of Coach.
Tapestry also announced Yann Bozec, currently President at Tapestry China and president & CEO of Coach China to be promoted to President, Tapestry Asia Pacific, whilst resuming her role as President & CEO of Coach China. Bozec has been a key asset to the luxury group’s development and success in China. She joined the company in 2008 and since has lead integrations of both Stuart Weitzman and Kate Spade’s china operations for the luxury group.
Jide Zeitlin, Chairman and Chief Executive Officer of Tapestry, Inc said: “We are delighted with the appointments of Liz, Giorgio and Yann, all three talented leaders who have best-in-class knowledge that is directly aligned to our long-term strategic plan. With Liz’s career in fashion spanning over three decades and the deep experience in brand building at Coach and Tapestry that both Giorgio and Yann bring to their new roles, we believe we are well positioned to drive sustained sales and margin growth and shareholder returns.”