Coach, Kate Spade, and Stuart Weitzman are New York City-based Tapestry’s fashion and accessory brands. The firm’s products are sold through about 1,400 company-operated stores, wholesale channels, and e-commerce in North America (64% of fiscal 2024 sales), Europe, Asia, and elsewhere. Coach (76% of sales) is best known for affordable luxury leather products. Kate Spade (20%) is known for colorful patterns and graphics. Both Coach and Kate Spade specialize in women’s handbags and accessories, 69% of Tapestry's fiscal 2024 sales. Stuart Weitzman (4%) generates virtually all its revenue from women’s luxury footwear.

Coach, Kate Spade, and Stuart Weitzman are New York City-based Tapestry’s fashion and accessory brands. The firm’s products are sold through about 1,400 company-operated stores, wholesale channels, and e-commerce in North America (64% of fiscal 2024 sales), Europe, Asia, and elsewhere. Coach (76% of sales) is best known for affordable luxury leather products. Kate Spade (20%) is known for colorful patterns and graphics. Both Coach and Kate Spade specialize in women’s handbags and accessories, 69% of Tapestry's fiscal 2024 sales. Stuart Weitzman (4%) generates virtually all its revenue from women’s luxury footwear.

Tapestry is a leading designer and marketer of handbags, accessories, and gifts. It was established in 1941 as Coach and changed its name to Coach Inc. after its first IPO in June 2000. The company rebranded as Tapestry following the acquisitions of Stuart Weitzman (2015) and Kate Spade (2017). The company's three brands have operated independently. In February, management announced the sale of its Stuart Weitzman brand to Caleres for $105 million in cash. The transaction is expected to close this summer. The company has 12,500 employees. The shares are a component of the S&P 500.

Tuesday was a strange day for the S&P 500 (SPX) as all the losses occurred by 10:00 a.m. After that, the index went sideways, trading in a range between 5,598 and 5,628 for the rest of the session. The other major indices did the same thing as market participants seemingly decided to take the rest of the day off. Market breadth cooled after two straight days of strength. Consumer Discretionary dropped 1.8% (as TSLA fell another 5%), Information Technology dipped 1.5% (as NVDA and AVGO fell 3%), and Communication Services fell 1.4% (on a 2.3% drop in GOOGL and a 3.7% drop in META). Even the defensive Consumer Staples sector gave back over 1%. Energy saw a minor 0.2% gain. According to www.stockcharts.com data, the stock market posted two breadth thrusts in a row (on Friday and Monday) after a 10% correction. While this does not rule out a retest of the lows or a lower low, returns going forward from two months to a year almost always have been very good. NYSE advances/total issues were in the low 80%, while NYSE advancing volume/total volume was between 88% and 90% on those two days. Gamma Exposure, which refers to the sensitivity of existing option contracts to changes in the underlying price of the S&P 500, has dropped into an extreme area that historically has been bullish for stocks in the intermediate term. In addition, the SKEW Index, which is an indicator designed to measure market risk at any given point in time, has flashed a bullish sign based on its 13-week rate-of-change. Obviously, market conditions remain quite fluid and headline risk has certainly not disappeared.