Tapestry takes an $855 million write down on Kate Spade—and casts serious doubt on its strategy to turn around underperforming brands
When Tapestry announced two years ago it was buying Michael Kors-owner Capri Holdings in a deal regulators ultimately scuttled, the fashion company argued that the tech and supply chain infrastructure it had built for its Coach brand would allow it to turn around underperforming brands more quickly. It turns out Tapestry can’t even turn around…