Coach 2017-2024: the Tabby bag-led brand reset under Tapestry, the FTC-blocked Capri Holdings merger (October 2024), and the Joshua Schulman path to Burberry

The Tapestry-Capri deal: August 2023 announcement to October 2024 court block

Tapestry and Capri Holdings announced on August 10, 2023 that Tapestry would acquire Capri in an $8.5 billion all-cash transaction. The combination would have brought Coach, Kate Spade, Stuart Weitzman (all Tapestry) together with Michael Kors, Versace, and Jimmy Choo (Capri) under one company. On April 22, 2024 the Federal Trade Commission filed suit to block the deal, arguing the merger would substantially lessen competition in the market for 'accessible luxury' handbags. The FTC's case named Coach, Kate Spade, and Michael Kors specifically as direct competitors in that price segment. Tapestry and Capri disputed the market definition, arguing handbag consumers have options at every price point across many channels. On October 24, 2024 the US District Court for the Southern District of New York granted the FTC's preliminary injunction. Tapestry and Capri terminated the agreement in November 2024.

• What survived: Tapestry's own portfolio (Coach, Kate Spade, Stuart Weitzman) remained intact. Capri retained Michael Kors, Versace, and Jimmy Choo.
• Antitrust precedent: The Skadden analysis of the court's ruling notes the judge applied traditional horizontal-merger analysis and accepted the FTC's narrower 'accessible luxury' market definition.
• Capital reaction: Tapestry stock rallied after the deal collapse — investors had been worried about the leverage and integration risk of acquiring Capri.

The Tabby bag and the Coach turnaround under Joshua Schulman (2017-2020)

Coach in 2014-2017 had suffered brand-equity erosion from outlet-channel over-distribution, frequent discounting, and a diluted retail experience. Joshua Schulman, who joined as Brand President in 2017 (later CEO of the brand), executed a multi-year reset: outlet rationalization, pricing discipline, hero-product strategy, and creative direction continuity under Stuart Vevers (who has been creative director since 2013). The Tabby bag — introduced in 2021 — became the defining product of the reset. Fortune's November 2024 reporting describes how Coach's data team actually saved the Tabby from being killed off after a soft early run; investment in variations (colors, materials) and Gen Z marketing built it into the brand's flagship product. Schulman left Coach in 2020, briefly led Capri Holdings, then became CEO of Michael Kors 2021-2022, and was appointed CEO of Burberry on July 15, 2024 — citing his Coach turnaround experience as the relevant track record.

• Tabby's commercial role: Per Fortune and Business of Fashion, the Tabby has been the lead driver of Coach's recent quarters, particularly with newer and younger shoppers.
• Stuart Vevers continuity: Vevers has been Coach creative director since 2013 — a long tenure for a luxury creative role and a key continuity factor in the brand identity through Schulman, the failed Capri deal, and the Crevoiserat era.
• Post-collapse momentum: Tapestry's Q2 FY25 holiday-quarter results following the deal collapse showed Coach delivering 29% constant-currency revenue growth, with 2 million new customers in the quarter alone.

Joanne Crevoiserat and the Tapestry post-Capri strategy

Joanne Crevoiserat became Tapestry CEO in 2020 and through both the Capri deal and its collapse has maintained the focus on brand-specific operating performance — particularly at Coach. In her comments following the deal termination, Crevoiserat emphasized the standalone strength of Coach and a brand-by-brand investment model rather than the conglomerate-scale logic that had driven the Capri pursuit. Her commentary at the Fortune Global Forum in November 2024 framed Coach's Tabby trajectory as a data-driven product-development case study — a sharp shift in narrative from the M&A-led story that had occupied 2023-2024.

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