--- title: 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 | RGM® url: https://realgrowthmatters.com/learn/case-studies/coach-brand-repositioning-campaign/ updated: 2026-06-10 source_html: https://realgrowthmatters.com/learn/case-studies/coach-brand-repositioning-campaign/ --- - **Story:** Coach (founded 1941 in Manhattan; flagship of Tapestry Inc., NYSE: TPR) executed a multi-year accessible-luxury reset starting with Joshua Schulman as Brand President in 2017 (he later became Burberry CEO in July 2024). Under Schulman and then Tapestry CEO Joanne Crevoiserat (in role since 2020), Coach reduced outlet-channel exposure, raised pricing discipline, and developed hero products — most notably the Tabby bag, introduced 2021. Fortune's November 2024 reporting describes how Coach's data team saved the Tabby from early-stage discontinuation by building the case for color and material variations. - **Why it matters:** In August 2023 Tapestry announced an $8.5B all-cash acquisition of Capri Holdings (Michael Kors, Versace, Jimmy Choo). The FTC sued to block in April 2024 on accessible-luxury market-concentration grounds, naming Coach, Kate Spade and Michael Kors as direct competitors. On October 24, 2024 the US District Court for SDNY granted the FTC preliminary injunction. Tapestry and Capri abandoned the deal in November 2024. - **Takeaway:** Q2 FY25 (Tapestry's holiday quarter following deal collapse): Coach delivered 29% constant-currency revenue growth with 2 million new customers in a single quarter, per CEO Joanne Crevoiserat. - **Takeaway:** Tapestry stock rallied after the deal collapse — investors had worried about the $8.5B leverage and integration risk. - **Takeaway:** Stuart Vevers has been Coach's creative director since 2013 — an 11+ year continuity that survived the Schulman, post-Schulman, and Capri-deal-collapse transitions. ## Coach reset & failed Capri merger S Situation Coach faced brand-equity erosion from outlet over-distribution by 2017 By 2014-2017, Coach had suffered brand-equity erosion from outlet-channel over-distribution, frequent discounting, and a diluted retail experience. Joshua Schulman joined as Brand President in 2017 to lead an accessible-luxury repositioning. T Task Reset pricing discipline and rebuild brand-equity Schulman's strategy: rationalize the outlet footprint, reset pricing, develop hero products at premium price points. The Tabby bag, introduced 2021, became the defining product of the reset. Stuart Vevers's creative direction (since 2013) provided continuity through the leadership transition. A Action Hero product strategy plus a failed $8.5B Capri acquisition Tabby drove momentum. In August 2023 Tapestry attempted to expand the conglomerate strategy with an $8.5B acquisition of Capri Holdings. FTC sued April 2024; court blocked the deal October 24, 2024; Tapestry/Capri abandoned the agreement November 2024. R Result Q2 FY25: 29% Coach revenue growth, 2M new customers in one quarter Post-deal-collapse Q2 FY25 holiday-quarter results showed Coach delivering 29% constant-currency revenue growth with 2 million new customers in a single quarter — driven by Tabby and Gen Z customer acquisition. Tapestry stock rallied as investors welcomed the avoided leverage. ## Coach reset & FTC ruling $0B Tapestry-Capri deal value Announced August 2023 Source: CNBC, BoF Oct 0 Court blocked merger FTC preliminary injunction granted, 2024 Source: Skadden, FTC 0% Coach Q2 FY25 revenue growth Constant currency; holiday quarter Source: Tapestry results, BoF 0M New Coach customers (Q2 FY25) In a single quarter, per Crevoiserat Source: Fortune 0 Tabby bag introduced Almost discontinued early; saved by data Source: Fortune, Nov 2024 0 Stuart Vevers creative director 11+ year continuity at Coach Source: Tapestry #### Quick facts Parent companyTapestry Inc. (NYSE: TPR) Tapestry CEOJoanne Crevoiserat (since 2020) Coach brandFounded 1941 in Manhattan as a leather-goods workshop Coach Brand President / CEO (2017-2020)Joshua Schulman (later Burberry CEO July 2024) Tabby bagHero product introduced 2021; saved from discontinuation by data analysis (Fortune coverage) Tapestry-Capri deal announcedAugust 10, 2023; $8.5 billion all-cash for Michael Kors, Versace, Jimmy Choo parent FTC suit filedApril 22, 2024 Federal court blocking rulingOctober 24, 2024 (preliminary injunction granted) Deal terminatedNovember 2024 by Tapestry and Capri Holdings Coach Q2 FY25 result29% constant-currency revenue growth; 2 million new customers in the quarter (per Joanne Crevoiserat) Stuart VeversCreative director, Coach, since 2013 **Honest note** Specific Coach-segment revenue, gross-margin and DTC-percentage figures cited in earlier drafts of this case study have not been re-verified to Tapestry's 10-K filings for this update and have been removed pending primary-source verification. The Stuart Weitzman acquisition (2015) and Kate Spade acquisition (2017) happened but specific deal values stated previously ($530M and $2.4B respectively) should be cross-checked against SEC filings before being quoted with confidence. The Coachtopia circular-fashion sub-brand was launched in 2022 but specific product, pricing, and commercial-results data was not re-verified for this update. ## 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. ## Frequently asked questions Why did the FTC block the Tapestry-Capri deal? The FTC argued in its April 2024 complaint that the merger would substantially lessen competition in the 'accessible luxury' handbag market. The FTC named Coach, Kate Spade, and Michael Kors as direct competitors in that price segment. On October 24, 2024 the federal court agreed and granted the preliminary injunction. The court accepted the FTC's narrower market definition rather than Tapestry and Capri's argument that all handbags at all price points were one market. What happened to Coach after the merger collapse? Coach actually accelerated. Tapestry's Q2 FY25 (holiday) results showed Coach posting 29% constant-currency revenue growth, with 2 million new customers in the quarter, driven heavily by the Tabby bag. Joanne Crevoiserat described meaningful Gen Z customer acquisition. Tapestry's stock rallied — investors had worried about leverage from the $8.5B deal. How did the Tabby bag become so important? Per Fortune's November 2024 reporting, the Tabby's strong commercial run wasn't guaranteed — early sales were soft enough that Coach's team considered discontinuing it. The Coach data team built a case for keeping it and investing in variations. The bag's chain-link aesthetic and Gen Z marketing connected with newer and younger customers. By 2024 it had become the brand's defining product. What's Joshua Schulman's relationship to Coach today? He hasn't been at Coach since 2020. He was Coach Brand President 2017-2020 (and at one point CEO of the brand), then briefly CEO of Capri Holdings, then CEO of Michael Kors 2021-2022, then CEO of Burberry from July 15, 2024 onward. His Coach experience is widely cited as the relevant track record for the Burberry CEO appointment. Is there still an active sub-brand called Coachtopia? Yes — Coachtopia, Coach's circular-fashion sub-brand, was launched in 2022. Specific product, pricing, and commercial-results data for Coachtopia have not been re-verified for this update; consult Tapestry's investor-relations materials for current detail. ### Sources & references - [FTC sues to block Coach parent Tapestry's acquisition of Capri Holdings (CNBC, April 22, 2024)](https://www.cnbc.com/2024/04/22/ftc-sues-to-block-tapestry-acquisition-of-capri-holdings.html) — CNBC coverage of the FTC suit filing. - [FTC Blocks Tapestry/Capri Affordable Luxury Deal (Skadden, Arps analysis)](https://www.skadden.com/insights/publications/2024/11/ftc-blocks-tapestry-capri) — Skadden's legal analysis of the October 24, 2024 court ruling. - [How digging into data saved Coach's famous Tabby bag (Fortune, November 13, 2024)](https://fortune.com/2024/11/13/how-data-saved-coach-tabby-handbag-tapestry-ceo-joanne-crevoiserat-hasbro-chris-cocks-fortune-global-forum/) — Fortune reporting on the Tabby data-decision story and Crevoiserat's Global Forum comments. - [Coach's Tabby Handbag Fuels Blowout Holiday Quarter for Parent Tapestry (Business of Fashion)](https://www.businessoffashion.com/news/luxury/coachs-tabby-handbag-fuels-blowout-holiday-quarter-for-parent-tapestry/) — BoF coverage of Tapestry holiday-quarter results. - [Tapestry shares spike after merger collapse (NBC News)](https://www.nbcnewyork.com/news/business/money-report/after-calling-off-merger-coach-parent-tapestrys-holiday-sales-soar/6138900/) — NBC News reporting on Tapestry stock reaction after the deal collapse. - [Capri Holdings Form 8-K (SEC, March 30, 2024)](https://www.sec.gov/Archives/edgar/data/0001530721/000153072124000040/cpri8-k03302024exhibit991.htm) — Capri SEC filing during the merger-pendency period. ## Related [#### All case studies The full case-study library.](/learn/case-studies/)[#### Burberry under Schulman Schulman's post-Coach role and the relevance of his Coach playbook.](/learn/case-studies/burberry-brand-repositioning-campaign/)