Tapestry

High fashion has long been dominated by European conglomerates: LVMH, Kering, Richemont. With a major acquisition in August 2023, Tapestry set itself up to be the U.S.’s first real contender in the space. Home to Coach, Kate Spade New York, and Stuart Weitzman, it bought Capri Holdings, bringing in powerhouse brands Versace, Jimmy Choo, and Michael Kors. The Federal Trade Commission is challenging the move, saying it would make the company too “dominant” and “entrench its foothold.” European regulators haven’t shared the FTC’s concern, but perhaps European competitors like LVMH should, given that Tapestry likely isn’t done adding to its diversified portfolio. The company has also been adroit in adapting to consumer trends and developing a strong e-commerce strategy, tapping into generative AI to fine-tune its online personalization. CEO Joanne Crevoiserat said disciplined execution and the power of brand building helped drive record profits in the fiscal quarter ending December 2023.