Picture: 123RF/Chris Putnam
Picture: 123RF/Chris Putnam

Bengaluru — Tapestry said on Tuesday chair and CEO Jide Zeitlin has resigned from the company, the latest in a series of top level executive departures at the Coach handbag maker over the past year.

The company said CFO and former Abercrombie & Fitch executive Joanne Crevoiserat had been appointed as interim CEO, while Andrea Resnick, Tapestry's head of investor relations and corporate communications, was named interim financial head.

Zeitlin, who has been the chair of the company since 2014, took over from Victor Luis as CEO in September, when the company was struggling to integrate its Kate Spade brand and keep up with the latest fashion trends. He left for personal reasons, the company said.

Tapestry declined to provide further details on Zeitlin's departure.

His departure comes as a surprise, as the company said in March he had agreed to continue leading the fashion house for the next three years, working on plans for growth.

Since December, the company has also seen the departures of the heads of its Coach and Kate Spade brands.

Tapestry said it is starting a search for a permanent CEO and is considering both internal and external candidates.

Meanwhile, Crevoiserat will be charged with leading the company through one of the most challenging periods for luxury goods makers, as the Covid-19 pandemic impacts sales of high-end handbags and apparel.

However, Tapestry said fourth-quarter revenue has exceeded internal expectations and gross margin expanded on a year-over-year basis, sending its shares up 4% in premarket trading.

The company expects to report fourth-quarter results on August 13.

Reuters

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