Tapestry is focused on four strategic priorities: Building Lasting Customer Relationships, Fueling Fashion Innovation & Product Excellence, Delivering Compelling Omni-Channel Experiences, and Powering Global Growth.

The acquisition of Capri Holdings is expected to close during calendar year 2024, bringing together six complementary brands. Tapestry has secured financing for the acquisition through senior unsecured notes and term loan facilities.

SG&A expenses increased by 7.7% year-over-year, but excluding acquisition-related costs, the increase was 4.8%. Management is focused on managing costs and mitigating the impact of macroeconomic headwinds.

Certain geopolitical events have impacted trade routes in the Red Sea which could potentially increase inventory transit times and costs in the second half of fiscal 2024 and into fiscal 2025.

The company is monitoring the impact of the Inflation Reduction Act of 2022 and the OECD's Pillar Two Global Anti-Base Erosion (GloBE) Rules.

Coach Net Sales increased 6.4% or $92.2 million to $1.54 billion in the second quarter of fiscal 2024. Excluding the impact of foreign currency, net sales increased 6.8% or $98.6 million.

Kate Spade Net Sales decreased 6.1% or $29.9 million to $460.4 million in the second quarter of fiscal 2024. Stuart Weitzman Net Sales decreased 3.8% or $3.2 million to $82.2 million in the second quarter of fiscal 2024.

In August 2023, the Company suspended its share repurchase activity in connection with the Capri Acquisition.

During the quarter ended December 30, 2023, the Company issued $4.5 billion Capri Acquisition USD Senior Notes and €1.5 billion Capri Acquisition EUR Senior Notes.

During the second quarter of fiscal 2024, the macroeconomic environment remained challenging and volatile.