Zeitlin Weaves Tapestry Without Luis

The surprise changing of the guards at Tapestry Inc. came with a little extra corporate bluntness — at least by fashion’s c-suite standards. When chief executive officer Victor Luis abruptly “departed” the company Wednesday to be succeeded by chairman Jide Zeitlin, he was thanked for his vision and efforts, but the company line was clearly that Luis is out because he didn’t deliver the results the board wanted. The group’s share price is less than half what it was a year ago while operating profits have declined. However, Tapestry appears set to very much remain the company that Luis, 53, cobbled together and even named — a multibrand powerhouse in the accessible luxury space with big-time ambitions to expand both at home and abroad. Zeitlin, 55, has spent 13 years on the company’s board and the last five as chairman. He told WWD that the directors believe “very deeply in this company,” including its multibrand strategy, the brands themselves and the leadership. But he added that Tapestry also has “a board that is quite focused, ultimately, on results and on delivery and believed that there was a gap between the strong strategy and team and brands and our delivery.” Zeitlin said there were some “hiccups”

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