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Tapestry Cuts Annual Sales Forecast on China Hit

The exterior of a Coach store with a shopper window shopping bags outside the store.
Tapestry Inc cut its annual sales forecast, as consumers in key luxury market China shun designer handbags and shoes amid new Covid-19 outbreaks and stringent lockdowns. (Shutterstock)
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Tapestry Inc cut its annual sales forecast on Thursday, as consumers in key luxury market China shun designer handbags and shoes amid new Covid-19 outbreaks and stringent lockdowns, taking the shine off the steady demand from wealthier Americans.

The company said it now expected fiscal 2023 revenue of $6.5 billion to $6.6 billion, compared with the prior outlook of around $6.9 billion. Analysts on average expect a figure of $6.88 billion, Refinitiv IBES data showed.

By Deborah Sophia and Uday Sampath; Editor: Milla Nissi

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