Tapestry Inc., formerly Coach Inc., announced last week the appointment of Anna Bakst to the role of CEO and brand president at Kate Spade, effective 26 March 26 2018.
Bakst joins Kate Spade after her long-term tenure as an executive at Michael Kors. She will oversee Kate Spade globally and will report to Tapestry CEO, Victor Luis.
“The appointment of Anna Bakst marks another key step in the evolution of the Kate Spade brand,” said Luis. “Together with recently appointed Creative Director Nicola Glass, we now have the right senior management in place to lead the talented Kate Spade brand team and drive the business globally.”
With a 14-year stint at Michael Kores, Bakst served as Group President of Accessories and Footwear. Before joining the accessible luxury brand, she held the position of President of Accessories and Footwear at Donna Karan International, where she worked for 12 years.
The appointment follows a bevy of leadership changes at the New York fashion and accessories brand, since its acquisition by the then-named Coach (now Tapestry) in May 2017.
Kate Spade’s former CEO, Craig Leavitt, departed the brand in August last year. Since then, Kate Spade creative director Deborah Lloyd has exited her role, as announced in November, who has been replaced by Nicola Glass, also a Michael Kors alumni. Glass commenced creative head duties in January 2018.
In February, Tapestry Inc. reported quarterly results that surpassed expectations. Overall revenue rose to $1.79 billion in the second quarter ended December 30, driven by strong demand for its Coach handbags.
Coach same-store sales rose 3 percent in the latest quarter, while Kate Spade’s comparable store sales fell 7 percent.
At the time, Tapestry said it plans to emulate its Coach turnaround strategy with its recently acquire Kate Spade brand.
For 2018, the company said it now expects diluted earnings per share in the range of $2.52 to $2.60, compared with its previous forecast of $2.35-$2.40.