The perfume maker has announced a 46.8% decline in Q1 net income, due to hefty sales declines in the Middle East and Asia early in the quarter, followed by decreases in other markets as the coronavirus pandemic evolved.
Coach handbag maker Tapestry Inc said on Thursday it would begin reopening stores in North America and Europe as the firm slowly starts to “turn the lights back on” after the coronavirus pandemic hammered its business.
The perfume maker announced on Wednesday that its sales dropped 18.7% in the first quarter, with Coach and Guess-branded fragrances helping to offset some of the negative impact of the ongoing Covid-19 pandemic.
The owner of Coach, Kate Spade and Stuart Weitzman has announced a range of new measures to deal with disruption caused by Covid-19, including the reduction of its part-time workforce and cuts in corporate salaries.
Tapestry Inc. said on Friday that is was extending store closures in North America and Europe for an additional two weeks through April 24, in light of continued efforts to slow the transmission of Covid-19.
Tapestry's Coach and Kate Spade foundations will each make new contributions to support Covid-19 charities and frontline healthcare workers, while Canada Goose will boost its production of medical protective gear.