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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Tapestry Deepens Push Into China, Undeterred by Luxury Market Slump
Tapestry’s planned expansion in China is unusual, both for the company’s willingness to tap lower-tier cities where most Western competitors are reluctant to tread, as well as for its timing — coming as it does amid a deep slump in Chinese luxury sales.
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