For the past two years, Coach, Michael Kors, and Kate Spade New York have been the cornerstone of a specific type of New York fashion. These brands have a certain level of luxury without being excessively expensive. They gained popularity during the 1990s and 2000s, representing American leisure-glamour that was reminiscent of shows like “Sex and the City” and “Real Housewives of New York.” They catered to a wealthy middle class who desired handbags they could save up for, instead of being limited to the ultra-wealthy. Now, Tapestry, the conglomerate that includes these brands and traditional accessory brands like Stuart Weitzman and Jimmy Choo, aims to bring nostalgic American fashion back into the spotlight with the addition of the ritziest brand of all, Versace. This $8.5 billion acquisition is substantial, but when compared to LVMH’s $16 billion acquisition of Tiffany in 2021, it becomes clear that Tapestry has a long way to go to compete with European conglomerates. LVMH and Kering currently dominate the luxury fashion industry with their numerous globally recognized brands. Tapestry will look to Coach as a blueprint for rapid brand expansion. Coach, led by designer Stuart Vevers, has successfully rebranded itself from being seen as outdated to attracting Gen Z consumers by utilizing creative campaigns, celebrity endorsements, and a focus on upcycling. The goal is to capture the growing luxury goods market, which is predicted to be dominated by Gen Z consumers by 2035. While Coach and Versace are important steps in revitalizing American fashion, more needs to be done to truly change the preferences of the wealthy consumer base.
Fashion Industry: Versace’s New Owner Aims to Rival Europe’s Fashion Behemoths
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