What changed in this filing

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Item 1. Business

2025-08-14 compared with 2024-08-15 · 97 added, 105 removed, 222 unchanged (48% of the section changed)

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(the "Company") is a house of iconic accessories and lifestyle brands.

Our global house of brands unites the magic of Coach, kate spade new york and Stuart Weitzman.

Each of our brands are unique and independent, while sharing a commitment to innovation and authenticity defined by distinctive products and differentiated customer experiences across business channels and geographies.

We use our collective strengths to move our customers and empower our communities, to make the fashion industry more sustainable and to build a company that’s equitable, inclusive and diverse.

Our global house of brands unites the magic of Coach and kate spade new york.

We use our collective strengths to move our customers and empower our communities, to make the fashion industry more sustainable, and to harness the power of an inclusive culture.

Individually, our brands are iconic.

Together, we can stretch what’s possible.

Founded in 1941, Coach, Inc., the predecessor to Tapestry, Inc., was incorporated in the state of Maryland in 2000.

During fiscal 2015, the Company acquired Stuart Weitzman Holdings LLC, a luxury women's footwear company.

During fiscal 2018, the Company acquired Kate Spade & Company, a lifestyle accessories and ready-to-wear company.

Later in fiscal 2018, the Company changed its name to Tapestry, Inc.

The Company has three reportable segments:

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• Stuart Weitzman - Since 1986, New York City based global luxury footwear brand Stuart Weitzman has combined its signature artisanal craftsmanship and precise engineering to empower women to stand strong.

Having perfected the art of shoemaking for over 35 years, the brand continues to expand its assortment to feature handbags and men's footwear, all the while staying true to its ethos of inspiring strength and confidence with every step.

Stuart Weitzman includes global sales of primarily Stuart Weitzman brand products to customers through our DTC and wholesale businesses.

Having perfected the art of shoemaking for nearly 40 years, the brand continues to expand its assortment to feature handbags and men's footwear, all the while staying true to its ethos of inspiring strength and confidence with every step.

Stuart Weitzman includes global sales of primarily Stuart Weitzman brand products to customers through our DTC, wholesale and licensing businesses.

This segment represented 3.0% of total net sales in fiscal 2025.

In addition to these reportable segments, the Company has certain corporate costs that are not directly attributable to its brands;

In addition to these reportable segments, the Company has certain corporate expenses that are not directly attributable to its brands ("Unallocated corporate expenses");

therefore, they are not allocated to its segments.

Such costs primarily include certain overhead expenses related to corporate functions as well as certain administration, corporate occupancy, information technology and depreciation costs.

On February 16, 2025, the Company entered into a sale and purchase agreement (the “Purchase Agreement”) with Caleres, Inc.

(the “Purchaser”) to sell the Stuart Weitzman Business (as defined below).

The Purchaser acquired certain assets and liabilities of the Company's global business of designing, manufacturing, promotion, marketing, production, distribution, sales and licensing of Stuart Weitzman branded products (the "Stuart Weitzman Business").

The sale was completed on August 4, 2025 (the "Stuart Weitzman Business Divestiture").

Refer to Note 5, "Acquisitions and Divestitures," and Note 21, "Subsequent Events," for further information.

Refer to Note 17, "Segment Information," for further information about the Company's segments.

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The Company aims to support balanced growth across regions, prioritizing North America and China, its largest markets, while capitalizing on opportunities in under-penetrated geographies such as Southeast Asia and Europe.

The Company's next investor day will be held in September 2025, during which the Company will present its latest long-term growth strategy.

DIRECT TO CONSUMER BUSINESS

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This includes retail and outlet stores, brand e-commerce sites as well as concession shop-in-shops.

Direct-to-consumer revenues were approximately 87% of total net sales in fiscal 2024.

DTC revenues were approximately 86% of total net sales in fiscal 2025.

• Stores - Our brands operate freestanding retail stores, outlet stores, as well as concession shop-in-shop locations.

These stores are located in regional shopping centers, metropolitan areas throughout the world and established outlet centers.

2024 vs 2023 2023 vs 2022

Store Count 2024 2023 2022 Amount % Amount %

Store Count 2025 2024 2023

North America 324 324 330

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Total Tapestry 1,371 1,402 1,429

2024 vs 2023 2023 vs 2022

Square Footage 2024 2023 2022 Amount % Amount %

Square Footage 2025 2024 2023

North America 4,907 4,905 4,904

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Total Tapestry 2,912 2,850 2,820

• Digital - We view our digital platform as an instrument to deliver our products to customers directly with the benefit of added accessibility as consumers can purchase our products wherever they choose.

We have e-commerce sites in our major markets in the U.S., Canada, Japan, Greater China, several throughout Europe, Australia, and several throughout the rest of Asia.

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Brand Category Partner Fiscal Year Expiration

Coach Watches Movado 2025

Coach Eyewear Luxottica 2026

Coach Watches Movado 2028

Coach Fragrance Interparfums 2031

Kate Spade Tableware and Housewares Lenox 2025

Kate Spade Tech Accessories Case-Mate 2027

Kate Spade Sleepwear Komar 2028

Kate Spade Fashion Bedding Live Comfortably 2028

Kate Spade Stationery and Gift Lifeguard Press 2030

Kate Spade Tech Accessories Case-Mate 2027

Kate Spade Fragrance Interparfums 2030

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Fiscal Year Ended

June 29, 2024 July 1, 2023 July 2, 2022

June 28, 2025 June 29, 2024 July 1, 2023

Amount % of Total

net sales Amount % of total

Women's Handbags $ 2,495.7 37.5 % $ 2,450.7 36.8 % $ 2,574.8 38.5 %

Women's Accessories 1,079.6 16.2 1,024.8 15.4 942.5 14.1

Men's 983.9 14.7 947.1 14.2 904.8 13.5

Other Products 536.1 8.0 537.8 8.1 499.2 7.5

segment net sales Amount % of Total

segment net sales

Handbags $ 3,223.3 57.6 % $ 2,889.9 56.7 % $ 2,847.1 57.4 %

Accessories 1,539.5 27.5 1,407.9 27.6 1,325.7 26.7

Footwear 342.5 6.1 326.0 6.4 311.5 6.3

Other 493.2 8.8 471.5 9.3 476.1 9.6

Total Coach $ 5,598.5 100.0 % $ 5,095.3 100.0 % $ 4,960.4 100.0 %

Women's Handbags $ 721.0 10.9 % $ 779.6 11.7 % $ 819.5 12.2 %

Women's Accessories 316.8 4.7 306.9 4.6 307.0 4.6

Other Products 296.6 4.4 332.4 5.0 319.0 4.8

Handbags $ 623.0 52.1 % $ 721.0 54.0 % $ 779.7 54.9 %

Accessories 269.8 22.5 307.0 23.0 324.8 22.9

Footwear 55.2 4.6 57.4 4.3 57.8 4.1

Other 249.1 20.8 249.0 18.7 256.6 18.1

Total Kate Spade $ 1,197.1 100.0 % $ 1,334.4 100.0 % $ 1,418.9 100.0 %

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$ 215.1 100.0 % $ 241.5 100.0 % $ 281.6 100.0 %

Total Net sales $ 6,671.2 100.0 % $ 6,660.9 100.0 % $ 6,684.5 100.0 %

(1) The significant majority of sales for Stuart Weitzman is attributable to women's footwear.

• Women’s Handbags — Women’s handbag collections feature classically inspired as well as fashion designs.

These collections are designed to meet the fashion and functional requirements of our broad and diverse consumer base.

• Women’s Accessories — Women’s accessories include small leather goods which includes mini and micro handbags, money pieces, wristlets, pouches and cosmetic cases.

Also included in this category are novelty accessories (including address books, time management accessories, travel accessories, sketchbooks and portfolios), belts, key rings and charms.

• Men’s — Men’s includes bag collections (including business cases, computer bags, messenger-style bags, backpacks and totes), small leather goods (including wallets, card cases, travel organizers and belts), footwear, watches, fragrances, sunglasses, novelty accessories and ready-to-wear items.

• Other Products — These products primarily include women's footwear, eyewear (such as sunglasses), jewelry (including bracelets, necklaces, rings and earrings), women's fragrances, watches, certain women's seasonal lifestyle apparel collections, including outerwear, ready-to-wear and cold weather accessories, such as gloves, scarves and hats.

In addition, Kate Spade brand housewares and home accessories, such as fashion bedding and tableware, and stationery and gifts are included in this category.

Handbags $ 3,846.3 54.9 % $ 3,610.9 54.1 % $ 3,626.8 54.4 %

Accessories 1,809.3 25.8 1,714.9 25.7 1,650.5 24.8

Footwear 612.8 8.7 624.9 9.4 650.9 9.8

Other 742.3 10.6 720.5 10.8 732.7 11.0

Total Tapestry $ 7,010.7 100.0 % $ 6,671.2 100.0 % $ 6,660.9 100.0 %

(1) The significant majority of sales for Stuart Weitzman is attributable to footwear and therefore all of Stuart Weitzman net sales are within the Tapestry Footwear category.

• Handbags — This category primarily includes handbags classically inspired as well as fashion designs, business cases, computer bags, messenger-style bags, backpacks, travel bags and totes.

• Accessories — This category primarily includes small leather goods, such as mini and micro handbags, money pieces, wristlets, pouches and cosmetic cases.

Also included in this category are novelty accessories (including address books, time management accessories, travel accessories, sketchbooks and portfolios), belts, key rings, technology accessories, gifting, straps and charms.

• Footwear — This category primarily includes women's and men's footwear, including casual shoes, dress shoes, boots, sneakers and sandals.

• Other — This category primarily includes outerwear, ready-to-wear, jewelry, watches, eyewear, fragrance, scarves, hats, gloves, other products, as well as royalties earned from the Company's licensing partners.

DESIGN AND MERCHANDISING

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At Tapestry, each brand has a dedicated design and merchandising team;

this ensures that Coach, Kate Spade and Stuart Weitzman speak to their customers with a voice and positioning unique to their brand.

this ensures that Coach, Kate Spade and Stuart Weitzman speak to their customers with a voice and positioning unique to

Designers have access to the brands' extensive archives of product designs, which are a valuable resource for product concepts.

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Our design and merchandising teams also work in close collaboration with all of our licensing partners to ensure that the licensed products are conceptualized and designed to address the intended market opportunity and convey the distinctive perspective and lifestyle associated with our brands.

Our marketing objective is to build emotional connections with consumers to drive acquisition.

We use a 360-degree approach to marketing for each of our brands, synchronizing our efforts across all business channels to ensure consistency at every touchpoint.

Our global marketing strategy is to deliver a consistent, relevant and multi-layered message every time the consumer comes in contact with our brands through our communications and visual merchandising.

Each brand's distinctive positioning is communicated by our creative marketing, visual merchandising and public relations teams, as well as outside creative agencies.

We also have a sophisticated consumer and market research capability, which helps us assess consumer attitudes and trends.

We engage in several consumer communication initiatives globally, including direct marketing activities at a national, regional and local level.

Total expenses attributable to the Company's marketing-related activities in fiscal 2024 were $616.8 million, representing over 9% of net sales, compared to $570.7 million in fiscal 2023, representing less than 9% of net sales.

Our wide range of marketing activities utilize a variety of media, including digital, social, print and out-of-home.

Our respective brand websites serve as effective communication vehicles by providing an immersive brand experience, showcasing the fullest expression across all product categories.

As part of our direct marketing strategy, we use databases of consumers to generate personalized communications in direct channels such as email and text messages to drive engagement and build awareness.

Email contacts are an important part of our communication and are sent to selected consumers to stimulate consumer purchases and build brand awareness.

We also have a sophisticated consumer and market research capability and leverage third-party experts to gain insights into consumer attitudes and trends.

We engage in many consumer communication initiatives globally, including activities at a national, regional and local level.

Total expenses attributable to the Company's marketing-related activities in fiscal 2025 were $744.5 million, representing nearly 11% of net sales, compared to $616.8 million in fiscal 2024, representing over 9% of net sales.

Our wide range of marketing activities utilize a variety of media, including digital, social, television, print and out-of-home.

Our respective brand websites serve as effective communication vehicles by providing an immersive brand experience, showcasing the fullest expression across product categories.

As part of our direct marketing strategy, we use databases of consumers to generate personalized communications in direct channels such as email and text messages to drive engagement.

Visitors to our e-commerce sites provide an opportunity to increase the size of these consumer databases, in addition to serving as a point of transactions globally, except where restricted.

The Company has several regional informational websites for locations where we have not established an e-commerce presence.

The Company utilizes and continues to explore digital technologies such as social media websites as a cost-effective consumer communication opportunity to increase on-line and store sales, acquire new customers and build brand awareness.

The Company utilizes social media and continues to explore digital technologies to create emotional connections with consumers, acquire new customers and build brand awareness, in addition to increasing on-line and store sales.

MANUFACTURING

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We maintain strong oversight of the supply chain process for each of our brands from design through manufacturing.

We are able to do this by maintaining sourcing management offices in Vietnam, mainland China, the Philippines, Cambodia and Spain that work closely with our independent manufacturers.

We are able to do this by maintaining sourcing management offices in Vietnam, mainland China, the Philippines, Cambodia and

Spain that work closely with our independent manufacturers.

This broad-based, global manufacturing strategy is designed to optimize the mix of cost, lead times and construction capabilities.

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During fiscal 2025, Kate Spade products were manufactured primarily in Vietnam, Cambodia, mainland China, and the Philippines and no individual vendor provided 10% or more of the brand's total inventory purchases.

Stuart Weitzman products were primarily manufactured in

During fiscal 2024, Stuart Weitzman had two vendors, both located in Spain, who individually provided over 10% of the brand's total units (approximately 23% across both, in the aggregate).

Stuart Weitzman products were primarily manufactured in Spain.

During fiscal 2025, Stuart Weitzman had one vendor, located in Spain, who individually provided approximately 11% of the brand's total inventory purchases.

The Company’s distribution network is designed to support the movement of each brand's products from our manufacturers to fulfillment centers around the world.

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Globally, we utilize regional fulfillment centers in mainland China, the Netherlands, the United Kingdom, Singapore and Spain, owned and operated by third parties, that support multiple countries.

We also utilize local fulfillment centers, through third-parties in Japan, parts of Greater China, South Korea, Malaysia, Spain, the U.K., Canada and Australia.

We also utilize local fulfillment centers, through third parties in Japan, parts of Greater China, South Korea, Malaysia and Australia.

INFORMATION SYSTEMS

The Company’s information systems are integral in supporting the Company’s long-term strategies.

Our information technology platform is a key capability used to support digital growth and drive consumer centricity and data-driven decision making.

We are continually enhancing our digital technology platforms to elevate our e-commerce capabilities, direct-to-consumer functionalities, and overall omni-channel experience, by utilizing cloud-based technology infrastructure.

For example, we will continue to enhance certain of our machine learning models to improve our customer capture and segmentation capabilities.

The Company utilizes a cloud based digital platform which connects our customer shopping sites, Order Management Systems, Point of Sale systems, and product management systems into one platform with a shared codebase.

This platform allows us to be a more dynamic and responsive company providing best-in-class service to our customers from all brands across North America, Europe and Japan.

Our robust information technology platform serves as a foundation to drive growth and enhance consumer centricity initiatives, and enable data-driven decision making.

We are continually enhancing our digital technology platforms to elevate our e-commerce capabilities, strengthen DTC functionalities, and deliver a seamless overall omni-channel experience leveraging modern and cloud-based technologies.

During fiscal 2025, we continued to enhance our artificial intelligence, both predictive and generative, and machine learning models for areas such as data analytics, planning, marketing, customer journey personalization, pricing and product creation, to improve our customer capture and segmentation capabilities for more tailored and effective engagement.

The Company utilizes a cloud-based digital platform which integrates critical components of our businesses including our customer shopping sites, Order Management Systems, Point of Sale systems, Customer Services, Enterprise Resource Planning systems and product management systems into one cohesive platform with a shared codebase.

This unified platform allows us to be a more dynamic and responsive company providing best-in-class service to our customers across all brands in North America, Europe and Japan.

Refer to Part I, Item 1C, "Cybersecurity" for further information on our cybersecurity risk management, strategy and governance.

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In the second fiscal quarter, working capital requirements are reduced substantially as we generate higher net sales and operating income, especially during the holiday season.

Fluctuations in net sales, operating income and operating cash flows of the Company in any fiscal quarter may be affected by the timing of wholesale shipments and other events affecting retail sales, including weather and macroeconomic events, such as pandemic diseases.

COVID-19 PANDEMIC

The Covid-19 pandemic has resulted in varying degrees of business disruption for the Company since it began in fiscal 2020 and has impacted all regions around the world, resulting in restrictions and shutdowns implemented by national, state and local authorities.

Such disruptions persisted into the beginning of fiscal 2023, and the Company's results in Greater China (mainland China, Hong Kong SAR, Macao SAR and Taiwan) were adversely impacted as a result of the Covid-19 pandemic.

Towards the end of the first half of fiscal 2023, certain government restrictions were lifted in the region and business trends improved.

During fiscal 2024, the Covid-19 pandemic did not materially impact our business or operating results.

The Company continues to monitor the latest developments regarding the Covid-19 pandemic and potential impacts on our business, operating results and outlook.

GOVERNMENT REGULATION

Most of the Company's imported products are subject to duties, indirect taxes, quotas and non-tariff trade barriers that may limit the quantity of products that we may import into the U.S.

Most of the Company's imported products are subject to tariffs, indirect taxes, quotas and non-tariff trade barriers that may limit the quantity of products that we may import into the U.S.

and other countries or may impact the cost of such products.

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As a people-centered and purpose-led Company, Tapestry believes that a better-made future is one that is both beautiful and responsible.

Our Environmental, Social and Corporate Governance (“ESG”) strategy, the Fabric of Change , aims to unite teams across the Company’s business to work to meet our Corporate Responsibility Goals ("ESG Goals") and a shared objective:

Our Corporate Responsibility (“CR”) strategy, the Fabric of Change , aims to unite teams across the Company’s business to work to meet our Corporate Responsibility Goals and a shared objective:

to create a company of the future that balances true fashion authority with meaningful, positive change.

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• Power of Our People:

◦ We aim to foster a culture of purpose and fulfillment at Tapestry by embedding Equity, Inclusion and Diversity (“EI&D") throughout our organization and attracting and retaining talent with a compelling and engaging employee experience.

◦ We have set goals focused on building diversity in our leadership team, reducing differences in our employee survey results based on gender and ethnicity, focusing on progression and establishing core wellness standards to enable our employees to manage their work and personal lives.

◦ We tie 10% of leadership annual incentive plan compensation to EI&D goals on a global basis level.

◦ As our company name suggests, we believe in the intertwining of a broad mix of people who bring a variety of perspectives, unleashing the power of innovation and self-expression in our products and experiences.

◦ As a global employer, we work to continuously expand our aperture as wide as possible to acquire, retain and grow the best talent.

• Sustain the Planet:

◦ We aim to sustain and restore our planet through continuous innovation in solutions that improve biodiversity and reduce our impact on climate change with a focus on renewable energy, increased use of environmentally preferred materials and production methods and circular business models that design out waste and pollution, keep products in use and restore natural systems.

◦ We aim to preserve and restore our planet through investments in solutions that improve biodiversity and reduce the impacts of climate change.

◦ We have set goals focused on utilizing 100% renewable energy in our own operations globally, reducing waste in our corporate and fulfillment centers and minimizing water use across our company and supply chain.

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◦ We aim to increase the use of innovative materials and focus on production methods that design out waste and pollution, keep products in use and restore natural systems.

◦ We have set goals focused on tracing and mapping our raw materials, increasing the recycled content in our consumer packaging and targets to increase the uptake of sourcing environmentally preferred materials.

The Company’s ESG and corporate responsibility strategy, including oversight, management and identification of risks, is ultimately governed by the Board of Directors (the "Board") and overseen by an ESG Steering Committee, which is comprised of members of our executive leadership team, and driven by an ESG Task Force, comprised of senior leaders and cross-functional members from major business functions.

◦ We have set goals focused on tracing and mapping our raw materials, and targets to increase the uptake of sourcing environmentally preferred materials.

The Company’s CR strategy, including oversight, management and identification of risks, is ultimately governed by the Board of Directors (the "Board") and overseen by an Executive Steering Committee, which is comprised of members of our executive leadership team, and driven by a Task Force, comprised of senior leaders and cross-functional members from major business functions.

The Board approves long-term sustainability goals, strategic moves or major plans of action and receives updates at least annually.

Tapestry's Governance and Nominations Committee of the Board receives quarterly updates on sustainability strategy, including climate-related topics, progress towards the ESG goals and other ESG related initiatives.

Additional information on the Fabric of Change and ESG Goals can be found at www.tapestry.com/responsibility.

Additional information on the Fabric of Change and CR Goals can be found at www.tapestry.com/responsibility.

The content on this website and the content in our corporate responsibility reports are not incorporated by reference into this Annual Report on Form 10-K or in any other report or document we file with the SEC.

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Most of all, we bring together the unique spirits of our people and our brands and give them a place to move their work and our industry forward.

We believe that difference sparks brilliance, so we welcome people and ideas from everywhere to join us in stretching what’s possible.

Governance and Oversight

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The Board has designated the Human Resources Committee of the Board (the “HR Committee”) as the primary committee responsible for the Company’s human capital strategy, overseeing executive compensation programs, performance and talent development, succession planning, engagement and regular review of employee benefits and well-being strategies.

Together with the Board, the HR Committee also provides oversight of the Company’s EI&D strategies.

The full Board and the HR Committee receive quarterly updates on the Company’s talent development strategies and other applicable areas of human capital management.

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The Company believes that its relations with its employees are good and has never encountered a strike or work stoppage.

Equity, Inclusion and Diversity

Our company name Tapestry, represents the diversity of our brands and the diversity of our people.

We believe that having a diverse range of perspectives, backgrounds and experiences makes us more innovative and successful and brings us closer to our consumer.

Our goal is to create a culture that is equitable, inclusive and diverse, where all of our employees, customers and stakeholders thrive.

Our EI&D strategy is grounded in our purpose and values and is a core element to unlocking the power of our people.

Embracing Difference by Design

We believe that having a variety of perspectives, backgrounds and experiences makes us more innovative and successful and brings us closer to our consumer.

We believe that difference sparks brilliance, so we welcome people and ideas from everywhere to join us in stretching what's possible.

Our core values of ‘Embracing Difference by Design’ and ‘Stand Taller Together’ are non-negotiable, it is who we are.

They are the bedrock of the kind of ingenuity that turns heads, turns objects into icons and comes only from the places few have looked before.

To support these actions, we are guided by four interconnected principles:

Attracting, retaining and growing top talent - making us an employer of choice in a rapidly evolving talent marketplace.

Fostering a culture of inclusion and belonging, where people and ideas from everywhere are welcomed.

Nurturing the vibrancy of the communities in which we live and work to advance equity, opportunity and dignity for all.

Identify, retain and grow the best talent – making us an employer of choice in a rapidly evolving talent marketplace.

Cultivate a workplace culture where everyone can fully contribute and reach their potential by feeling included, that they belong and that they matter.

Amplify our brands and support the communities in which our employees live and work.

• Marketplace:

Embracing our responsibility in the marketplace as a global fashion company.

We are committed to affecting positive change for our industry and deliver on our value proposition to stakeholders - consumers, investors and vendor partners.

Our global EI&D Champion Network supports and engages our professional community by creating an environment where all are welcomed.

This network includes our six employee business resource groups, three task forces and regional inclusion councils to support and engage our employees.

Additionally, we believe educating our employees is crucial in achieving our EI&D goals.

Growing our customer base in line with the market and shifting dynamics.

Additionally, we believe educating our employees is crucial in achieving our goals.

We have curated a catalogue of learning and development content, tools and resources, including bespoke skill-building programs to accommodate our dynamic employee population.

Furthermore, the Company has focused on providing employees with resources to foster continuing education and conversation on EI&D through 'Tapestry UNSCRIPTED', which is an internal speaker series for our employees designed to bring our values to life.

Furthermore, the Company has focused on providing employees with resources to foster continuing education and conversation through 'Tapestry UNSCRIPTED', which is an internal speaker series for our employees designed to bring our values to life.

We feel hosting bold conversations about our values provides an opportunity for us to be inspired, discover ideas and ignite personal passions.

Tapestry is committed to the support of historically excluded and marginalized groups through our corporate efforts.

We are a member of the CEO Action for Diversity and Inclusion, the largest business coalition committed to advancing diversity and inclusion.

Our focus on fostering an equitable work environment has led to continued recognition from Forbes on the list of “Best Employers for Diversity”, a top scoring company on the Disability:IN Disability Equality Index and the Human Rights Campaign’s list of “Best Place to Work for LGBTQ Equality”.

In 2024, we were recognized by Civic 50 as one of the 50 Most Community-Minded Companies.

Additionally, we have been certified as a "Great Place to Work" for 2024.

The Company is dedicated to building a workforce with leadership teams better reflecting the customers we serve and the communities in which we operate.

The Company monitors the representation of women and racial or ethnic minorities at different levels throughout the Company, and discloses this information on our website at www.tapestry.com/responsibility/our-people.

Tapestry is committed to inclusion and opportunity for all through our corporate partnerships and best practice benchmarking groups through our corporate efforts.

Our focus on fostering an equitable work environment has led to continued recognition in the form of awards from Forbes as one of the World’s Most Admired Companies;

Newsweek for America’s Greatest Workplaces for Mental Well-being;

America’s Greatest Workplaces for Women and Greatest Workplaces 2025;

and official certification from Great Place to Work in the US and several countries globally.

Total Rewards

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We strive to pay each employee fairly and competitively across our brands.

Tapestry's primary compensation principle is to "pay for performance." Tapestry's practice is to pay a competitive base salary and to provide corporate employees with the opportunity to earn an annual bonus tied to Tapestry's and its brands' financial performance, and to provide store employees with the opportunity to earn sales incentives.

Tapestry's primary compensation principle is to "pay for performance." Tapestry's practice is to pay a competitive base salary and provide corporate employees with the opportunity to earn an annual bonus tied to Tapestry's and its brands' financial performance, and provide store employees with the opportunity to earn sales incentives.

Approximately 2,400 of our employees, including nearly all of our store managers, received an annual long-term equity award in 2025, which aligns employee interests with those of our stockholders, rewards employees for enhancing stockholder value and supports retention of key employees.

Our benefits package is designed to be competitive and comprehensive, which varies by location and jurisdiction.

Our benefits, along with competitive pay, include medical benefits and paid wellness days for directly hired full-time and part-time employees.

Our benefits package, which varies by country, is designed to be competitive and comprehensive.

Our benefits, along with competitive pay, include health benefits, vacation time, and paid Company holidays for directly hired full-time and qualifying part-time employees.

Additionally, we offer parental leave for directly hired full-time employees.

The Company also offers retirement benefits for all employees.

The Company also offers retirement benefits and paid wellness days for full-time and part-time employees.

To support employees in achieving their career and financial goals, the Company also provides access to learning opportunities on personal finances, as well as physical and mental wellness, through various platforms based on the location of the employee.

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Hiring talented employees is critically important to us, as we consider our employees around the world to be our greatest asset.

Our recruitment and sourcing strategy focuses on tapping diverse sources to attract the best talent to our organization and then retaining them through our continued investments in resources that provide our employees with the tools for career advancement.

Our recruitment and sourcing strategy focuses on tapping many sources to attract the best talent to our organization and then retaining them through our continued investments in resources that provide our employees with the tools for development and career advancement.

Our internal opportunity program encourages employees to stretch themselves in their career development, aligning their capabilities with career interests and goals.

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We are committed to helping our employees develop the knowledge, skills and abilities needed for continued success and encourage employee development at all levels and every career stage.

Our development programs enable individual and team success through targeted initiatives and resources, offering a wide-ranging curriculum focused on professional and leadership development for leaders, managers and individual contributors, including through our People Management Program, Emerging Leaders High-Potential Program, Leader Transition Acceleration Program and third-party learning platforms, in addition to other trainings and education facilitated through the Company for all employees.

As a company, performance management is critical to our ability to reach our goals and foster a culture of success.

Our development programs enable individual and team success through targeted initiatives and resources, offering a wide-ranging curriculum focused on professional and leadership development for leaders, managers and individual contributors, including through our Manager Effectiveness Program, Better Conversations Everyday Program, Leader Transition Acceleration Program and third-party learning platforms, in addition to other trainings and education facilitated through the Company for all employees.

Performance management is critical to our ability to reach our goals and foster a culture of success.

By having a dynamic, performance-driven culture, we can achieve greater results, maximize employee, manager and team performance and offer exciting development and career opportunities.

In fiscal year 2025, we transitioned from an annual performance review cycle to one that has managers and employees meeting for formal check-ins four times a year, focused on goals and expectations, feedback, coaching and career development.

As our focus extends beyond the performance of our employees to the performance of our Company as a whole, we have mechanisms in place to facilitate comprehensive upward feedback through robust cross-functional feedback tools and a cadence of regular pulse surveys that inform on how we can continue to strive for excellence in our work culture.

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We provide our employees with supplemental resources to achieve wellness such as access to our Employee Assistance Program, regular employee programming and subscriptions to Headspace, a smartphone application dedicated to meditation and mindfulness.

In fiscal year 2024, the Company established an Associate Relief Fund, which provides emergency assistance for events considered a disaster or hardship.

In addition, the Company maintains an Associate Relief Fund, which provides emergency assistance for events considered a disaster or hardship.

At Tapestry, we believe in encouraging and empowering our employees to take part in building a welcoming and inclusive community.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business