Joanne Crevoiserat might have had to turn to Plan B for Tapestry Inc. after the $8.5 billion acquisition of Capri Holdings fell through — but the chief executive officer hasn’t lost her ambition.
Crevoiserat is looking at the global handbag opportunity anew, defining the total addressable market not by how many people bought bags last year, but how many people could have.
“That is giving us an opportunity to expand our brand reach across geographies and generations,” Crevoiserat told WWD in an interview.
The new target audience is mammoth — Tapestry puts it at 1.9 billion people in markets where the Coach and Kate Spade brands currently hold a collective market share of 0.6 percent.
By the company’s way of thinking, that new take on the consumer unlocks an opportunity to grow by 1