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Recently, Tapestry, the parent company of Coach, released its fourth quarter performance report for fiscal year 2024 ending June 29. The report shows that in the fourth quarter, the group's net sales were US$1.59 billion, compared with US$1.62 billion in the same period last year; operating profit was US$235 million, with an operating profit margin of 14.8%; net profit was US$159 million, and diluted net earnings per share were US$0.68.

By brand, core brand Coach had sales of approximately US$1.3 billion, flat year-on-year; Kate Spade fell 6% to US$290 million; and Stuart Weitzman's sales plummeted 19% to US$50.6 million.

By region, sales in the North American market fell 1% to US$1 billion, the Chinese market fell 13% to US$230 million, the Japanese market fell 9% to US$130 million, and the European market soared 26% to US$92.3 million.

Coach store. (Photo provided by CNSPHOTO)

Regarding the decline in sales in the Chinese market, industry insiders believe that the rise of local competing brands, changes in marketing methods, and the development trend of fashion culture will all affect a brand's specific performance here.