Coach Parent Tapestry Forecasts Weak 2024 on Soft U.S. Demand

Luxury goods company Tapestry, the parent company of Coach, has provided a weak forecast for its fiscal year 2024 due to soft demand in the U.S., particularly among lower-income consumers. The company's accessible luxury segment, which offers products priced between $300 and $800, has been affected by the increased cost of living and ongoing inflation, causing consumers to be more cautious with their spending. While Tapestry reported a 5% growth in Coach sales over the quarter, it highlighted a recovery in demand from China as a potential positive factor for the upcoming fiscal year.