Coach and Kate Spade owner Tapestry is seeing an uptick in consumers’ demand for bags, clothing and wedding dresses – signs that consumers are priming their wardrobes to reengage in the physical world in the months ahead.
“We are starting to see where people have put off weddings for over a year — some of those life events — people are coming out and engaging in the real world again,” said Tapestry Chief Executive Joanne Crevoiserat.
Tapestry’s Stuart Weitzman brand, in response, is restocking bridal merchandise to meet the demand of consumers that are looking for dressier heels and clutch bags they can wear to events such as showers and weddings.
“It’s all about balance,” Crevoiserat told CNBC. “We’re also introducing newness in casual, as well. We are seeing positive signs and encouraging signs of a recovery as the vaccination efforts progress.”
Demand and interest in other items such as bags is also on the rise as vaccinated consumers consider returning back to the office. This is prompting Coach to focus on marketing back-to-work bags that are big enough to hold laptops, tablets, planners and other office accessories, CNBC reported.
“Particularly in North America, as the consumer goes back, we see two opportunities,” said Todd Kahn, Coach’s newly-appointed president. “One is the bag that I need for work, which I haven’t replaced in maybe a year and a half, and then that fun bag to go out with.”
Tapestry’s Q3 sales topped analysts’ expectations as digital sales and appetite for luxury products soared in China. The company’s sales in North America are also reportedly back to pre-pandemic levels.