Tapestry owns a portfolio of luxury and premium fashion brands including Coach, Kate Spade and Stuart Weitzman, selling handbags, accessories and apparel through department stores, its own retail locations and e-commerce channels. Coach represents the largest and most established brand in the portfolio, built on accessible luxury positioning that offers premium quality and brand cachet at price points below the very top tier of luxury fashion houses. The company sells across a global footprint, with meaningful exposure to Chinese and broader Asian consumer spending on luxury and premium goods alongside its North American and European markets. Tapestry's results are sensitive to discretionary consumer spending trends, since handbags and fashion accessories are non-essential purchases that consumers can defer during economic uncertainty, along with shifting fashion trends and brand desirability among younger consumers.