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US’ Coach drives Tapestry’s FY25 gains, Kate Spade declines

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US’ Coach drives Tapestry’s FY25 gains, Kate Spade declines



American fashion holding company Tapestry, Inc, owner of Coach, Kate Spade, and Stuart Weitzman, has reported fiscal 2025 (FY25) revenue of $7.01 billion, up 5 per cent from the prior year on both reported and constant currency bases, with double-digit growth in Europe (+28 per cent) and Greater China (+5 per cent), and 10 per cent constant currency growth at Coach.

Revenues in the fourth quarter (Q4), ended June 28, rose 8 per cent to $1.72 billion, with gains across North America (+8 per cent), Europe (+10 per cent), and APAC (+6 per cent). Gross margin expanded 210 basis points for the year and 140 basis points in Q4, driven by operational efficiencies.

Coach delivered $5.6 billion in annual revenue (+10 per cent constant currency), while Kate Spade fell 10 per cent to $1.20 billion and Stuart Weitzman dropped 11 per cent to $215 million. Kate Spade recorded $855 million in impairment charges due to reduced cash flow expectations and anticipated tariff impacts, the company said in a media release.

Tapestry, Inc has posted FY25 revenue of $7.01 billion, up 5 per cent, led by growth at Coach and in Europe and Greater China.
Q4 sales rose 8 per cent, with gross margin gains.
The company returned $2.3 billion to shareholders and will raise its dividend 14 per cent in FY26.
EPS is seen at $5.30–$5.45, despite a $160 million tariff hit.
Adjusted free cash flow is forecast at $1.3 billion.

The company added 6.8 million new customers during the year—60 per cent from Gen Z and Millennials—while direct-to-consumer revenue grew 5 per cent annually, supported by mid-teens digital sales growth. Handbag sales at Coach saw mid-teens average unit retail (AUR) gains in Q4 and low double-digit gains for the year.

On a non-GAAP basis, FY25 operating income reached $1.40 billion (20 per cent margin) versus $1.25 billion last year, and EPS rose to $5.10 from $4.29. GAAP net income was $183 million ($0.82 EPS), down from $816 million, reflecting impairment, organisational efficiency, and transaction-related charges. Adjusted free cash flow was $1.35 billion.

Tapestry returned $2.3 billion to shareholders in FY25—$300 million in dividends and $2 billion through an accelerated share repurchase (ASR) programme at an expected $78 average price. For FY26, the board has approved a 14 per cent dividend increase to $1.60 per share annually and authorised $800 million in additional buybacks.

Joanne Crevoiserat, chief executive officer of Tapestry, Inc, commented: “Fiscal 2025 was a breakout year for Tapestry as our systemic approach to brand-building is capturing a new generation of consumers around the world. Our strong growth, capped by our fourth quarter outperformance, reinforces that our strategies are working. Importantly, we achieved bold targets we set three years ago in a dynamic landscape, delivering over $5 in adjusted earnings per share and returning more than $3 billion cumulatively to shareholders. Looking ahead, the creativity, craftsmanship, and compelling value we offer at scale—combined with the agility of our operating model—position us to drive compounding long-term growth and shareholder value.”

For FY26, Tapestry forecasts revenue approaching $7.2 billion, with mid-single-digit pro-forma growth excluding Stuart Weitzman, and EPS of $5.30–$5.45, despite a projected $160 million hit from incremental tariffs and duties (230 basis points of margin impact). Adjusted free cash flow is expected at about $1.3 billion.

Fibre2Fashion News Desk (KD)



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Bangladesh’s RMG exports up 4.7% in Q1 FY26, but Sept shipments dip

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Bangladesh’s RMG exports up 4.7% in Q1 FY26, but Sept shipments dip



Woven garment exports slightly outpaced knitted garment exports in terms of growth. Knitwear exports (Chapter **) rose by *.** per cent to $*.*** billion, compared to $*.*** billion in the same period of fiscal ******. Woven apparel exports (Chapter **) increased by *.** per cent to $*.*** billion, up from $*.*** billion in July–September ****, EPB data showed.

Home textile exports (Chapter **, excluding ******) also grew, rising by *.** per cent to $***.** million, compared to $***.** million in the same period of the previous fiscal. Collectively, exports of woven and knitted apparel, clothing accessories, and home textiles accounted for **.** per cent of Bangladesh’s total exports, which stood at $**.*** billion during the period. Higher demand for diversified and value-added textile products supported this growth.



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Dutch manufacturing flat in August, up 1.7% from July: CBS

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Dutch manufacturing flat in August, up 1.7% from July: CBS



In August 2025, the calendar-adjusted output of the Dutch manufacturing sector was at the same level as in August 2024, according to Statistics Netherlands (CBS). Output was down in slightly more than half of the underlying sectors.

Slightly more than half of the various industrial sectors produced less than they did one year previously. Of the eight largest industrial sectors, output rose the most sharply in the repair and installation of machinery, while it fell the most sharply in the transport equipment industry.

A more accurate picture of changes in short-term output is obtained when the figures are adjusted for seasonal effects and the working-day pattern. After adjustment, manufacturing output rose by 1.7 per cent in August relative to July, CBS said in a press release.

In August 2025, Dutch manufacturing output remained unchanged year-on-year, although output declined in over half of the industrial sectors.
After seasonal adjustment, output rose by 1.7 per cent compared to July.
The strongest growth was seen in the repair and installation of machinery, while transport equipment recorded the sharpest decline.

After adjusting for seasonal and working-day effects, manufacturing output often fluctuates significantly. In the spring of 2020, output declined rapidly, reaching a low point in May 2020. This was followed by an upward trend until May 2022. The trend has reversed since then.

Producer confidence was less negative in September than it was in August. Manufacturers were more positive regarding output for the next three months, in particular.

Germany is an important market for the Dutch manufacturing sector. In September, German manufacturers were more negative than they were in August, as reported by Eurostat. In August, the calendar-adjusted output of the German manufacturing sector was down by 5.1 per cent, year on year. Relative to July, output fell by 5.5 per cent, as reported by Destatis.

Fibre2Fashion News Desk (RR)



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ADB commits $82.5 mn to drive Cambodia’s energy transition

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ADB commits .5 mn to drive Cambodia’s energy transition



The Asian Development Bank (ADB) has approved the second phase of Cambodia’s Energy Transition Sector Development Programme (ETSDP) for $82.5 million. Cofinanced by the ASEAN Infrastructure Fund, the Asia–Pacific Climate Finance Fund, the Green Climate Fund, and the United Kingdom through the ASEAN Catalytic Green Finance Facility, the programme aims to provide comprehensive support for the country’s clean energy transition by combining policy reforms with investment projects in new technologies.  

The first subprogramme, approved in 2022, introduced pivotal policy measures that guided the energy sector toward a more efficient and renewable development pathway. Building on this foundation, subprogramme 2 advances regulatory reforms to strengthen the energy efficiency framework and enhance policy clarity to attract private sector investment. A key milestone under the subprogramme is the introduction of the country’s first set of regulations establishing Minimum Energy Performance Standards for electrical appliances, starting with air conditioners, which account for the largest share of energy consumption in the residential sector, ADB said on its website.

Subprogramme 2 will also establish an Energy Efficiency Revolving Fund aimed at facilitating access to finance for local small and medium-sized enterprises (SMEs) to invest in energy-efficient technologies. The revolving fund will be set up through a financial intermediation structure to enable local banks to extend loans to SMEs for energy efficiency investments. By mobilizing domestic financial institutions and supporting SMEs, the revolving fund is expected to accelerate the nationwide scale-up of energy efficiency investments.

Asian Development Bank (ADB) has approved $82.5 million for Phase 2 of Cambodia’s Energy Transition Sector Development Programme to support clean energy through policy reforms and investments.
The programme introduces energy efficiency standards, establishes a revolving fund for SME financing, and also aims to attract private investment.

“ADB is honoured to support Cambodia in its ambitious and transformative journey in the energy sector. Through a comprehensive reform package, combining policy support with strategic investments, the Energy Transition Sector Development Programme will support turning the government’s ambitious vision into reality,” said ADB acting country director for Cambodia Anthony Gill. “This includes the goal of achieving 70 per cent renewable energy in the power mix by 2030, along with a strong commitment to advancing energy efficiency, which is essential to ensure that Cambodia’s growth remains both sustainable and affordable.”

Subprogramme 2 will be followed by a third phase in 2027, which will further deepen reforms by expanding the energy efficiency regulatory framework and introducing technical standards for renewable energy, buildings, and industry to further attract private sector investment.

Fibre2Fashion News Desk (RR)



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