Tapestry, the parent company of luxury brands Coach, Kate Spade, and Stuart Weitzman, named Joanne Crevoiserat chief financial officer, effective August 1.
Crevoiserat comes to Tapestry from Abercrombie & Fitch, where she was executive vice president and chief operating officer since February 2017.
Prior to Abercrombie & Fitch, she held a number of senior management roles at Kohl’s including executive vice president of finance and executive vice president of merchandise planning and allocation. Prior to Kohl’s, Crevoiserat held senior finance positions with Walmart and May Department Stores, including finance chief of the Filene’s, Foley’s, and Famous-Barr Brands.
“As we continue to implement our portfolio strategy, I am confident that Joanne is the right leader and strategic business partner to our teams as we drive Tapestry’s next chapter of growth as a global house of brands,” Tapestry chief executive Victor Luis said.
Crevoiserat takes over for interim CFO Andrea Shaw Resnick who filled the role when former CFO Kevin Wills left the company in February to join travel center Pilot Flying J as finance chief. Wills joined Coach in March 2017, and helped oversee the company’s rebranding when Coach bought Kate Spade for $2.4 billion In May 2017.
Resnick will stay on as global head of investor relations and corporate communications.
Tapestry reported net sales of $1.33 billion for the most recent quarter, an increase of 1% from the year before. The company reported net income of $117 million, down from $140 million the year before. In May, the company announced a $1 billion share repurchase plan, its first since 2014.
Tapestry’s share price was down 10.2% year-to-date, while Abercrombie & Fitch shares have fallen 21.5%, compared with a 3.5% increase in the SPDR S&P Retail ETF and a 13.5% increase in the Dow Jones Industrial Average.
Tapestry stock was up 0.66% in midday trading Wednesday.