With more than 30 years of global financial and operational experience and over a decade of serving on Tapestry’s Board, Mr. Zeitlin will actively drive the company’s business performance with the objective of creating long-term sustainable growth. At the appropriate time, Mr. Zeitlin, with his Board colleagues, will lead a search for a future Chief Executive Officer.

Mr. Zeitlin commented: “On behalf of the Board, we thank Victor for the passion and commitment he has shown during his time with the Company. Early in his tenure, he was a critical part of Coach’s development outside of North America, first as President and CEO of Coach Japan and then assuming responsibility for the brand’s entire international organization. Over the past five years, as CEO, Victor was instrumental in the successful transformation of Coach and the establishment of Tapestry as New York’s first house of modern luxury lifestyle brands.”

Mr. Luis also commented: “I am grateful to and inspired by the more than 20 000 people who make up this incredible company. Together we have energized the Coach brand, while creating a unique portfolio with the acquisitions of Stuart Weitzman and Kate Spade. I am proud to have led the talented individuals at Tapestry and of the culture rooted in optimism, innovation and inclusivity that we’ve built. I am confident in the boundless potential of these teams and brands and very much look forward to following their future success.”

Tapestry is maintaining its Fiscal 2020 financial outlook and continues to expect to return approximately 700 million US dollars to shareholders through its dividend and repurchase programs.

Jide J. Zeitlin was elected to Tapestry’s Board of Directors in June 2006 and has served as the Chairman of the Board since November 2014. He spent the first 20 years of his career at Goldman Sachs, where he held a number of senior management positions, including as a member of Goldman Sachs’s Executive Office and serving as Global Chief Operating Officer of their investment banking businesses. Mr. Zeitlin serves on the board of Affiliated Managers Group, Inc., is Chairman Emeritus of Amherst College and is Chairman of the Nigeria Sovereign Investment Authority. He is, or has been, a member of numerous boards, including Milton Academy, the Harvard Business School Board of Dean's Advisors, Teach for America, Doris Duke Charitable Foundation, Montefiore Medical Center, Playwrights Horizons, Saint Ann’s School and Common Ground Community. Mr. Zeitlin holds an A.B. degree, magna cum laude, in Economics and English from Amherst College and an M.B.A. degree from Harvard University.