Anna Bakst, who has been serving as the Chief Executive Officer and Brand President of Kate Spade, will be stepping down from her role by the end of this year, announced Tapestry, Inc. The company has already begun the search for a suitable replacement for Bakst, with Joanne Crevoiserat, currently serving as Tapestry’s Chief Financial Officer, stepping in as her temporary replacement. In her new position, Crevoiserat will have direct oversight of Kate Spade’s strategies and operations, working closely with the brand’s senior leadership team.
Assuming the role of CEO and president of Kate Spade in April 2018, Anna Bakst brought valuable experience from her previous positions as the group president of Michael Kors and as president of the shoe and accessory division at The Donna Karan Company.
Jide Zeitlin, the chairman and CEO of Tapestry, expressed his appreciation for Bakst’s dedication and enthusiasm during her tenure at Kate Spade. He affirmed that Tapestry is actively seeking a successor for Bakst, and that under Crevoiserat’s guidance, the current Kate Spade leadership team will continue to align with Nicola Glass’s creative vision for the brand.
Since being acquired by Tapestry in 2017, the Kate Spade brand has encountered challenges in areas such as sales, inventory management, and product design. Recent obstacles include trade disputes affecting imported apparel and jewelry from China, a key manufacturing hub for the brand. Kate Spade experienced a 16% drop in same-store sales in the first quarter, and Tapestry anticipates a significant decrease in sales for the current quarter.
Despite these setbacks, Kate Spade has been actively working to rejuvenate its brand through new product launches and store expansions. Tapestry remains optimistic about meeting its sales targets for the upcoming holiday season. More in-depth insights into the brand’s performance will be provided during the earnings call scheduled for February.
For more information on Kate Spade and Tapestry, visit their official websites: Kate Spade and Tapestry.
