Form 8-K · Current Report · Filed 2024-11-22
Tapestry, Inc. Announces $2.0 Billion Accelerated Share Repurchase Program
Tapestry, Inc. announced on November 21, 2024, an accelerated share repurchase program to repurchase up to $2.0 billion of its common stock, funded through a new $750.0 million term loan and borrowings from its revolving credit facility and cash on hand. The repurchase is part of the company's recently expanded $2.8 billion share repurchase authorization. The agreements with Bank of America, N.A. and Morgan Stanley & Co. LLC involve an initial delivery of 28,363,766 shares of common stock and are expected to settle no later than the first quarter of fiscal 2026. A press release was issued on November 22, 2024, to disclose these agreements under Regulation FD.
- Filer
- Tapestry Inc. TPR · NYSE
- Filed
- Accession
- 0001140361-24-047569
- CIK
- 0001116132
- Signal
- Medium impactConsumer Cyclical
- Source
- Official filing on sec.gov ↗
Items reported
Entry into a Material Definitive Agreement
Creation of a Direct Financial Obligation
Regulation FD Disclosure
Financial Statements and Exhibits
Market reaction
Close before filing
$56.41
Next session
+7.9%
Since filing
+170.1%
Latest close
$152.37
What happened, not what will happen — closing prices around the filing date.
Precedent
Previous filings from TPR reporting the same item, with the next session's move:
Exhibits (3)
About Tapestry Inc.
Tapestry Inc., a prominent holding company in the fashion industry, manages luxury brands known for their upscale accessories, footwear, and apparel. Its portfolio includes celebrated names such as Coach, Kate Spade, and Stuart Weitzman, each with their unique style and market appeal. Tapestry's primary function is to oversee the growth and strategic direction of these brands, facilitating their global reach and market penetration. By focusing on design innovation and customer engagement, Tapestry maintains its influence in the luxury goods sector, appealing to a wide demographic interested in fashion-forward and high-quality products. The company places a strong emphasis on brand differentiation and enhancing customer experiences across digital and physical retail platforms. With its headquarters in New York City, Tapestry Inc. is a significant player in the retail industry, showcasing the value and trends of luxury consumer goods while striving for sustainability and social responsibility as part of its corporate ethos.
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