The last year was a tricky one for Tapestry Inc., which dropped its $8.5 billion deal to buy Michael Kors parent Capri Holdings, sold off Stuart Weitzman and continued to work toward a Kate Spade turnaround.
But chief executive officer Joanne Crevoiserat managed to navigate it well, exceeding her own personal financial targets as the Coach brand went from strength to strength.
Crevoiserat’s total compensation package grew 12.4 percent to $17.3 million in fiscal 2025, according to the company’s proxy statement filed with the Securities and Exchange Commission.
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As is typical for fashion CEOs, the majority of compensation came from stock and option awards valued at $10.6 million — although that payout depends on the company’s stock performance down the line, tying the CEO’s purse to the fortunes of investors.
She also received a salary of $1.4 million and incentive pay of $5.3 million.
That incentive pay is also intended to tie Crevoiserat’s take-home to the company’s financials.
Tapestry’s incentive plan is based on adjusted net sales, gross margins and operating income for the year. The idea, according to the proxy, is to align “with the company’s strategic objective to drive long-term profitability, making necessary investments to support the health of its brands, while also drawing focus to the agility and discipline required to increase gross margin.”
The company has performed well and Crevoiserat received 95 percent of her total possible incentive pay of $5.6 million.
In a letter to shareholders, chair Anne Gates and Crevoiserat described 2025 as “a breakout year.”
“We’ve built a foundation that’s deepening emotional connections with consumers and delivering the magic of our brands to more consumers around the world,” they said. “While economic headwinds and shifting consumer behaviors — especially among Gen Z — continue to influence the retail landscape, we’ve remained agile yet steadfast in our approach. Our ability to act with both discipline and agility has proven to be more than just strengths — they are enduring competitive advantages that have allowed us to not only weather the environment, but to win in it.”
This month, Tapestry laid out the strategic plan that will guide it for the next three years, focusing pushing Coach toward $10 billion in sales and opening the customer aperture, targeting not just women who bought bags last year, but also women who could have.