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* Crevoiserat, who has been serving as interim ceo since July, is the first woman to lead the fashion house.
The next chapter of Tapestry Inc. begins with Joanne Crevoiserat.
The fashion house - parent company to the Coach, Kate Spade and Stuart Weitzman brands - revealed its plans Tuesday morning for Crevoiserat, who had been serving as head of the company on an interim basis since July, to take on the role of chief executive officer permanently. She is also expected to join Tapestry's board.
"Joanne is the best candidate," Susan Kropf, Tapestry's chair of the board, said in a statement. She cited Crevoiserat's extensive retail history and added, "Joanne has a passion for our brands and our company, deep financial and operational expertise and a belief in the power of our teams."
Before joining Tapestry in August 2019 as chief financial officer, Crevoiserat held senior leadership roles at Abercrombie & Fitch, Kohl's, Walmart and Filene's.
In her new role, Crevoiserat is joining a small, but growing, list of female ceo's at a major fashion house. Moreover, it marks the end to Tapestry's c-suite shuffle. The news seemed to please Wall Street, at least enough to push the stock up nearly 3 percent during Tuesday's trading session. The group's shares closed up 0.71 percent at $21.42.
"We continue to view [Tapestry] as one of the better-value names in the space and, based on our recent incoming call volume, we believe investors are beginning to take notice," Ike Boruchow, senior retail analyst at Wells Fargo, wrote in a note earlier this month.
Tapestry's leadership team has been in flux since September 2019, a month after Crevoiserat joined, when former ceo Victor Luis was pushed out. Luis was immediately succeeded by Tapestry chairman Jide Zeitlin, who was appointed to serve as interim ceo. Last March, Zeitlin agreed to remain in the corner office for at least three years.
But four months later, Zeitlin himself resigned after a...