Tapestry’s Good Run Derailed by Tariffs, Kate Spade Writedown

Tapestry Inc. has been one of the stars of the retail world, but a mix of tariff costs and weakness at its Kate Spade brand sent investors fleeing on Thursday.

Shares of Tapestry fell as much as 18%, the biggest intraday drop since 2020. The stock had gained about 74% this year through Wednesday’s close.

The company’s Coach brand is still doing well, but US President Donald Trump’s tariffs weighed on a profit outlook that trailed estimates. Meanwhile, the lackluster performance of Kate Spade led Tapestry to write down its value by $855 million.

Tapestry said it’s expecting earnings per ...