TPR · CIK 1116132
What Tapestry, Inc. told the SEC could break it.
What Tapestry flagged clusters on its offshore manufacturing geography: Coach and Kate Spade products are made primarily in Vietnam, Cambodia, the Philippines, India, and mainland China (with Stuart Weitzman largely in Spain), concentrating production in Southeast Asia. The dominant risk tied to that footprint is trade policy — new or increased U.S. tariffs on those countries, or retaliatory measures, could limit its ability to produce there and force it to absorb costs or raise prices, with a material impact on revenue and profitability. Its Stuart Weitzman brand is more vendor-concentrated, with a single Spain vendor (a factory Tapestry half-owns) providing about 11% of that brand's inventory purchases.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Regulatory & policy
- tariffs / trade restrictions on manufacturing countrieshigh
New/increased U.S. tariffs (and retaliatory measures) on the SE Asian countries where Tapestry's manufacturers are located could limit production, force cost absorption or price increases, and materially impact revenue and profitability.
“International trade disputes as well as changes and uncertainty regarding international trade and trade policies, including the imposition or threat of the imposition of new or increased tariffs or other trade restrictions on goods from the countries where our manufacturers are located, could result in a materially adverse impact to our business. ... Increased tariffs or other trade restrictions against these countries, as well as any tariffs or other trade restrictions implemented by these countries in retaliation, could limit our ability to manufacture products in countries that have the labor and technical expertise needed.”
Geographic concentration
- offshore manufacturing (Vietnam, Cambodia, Philippines, India, China)medium
Coach and Kate Spade products are manufactured primarily in Vietnam, Cambodia, the Philippines, India and mainland China (Stuart Weitzman in Spain), concentrating production in Southeast Asia and exposing it to regional/trade disruption.
“During fiscal 2025, the primary manufacturers of Coach products were located in Vietnam, Cambodia, the Philippines and India, and the primary manufacturers of Kate Spade products were located in Vietnam, Cambodia, mainland China, and the Philippines.”
SEC filing →As of 2025
Supplier concentration
- Stuart Weitzman Spain factory (~11% of brand purchases, 50%-owned)low
Stuart Weitzman is more vendor-concentrated than Coach/Kate Spade: one Spain vendor provided ~11% of the brand's inventory purchases, and Tapestry owns ~50% of a Spain factory producing SW inventory.
“Stuart Weitzman products were primarily manufactured in Spain. During fiscal 2025, Stuart Weitzman had one vendor, located in Spain, who individually provided approximately 11% of the brand's total inventory purchases.”
SEC filing →As of 2025
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
“Jimmy Choo 17 % 17 % 17 % Coach 15 % 14 % 15 % Montblanc 15 % 15 % 17 % GUESS 12 % 12 % 12 % Donna Karan/DKNY 7 % 7 % 7 % Lacoste 7 % 6 % — % Ferragamo 4 % 5 % 5 %”
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