Tapestry’s chief executive is leaving the company he sought to transform from a bag brand into a luxury conglomerate, after its shares lost more than half their value within a year. Just three weeks after its latest earnings disappointed Wall Street, the New York-listed company behind labels Coach and Kate Spade is on Wednesday expected to announce that Victor Luis is to leave after five years at the helm. Mr Luis joined Coach in 2006 and, after his promotion to chief executive in 2014, led a push to create a US rival to European grand luxury houses such as LVMH, Kering and Richemont.
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