泰佩思琦（纽约证券交易所代码：TPR）伯恩斯坦SDC会议要点

Aneesha Sherman+1 917 344 8457aneesha.sherman@bernsteinsg.comJessica Tian+1 917 344 8413jessica.tian@bernsteinsg.comJed Hodulik+1 917 344 8594jed.hodulik@bernsteinsg.com Tapestry (NYSE: TPR) Presenter: Joanne Crevoiserat, Chief Executive Officer Thursday, May 29 at 1:30 PM - 2:20 PM ET Takeaway:Tapestry today reiterated their commitment to four pillars: 1) understanding the consumer, especially young customers aroundthe globe, 2) sharpening their brand proposition (both the intangible emotional value and tangible functional value), 3) leveraging digital anddata capabilities (90% DTC business), and 4) staying up to date on rapidly shifting consumer trends. Looking forward, management’s currentfocus is on growing their organic business (Coach and Kate Spade brands) and returning cash to shareholders through dividends and sharerepurchases, and longer-term are open to M&A opportunities to extend Tapestry’s playbook to other brands. Highlights •Targeting Gen Z and Millennial consumers has been a large focus of Coach’s turnaround over the last 5 years,given theircompelling LTV, as the demographic is expected to account for 70% of consumption by 2030. The CEO disagreed with the idea that GenZ or Millennial consumers are fickle, noting that they are actually more loyal shoppers at Coach, with higher than brand average (and stillgrowing) retention rates. To better appeal to younger consumers, Tapestry has tripled their marketing investments, from 3% of sales in2019 to 10% of sales, which has created a flywheel effect of increasing brand heat, higher pricing power, and greater profitability toreinvest back into the brand. •Tapestry has grown AUR in 18 of the last 20 quarters (>50% AUR growth since 2019).AURs have grown consistently and acrossall levels of price. In order to determine where they can push price, Tapestry depends on a number of inputs, including consumer insightsand feedback as well as predictive modeling. However, ultimately, the team is committed to driving innovations that consumers value(and cutting out what they don’t, e.g. cutting the assortment by 50% coming out of the pandemic), which has driven higher willingnessto pay and full-price sell-through, with higher AURs being the by-product — as TPR CEO stated “pricing is an outcome decided by theconsumer.” Further, European high luxury brands continue to raise prices, which has created more white space in the market and furtherenhances Coach or Kate Spade’s value proposition. •Medium term, the firm plans on reinvesting in its brands, driving powerful stories to attract new consumers, and returning capitalto shareholders through dividends, increasing dividends, and share buybacks. The current strategy will be managed with the long termin mind, remaining agile to keep up with consumer trends and maintain healthy brands. Longer-term, Tapestry remains open to M&Aopportunities to extend Tapestry’s playbook to other brands. Presentation attendance:Very high BERNSTEIN TICKER TABLE I. REQUIRED DISCLOSURES References to "Bernstein" or the “Firm” in these disclosures relate to the following entities: Bernstein Institutional Services LLC(April 1, 2024 onwards), Sanford C. Bernstein & Co., LLC (pre April 1, 2024), Bernstein Autonomous LLP, BSG France S.A. (April 1,2024 onwards), Sanford C. Bernstein (Hong Kong) Limited盛博香港有限公司,Sanford C. Bernstein (Canada) Limited, SanfordC. Bernstein (India) Private Limited (SEBI registration no. INH000006378), Sanford C. Bernstein (Singapore) Private Limited andSanford C. Bernstein Japan KK(サンフォード・C・バーンスタイン株式会社). On April 1, 2024, Société Générale (SG) and AllianceBernstein, L.P. (AB) completed a transaction that created a new joint venturein which their respective cash equities and research businesses operate in a new business combination. Although their respectiveownership percentages in the joint venture differ between North America and the rest of the world, the creation, production andpublication of research is handled collaboratively on a global basis across the two research brands, “Bernstein” and “Autonomous”.Unless specifically noted otherwise, for purposes of these disclosures, references to Bernstein’s “affiliates” relate to both SG andAB and their respective affiliates. VALUATION METHODOLOGY Tapestry Inc We set a $100 target price, using a P/E multiple of 17x against our FY2026 EPS estimate of $5.84. RISKS Tapestry Inc Downside risks: •Slowdown in consumer discretionary spending•Significant increase in leather and metal input costs, beyond what can be offset through AUR•Management changes RATINGS DEFINITIONS, BENCHMARKS AND DISTRIBUTION Bernstein brand The Bernstein brand rates stocks based on forecasts of relative performance for the next 12 months versus the S&P 500 forstocks listed on the U.S. and Canadian exchanges, versus the Bloomberg Europe Developed Markets Large and Mid Cap PriceReturn Index (EDM) for stocks listed on the European exchanges and emerging markets exchanges outside of