Tapestry, Inc. (TPR)

$TPR
Target Raised by Deutsche Bank Buy USD 42 » USD 45
Target Raised by Barclays Overweight USD 39 » USD 44
Maintains KeyBanc Overweight USD 38 » USD 41
Maintains Needham & Company LLC Buy USD 37 » USD 41
Target Raised by Wells Fargo Overweight USD 38 » USD 45

Good day for buying.
Luxury consumers shopped online more than ever in the past year, forced by coronavirus-related restrictions to stay away from city-center stores and airport duty-free concessions.
e-commerce sales have skyrocketed, with many if not most brands reporting increases in online revenue.
Online sales at Gucci's parent company Kering, for example, more than doubled in the third quarter, the last period it reported on. They rose by two-thirds at German premium-apparel company Hugo Boss AG in the same period, and increased by triple figures at Swiss group Cie. Financière Richemont SA in the second half of its fiscal year. As a whole, online luxury sales almost doubled in 2020 to account for 23% of the market, Bain & Company said in a recent report with Italian trade association Altagamma.
Online channels will account for a third of total luxury sales by 2025, from 12% in 2019.
"The pandemic has fast-forwarded changes that were already happening in the online world," said Francesca DiPasquantonio, Deutsche Bank's head of global luxury research. "Companies that were already better positioned and had invested [in the online channel] since a long way back, they've found themselves in the best place to benefit from this shift. Companies that have neglected this channel find it hard to catch up," she said.
The global luxury goods market is expected to grow with a CAGR of 10% from 2019 to 2024.
Earnings Date: 2/25/21
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