In the company's most recent quarter, sales at Coach rose 7% to $1.144 billion. Tapestry also raised its full-year outlook. "We've created a dynamic, data-driven consumer engagement platform that has fueled our success, fostering innovation, agility, and strong financial results," stated Joanne Crevoiserat, CEO of Tapestry. "From this position of strength, we are ready to leverage our competitive advantages across a broader portfolio of brands." Industry experts said the deal would help both companies better compete against their European rivals, particularly LVMH, whose 75 brands include Tiffany, Fendi, Louis Vuitton and Dior.