Now, Crevoiserat has some good news. Tapestry is the parent to Coach and Kate Spade, and Stuart Weitzman until it sold off the brand last year. The standout in its most recent earnings was the Coach brand, which saw sales hit $1.7 billion in its most recent quarter. That’s outpacing competitors—Michael Kors sales fell 5.6% in their last quarter. LVMH sales of fashion and leather goods fell 2%.

My colleague Phil Wahba outlines all of this in a new story for Fortune. Coach has become Gen Z’s favorite affordable luxury handbag brand. (And sales are up 55% in China, which helps with these results too.) Coach is estimated to have 800,000 new Gen Z customers compared to last year. UBS credits Tapestry as leading among retailers in use of AI for customer insights. Coach’s billion-dollar marketing spend helps too.

Coach now represents a whopping 89% of Tapestry’s sales—making Tapestry nearly a one-brand company. While Coach has been on the rise, Kate Spade has struggled. Read Phil’s full story for more on how Coach conquered Gen Z—and how it outpaced the other brands in the Tapestry portfolio.

Emma Hinchliffe
emma.hinchliffe@fortune.com

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ALSO IN THE HEADLINES

GM is cutting jobs to make room for AI-ready workers. The automaker led by CEO Mary Barra (No. 1 on last year's Fortune Most Powerful Women list) let go of 10% of its IT department, or about 600 employees. It's hiring for workers with skills like AI-native development, agent and model development, prompt engineering, and new AI workflows. 

#MeToo 'got killed very quickly' in Hollywood. That's what Cate Blanchett said over the weekend at the Cannes Film Festival. Gender disparities haven't improved much either—the actress says on most of her film sets, she sees 10 women and 75 men every day. 

Justice Ketanji Brown Jackson hints at discord on the Supreme Court. "It’s incumbent upon us to do things, to act in ways that shore up public confidence," she said on Monday. Decisions that appear political and a reliance on quick emergency orders undermine public confidence, she said. 

What will happen to free childcare in New Mexico? Gov. Michelle Lujan Grisham made the state the first to introduce universal childcare. But her time as governor is coming to an end—and the program's future is not guaranteed afterwards. 

ON MY RADAR

DEI isn't dead. But it's not really alive either Bloomberg

The tween whisperer rebranding Claire's for the YouTube generation WSJ

My over-40 friends are obsessed with wrinkles. Let's end the madness WSJ

PARTING WORDS

"Nothing really happened the way that I imagined it would."

— Mindy Kaling on relationships, motherhood, and her career on a new Bustle cover