Tapestry is a very successful company. The industry that this retailer competes in is the “accessory market” (Beulah, 2018, p. 1). In terms of sales, the size of this industry last year was “4.40 billion dollars” (Statista, 2018, para. 1). A major retailer that dominates this field is “Signet Jewelers” (National Retail Federation, 2017, para. 7) There are many factors that impact this industry. From working in retail myself, I know new technology plays a big role in an upward trend of sales for companies and in today’s culture. For example, I work at Express. Not only is my store known for its clothing, but also its accessories. Thus, it has some presence within the accessory market. My company recently invested in small registers that are …show more content…
This is when a business has many physical locations under them (Berman & Evans, 2013). The range of merchandise sold under its three brands include footwear, purses, wallets, garments, and jewelry (Tapestry, n.d.). The pricing strategy for its brands is premium pricing. For example, my grandmother owns many Coach bags because of the quality. She spends about five hundred dollars a bag because she knows the bags will last. This strategy uses more expensive pricing to go hand in hand with the merchandise’s value (Intelligence Node, 2016). Since the retailer’s position in the market is second place, it is one of the leading businesses in its market (Nation Retail Federation, 2017). For Tapestry to stay successful, the company’s sales and profit trends are crucial. According to Market Watch, “The company made 5.8 billion dollars in sales. The sales growth in 2014 was -5.30% from the previous year, -12.79% in 2015, 7.16% growth in 2016, and -0.08 % in 2017” (2018, para. 1). It is mostly trending down with only one year of increase (Market Watch, 2018). After deductions, the company had a decrease in profit in 2014 and 2015. However, the company had an increase in profit over the next two