Tapestry’s $8.5 billion merger with Capri was just scrapped. Here’s what that means for the CIO

Fortune11-21 01:20

Yang Lu’s initial interest in technology began when she emigrated to the U.S. from China at the age of 12 and didn’t speak a single word of English. “Technology was a big equalizer for me,” she says. ...

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Here’s what that means for the CIO","media":"Fortune","content":"<div>\n<p>Yang Lu’s initial interest in technology began when she emigrated to the U.S. from China at the age of 12 and didn’t speak a single word of English. “Technology was a big equalizer for me,” she says. ...</p>\n\n<a href=\"https://finance.yahoo.com/news/tapestry-8-5-billion-merger-172019648.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tapestry’s $8.5 billion merger with Capri was just scrapped. 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Here’s what that means for the CIO\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-21 01:20 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/tapestry-8-5-billion-merger-172019648.html><strong>Fortune</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Yang Lu’s initial interest in technology began when she emigrated to the U.S. from China at the age of 12 and didn’t speak a single word of English. “Technology was a big equalizer for me,” she says. ...</p>\n\n<a href=\"https://finance.yahoo.com/news/tapestry-8-5-billion-merger-172019648.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU2592432038.USD","symbol_name":"WELLINGTON MULTI-ASSET HIGH INCOME \"A\" (USD) ACC","start_time":0,"source_url":"https://finance.yahoo.com/news/tapestry-8-5-billion-merger-172019648.html","article_id":"2485124373","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/0fgsab7g69S0eL_r5SHmEw--~B/aD0xMzY2O3c9MjA0ODthcHBpZD15dGFjaHlvbg--/https://media.zenfs.com/en/fortune_175/b630b7c9bd37f998f4853c93f3c0873e"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2485124373","pubTimestamp":1732123219,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Yang Lu’s initial interest in technology began when she emigrated to the U.S. from China at the age of 12 and didn’t speak a single word of English. “Technology was a big equalizer for me,” she says. “When I walked into a computer science and programming course in high school, nobody knew the language.” It gave Lu an opportunity to learn something new along with her peers.Lu, who ascended to the role of CIO in September, says the advantage of this structure is that Tapestry is able to test out technology solutions for one brand and if they like it, roll it out to the rest of the portfolio. And the company is okay with occasional failures. “My mantra is iteration is the new perfection,” says Lu.“We’ve always had multiple paths and how we can enable our brands to grow,” says Lu, adding Tapestry is confident in its business and is “thrilled that the Street is just as confident.” Tapestry's shares rose 9% on Thursday after the deal died.Another tool is called “Tell Rexy,” named after the d","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU2592432038.USD":"WELLINGTON MULTI-ASSET HIGH INCOME \"A\" (USD) ACC","CIO":"City Office REIT Inc","LU0234572021.USD":"高盛美国核心股票组合Acc","LU0820562030.AUD":"ALLIANZ INCOME AND GROWTH \"AMH2\" (AUDHDG) H2 INC","LU0096362180.USD":"CT (LUX) I GLOBAL FOCUS \"DU\" (USD)","LU2237438978.USD":"Amundi Funds US Pioneer A2 (C) USD","LU2756315664.SGD":"ALLIANZ INCOME AND GROWTH \"AMI\" (SGDHDG) INC","IE00BZ1G4Q59.USD":"LEGG MASON CLEARBRIDGE US EQUITY SUSTAINABILITY LEADER \"A\"(USD) INC (A)","LU0345770308.USD":"NINETY ONE GSF GLOBAL STRATEGIC EQUITY \"A\" (USD) ACC","LU0477156953.USD":"HARRIS ASSOCIATES US VALUE EQUITY \"RE\" (USD) ACC","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","IE00BK4W5M84.HKD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (HKD) ACC","LU0466842654.USD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"A\" (USD) ACC","LU1066053197.SGD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM3\" (SGDHDG) INC","LU0320765059.SGD":"FTIF - Franklin US Opportunities A Acc SGD","LU1267930573.SGD":"TEMPLETON GLOBAL \"AA\" (SGD) ACC A","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","LU0345769128.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) ACC","LU0225283273.USD":"SCHRODER ISF GLOBAL EQUITY ALPHA \"A\" (USD) ACC","LU0648001328.SGD":"Natixis Harris Associates US Equity RA SGD","SGXZ31699556.SGD":"UGDP UNITED GLOBAL QUALITY GROWTH \"C\" (SGDHDG) ACC","LU1244550221.USD":"FRANKLIN GLOBAL MULTI-ASSET  INCOME \"A\" (USDHEDGED) INC (M)","LU0820561818.USD":"安联收益及增长平衡基金Cl AM DIS","LU1244550577.SGD":"FTIF - Franklin Global Multi-Asset Income A (Mdis) SGD-H1","TPR":"Tapestry Inc.","LU1642822529.SGD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"A\" (SGD) ACC","LU2602419157.SGD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"AC\" (SGD) ACC","IE00BKVL7J92.USD":"Legg Mason ClearBridge - US Equity Sustainability Leaders A Acc USD","LU0823421416.USD":"BNP PARIBAS DISRUPTIVE TECHNOLOGY \"C\" (USD) INC","LU1244550494.USD":"FRANKLIN GLOBAL MULTI-ASSET INCOME \"A\" (USDHEDGED) ACC","LU0211328371.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (MDIS) (USD)   INC","LU0314104364.USD":"MANULIFE GF AMERICAN GROWTH \"AA\" (USD) INC","LU0476273544.USD":"CT (LUX) I GLOBAL TECHNOLOGY \"BU\" (USD) ACC","LU1316542783.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD","BK4550":"红杉资本持仓","LU0029864427.USD":"TEMPLETON GLOBAL \"A\" (USD) INC","LU2462157665.USD":"ALLIANZ GLOBAL INCOME \"A\" (USD) INC","LU1880398471.USD":"AMUNDI FUNDS GLOBAL EQUITY \"A2\" (USD) ACC","LU0957808578.USD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"ZU\" (USD) ACC","LU0187121727.USD":"FIDELITY SUSTAINABLE US EQUITY \"A\" (USD) INC","BK4574":"无人驾驶","LU1066051811.HKD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (HKD) INC","BK4573":"虚拟现实","LU0444973449.USD":"CT (LUX) I GLOBAL TECHNOLOGY \"DU\" (USD) ACC","LU1791710400.SGD":"Fidelity Global Demographics A-ACC-SGD","LU2430703251.USD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4\" (USD) INC","LU2360032135.SGD":"ALLSPRING GLOBAL EQUITY ENHANCED INCOME \"A\" (SGDHDG) INC","LU0056508442.USD":"贝莱德世界科技基金A2","GOOGL":"谷歌A","LU1084165304.USD":"FIDELITY WORLD \"A\" (USD) ACC"},"translate_title":"Tapestry与Capri价值85亿美元的合并刚刚被取消。这对CIO意味着什么","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CIO":1,"TPR":0.9,"GOOGL":0.62},"content_text":"Yang Lu’s initial interest in technology began when she emigrated to the U.S. from China at the age of 12 and didn’t speak a single word of English. “Technology was a big equalizer for me,” she says. “When I walked into a computer science and programming course in high school, nobody knew the language.” It gave Lu an opportunity to learn something new along with her peers.\nShe joined luxury giant Tapestry eight years ago, partly to steer a technology transformation the company was undergoing as a result of a string of acquisitions, including the 2015 purchase of Stuart Weitzman, and that of Kate Spade two years later. Tapestry worked quickly to consolidate and harmonize all technology, across all brands, and for nearly all geographies, excluding China.\nThat means nearly all software, point-of-sale systems at retail stores, inventory management, supply chain, and all other technologies are synonymous across the entire business.\nLu, who ascended to the role of CIO in September, says the advantage of this structure is that Tapestry is able to test out technology solutions for one brand and if they like it, roll it out to the rest of the portfolio. And the company is okay with occasional failures. “My mantra is iteration is the new perfection,” says Lu.\nIn her new role as Tapestry CIO, Lu was ready to apply that same playbook to Capri—owner of the Versace and Michael Kors brands—which Tapestry was set to acquire for $8.5 billion. But Tapestry officially called off the deal this month due to the FTC's efforts to block it on anti-competitive grounds.\n“We’ve always had multiple paths and how we can enable our brands to grow,” says Lu, adding Tapestry is confident in its business and is “thrilled that the Street is just as confident.” Tapestry's shares rose 9% on Thursday after the deal died.\nWith the task of integrating with Capri now off the table, Lu can dedicate more time to innovative technologies, like artificial intelligence, which she says can boost employee productivity and improve the customer shopping experience.\nOne recent example is a new AI-enabled tool that generates more emotionally evocative descriptions for handbags and other accessories that goes beyond simplistic product dimensions. “We were able to quickly roll out for one brand, Coach, and then see that really draw up higher conversion and higher revenue per visit,” says Lu, who later applied the technology to the other two brands.\nTapestry is piloting an internal version of ChatGPT, a chatbot called Stitch, which pulls data from the company’s industry research, policies, and procedures to answer employee questions. The company is also beginning to use AI to monitor and correct coding errors, exploring a relationship with an AI image generator to create creative assets, and uses AI and machine learning for price elasticity, which allows a retailer to command the highest price possible for its goods without seeing a dip in demand.\nAnother tool is called “Tell Rexy,” named after the dinosaur emblem that frequently is featured on Coach’s bags, wallets, and keychains. Store associates can audio record feedback from shoppers—including thoughts on products or even if the holiday music playlist just isn’t hitting the right note—and generative AI summarized insights that are shared with the corporate office.\nTapestry encourages the company’s workforce, including IT, to frequently visit stores and talk to associates and customers. “Every technologist needs to think business first,” says Lu. \nAs for AI, cloud, and other technologies, Tapestry explores relationships with multiple vendors depending on business needs, including Amazon and Google. For AI, there are three paths Tapestry intends to pursue, according to Lu: build their own solutions, partner with vendors for Tapestry-specific tech, and buy off the shelf.\n“It’s our job to stitch it together in a seamless way,” Lu says.\nJohn Kell\nSend thoughts or suggestions to CIO Intelligence here.\nFortune’s second annual 50 AI Innovators list is out today! You can see all the companies that made the list here, and read more about the trends in AI that shaped this year's list in this story written by yours truly.\nAnd if you'd like to join us for an upcoming conference, Fortune Brainstorm AI, in San Francisco, from Dec. 9-10, you can find information and request an invitation here. It will feature top executives from across business and tech, including Rohit Prasad, Amazon's senior vice president and head scientist, artificial general intelligence; Liz Reid, Google’s vice president, search; Christopher Young, Microsoft’s executive vice president of business development, strategy, and ventures; and former NFL quarterback Colin Kaepernick, who has his own AI startup.  \nThis story was originally featured on Fortune.com","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"Company Corporation","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2485124373"}