Shares in the New-York based designer, which also announced a new $1.5 billion stock buyback program, rose 4% in morning trading.
Second-hand clothing firms are fighting to snap up smaller rivals and lock in investment as demand for thriftwear booms on the back of supply chain snarl-ups for traditional retailers ahead of the peak holiday shopping period.
As apparel sales have recovered this year, Baby Boomers have led the charge on wardrobe refreshes. They are outspending Millennials.
This year’s apparel rebound owes a lot to the boomer generation — people ages 57 to 75 —who are spending more on apparel than any other age group.
The two retail giants, which go head-to-head in categories from grocery to electronics, have expanded beyond basics to add more fashion-forward and trendy options.
Tapestry reported fiscal third-quarter net income of $91.7 million, or 32 cents per share, compared with a loss of $677.1 million, or $2.45 per share.
G-III Apparel Group, a US-based designer of apparel under owned label brands, has reported 35.0 per cent sales decline to $2.05 billion in its fiscal 2021 that ended on January 31
Digital sales of apparel spiked 47% in February as consumers continued to rapidly adapt to online shopping, helping to fuel a 54.7% rise in e-commerce sales.