Tapestry, Inc. Common Stock

Supply chain and procurement · Geographic concentration of suppliers

During fiscal 2026, the primary manufacturers of Coach products were located in Vietnam, Cambodia, the Philippines and India, and the primary manufacturers of Kate Spade products were located in Vietnam, Cambodia, the Philippines, and Bangladesh. Increased tariffs or other trade restrictions against these countries...could limit our ability to manufacture products in countries that have the labor and technical expertise needed.

Supply chain and procurement · Supplier operation and dependance

Our business is subject to the risks inherent in global sourcing activities, including, but not limited to: disruptions or delays in shipments whether due to port congestion, logistics carrier disruption...loss or disruption of key manufacturing or fulfillment sites or extended closure of such sites due to unexpected factors.

Supply chain and procurement · Raw material availability and cost volatility

Increases in our costs, such as raw materials, labor or freight could negatively impact our gross margin. Our costs for raw materials are affected by, among other things, weather, customer demand, speculation on the commodities market, the relative valuations and fluctuations of the currencies of producer versus customer countries and other factors that are generally unpredictable and beyond our control.

Supply chain and procurement · Transportation and logistics disruption

Our business is subject to the risks inherent in global sourcing activities, including, but not limited to: disruptions or delays in shipments whether due to port congestion, logistics carrier disruption (including as a result of labor disputes), other shipping capacity constraints or other factors, which have resulted and may continue to result in significantly increased inbound freight costs and increased in-transit times.

Core operations · Operational disruption and business continuity

Our business may be materially impacted if our fulfillment centers face significant interruptions in operations...If any of these centers were to shut down or otherwise become inoperable or inaccessible for any reason, including as a result of accidents, economic and weather conditions, natural disasters, pandemic diseases, labor shortages and other unforeseen events and circumstances, we could suffer a substantial loss of inventory and/or disruptions of deliveries.

Core operations · Capacity utilization and efficiency

In addition, if our fulfillment centers are not sized to meet the optimal capacity for our products or are not adequately staffed, utilized or operated, our profitability may be negatively impacted.

Core operations · Quality control and product defects

Our business is subject to the risks inherent in global sourcing activities, including...product quality issues...Any misstep in product quality or design, executive leadership, customer service, marketing, unfavorable publicity or excessive product discounting could negatively affect the image of our brands with our customers.

Human capital and workforce · Talent acquisition and retention

Our success depends, in part, on attracting, developing and retaining qualified employees, including key personnel. Our business and future success depend heavily on attracting, developing and retaining qualified employees, including our senior management team. Competition in our industry to attract and retain these employees is intense.

Human capital and workforce · Key personnel dependence and succession

We depend on the guidance of our senior management team and other key employees who have significant experience and expertise in our industry and our operations. There can be no assurance that these individuals will remain with us or that we will be able to identify and attract suitable successors for these individuals. The loss of one or more of our key personnel...could have a material adverse effect on our business.

Strategic execution · Geographic expansion and market entry

With respect to international expansion, our brands may not be well-established or widely sold in some of these markets, and we may have limited experience operating directly or working with our partners there...expanding in certain markets may have upfront investment costs that may not be accompanied by sufficient revenues to achieve typical or expected operational and financial performance.

Market position and competition · Competitive pressure and market share loss

Significant competition in our industry could adversely affect our business. We face intense competition from many other brands in the product lines and markets we participate in...A failure to compete effectively or to keep pace with rapidly changing consumer preferences, technology and product trends could adversely affect our growth and profitability.

Economic and market conditions · Inflation and deflation pressures

Our results can be impacted by a number of macroeconomic factors, including but not limited to: consumer confidence and spending levels, tax rates, levels of unemployment, consumer credit availability, tariffs and trade restrictions, pandemics, natural disasters, raw material costs, fuel and energy costs...periods of inflation...Consumer purchases of discretionary items...tend to decline during recessionary periods or periods of sustained high unemployment.

Economic and market conditions · Consumer spending and confidence

Demand for our products, and consumer spending in the handbag, footwear and accessories categories generally is or may be significantly impacted by trends in consumer confidence, general economic and business conditions, high levels of unemployment, periods of inflation, health pandemics, interest rates, foreign currency exchange rates, the availability of consumer credit and taxation.

Geopolitical and trade · Trade policies tariffs and sanctions

We face risks associated with potential changes to international trade and policy agreements and the imposition of additional tariffs on importing our products. Most of our imported products are subject to tariffs, indirect taxes, quotas and non-tariff trade barriers...The imposition of taxes, duties and quotas, the withdrawal from or material modification to trade agreements...could have a material adverse effect on our business.

Geopolitical and trade · International conflicts and tensions

We are subject to risks associated with international operations, including...geopolitical instability (such as the uncertainty in U.S.-China relations)...the conflict in the Middle East...acts of war or terrorism and other external factors over which we have no control.

Geopolitical and trade · Political instability and government changes

We operate on a global basis...we are subject to risks associated with international operations, including, but not limited to: political or economic instability or changing macroeconomic conditions in our major markets...political, civil and social unrest.

Natural and catastrophic events · Pandemic and public health crises

Our results can be impacted by a number of macroeconomic factors, including...pandemics...public health crises, such as pandemics and epidemic diseases...public health crises, such as pandemic and epidemic diseases, and other unforeseen outbreaks.

Natural and catastrophic events · Climate change and environmental impact

Our business is susceptible to risks associated with climate change, including through disruption to our supply chain, potentially impacting the production and distribution of our products including availability and pricing of raw materials, as well as shipping disruptions and/or higher freight costs. Climate change can lead to physical and transition risks impacting our business.

International and currency · Foreign exchange and currency exposure

Due to our global operations, we are exposed to foreign currency exchange rate risk with respect to our sales, profits, assets and liabilities denominated in currencies other than the U.S. dollar...If the U.S. dollar strengthens against these subsidiaries' foreign currencies, the translation of their foreign currency denominated transactions may decrease consolidated net sales and profitability.

International and currency · International operations and emerging markets

We operate on a global basis, with approximately 41.3% of our net sales coming from operations outside of the United States for fiscal year 2026. While geographic diversity helps to reduce the Company's exposure to risks in any one country, we are subject to risks associated with international operations, including, but not limited to: political or economic instability...changes in exchange rates for foreign currencies.