TPR

Tapestry has a real but limited moat anchored by Coach, which enjoys strong brand equity, repeat purchasing, and better product desirability than many peers in affordable luxury. The company benefits from scale in sourcing, merchandising, and global distribution, but the handbag and accessories category remains highly fashion-sensitive and competitively crowded. Kate Spade adds breadth, though it is less differentiated, and the recent exit of Stuart Weitzman reflects a sharper focus on the strongest franchise. Overall, the moat is narrower than that of true luxury leaders because customer loyalty is brand-led rather than structural, yet recent momentum at Coach suggests the franchise is strengthening.