Concern that high-income consumers’ spending may be starting to suffer from inflation caused a decline in the price of Tapestry TPR +1.17% stock on Monday.
Coach and Kate Spade’s parent firm Tapestry (ticker: TPR), according to Barclays analyst Adrienne Yih, has been downgraded from Overweight to Equal-Weight. As the pressure of inflation creeps up to higher household income levels, she warned on Monday that there may be a risk to demand in the accessory and handbag market.
A type of textile art known as a tapestry is typically woven by hand on a loom. In contrast to most woven textiles, where both the warp and the weft threads may be exposed, tapestries are weft-faced weavings in which all of the warp threads are concealed in the finished piece.
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