Tapestry Awarded U.S. Patent for Innovative AI Platform: Mira

This is the second technology patent secured by Tapestry; Mira helps teams turn insights into action, stay close to consumers and drive business outcomes

NEW YORK--(BUSINESS WIRE)--Tapestry, Inc. (NYSE: TPR), a global house of iconic brands consisting of Coach and kate spade new york, has been awarded a U.S. patent for Mira, a proprietary AI platform designed to connect data across all areas of the company to enable rapid, enterprise-wide decision-making. The patent includes the core system architecture and marks Tapestry's first AI patent and second technology patent overall.

WHAT IS MIRA?
In an era when consumers are moving faster than ever, harnessing the power of data to understand trends across the company is critical. Even more important is ensuring that our employees can access and derive insights from different data sources as easily as possible.

Used alongside Tapestry’s patented Global Data Fabric, Mira connects key data sources from across the company and can perform rapid and actionable analysis to surface insights, inspire innovative thinking and support informed decision-making.

What previously required days of manual analysis across multiple dashboards can now be accomplished in seconds to minutes. The potential use cases are plentiful, and Tapestry teams are already leveraging Mira to enhance assortment planning and inventory management and respond even more quickly to emerging consumer trends.

“Our teams bring deep expertise, human judgement and creativity; Mira provides business intelligence to help our teams move with speed and agility,” said Fabio Luzzi, Chief Data and Analytics Officer, Tapestry. “Together, that combination becomes a structural competitive advantage.”

HOW DOES MIRA WORK?
Unlike off-the-shelf AI tools Mira was designed by Tapestry’s Data and Analytics team with support from key business partners across the company to ensure the platform aligns with brand strategy, operational priorities and financial discipline. Mira is built with the language of retail and fashion in mind, learning from institutional knowledge and functioning within a secure, enterprise ecosystem with role-based access controls embedded from the start.

“We’re an 85-year-old fashion company harnessing cutting-edge innovation and technology. Mira is a powerful tool that puts business insights into the hands of decision makers across the company,” said Joanne Crevoiserat, Chief Executive Officer of Tapestry. “This is one more way we are moving with agility to deliver for our consumers and drive durable growth.”

About Tapestry, Inc.
Our global house of iconic accessories and lifestyle brands unites the magic of Coach and kate spade new york. Together, we stretch what’s possible – advancing brands further than they could go alone, expanding their reach to new geographies and generations. Inspired by our consumers, we create experiences and products that build lasting brand love and elevate everyday life. To learn more about Tapestry, please visit www.tapestry.com.

For important news and information regarding Tapestry, visit the Investor Relations section of our website at www.tapestry.com/investors. In addition, investors should continue to review our news releases and filings with the SEC. We use each of these channels of distribution as primary channels for publishing key information to our investors, some of which may contain material and previously non-public information. The Company’s common stock is traded on the New York Stock Exchange under the symbol TPR.