Tapestry’s CEO focuses on strengthening consumer connections with the company’s luxury brands

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Transcript

Diane Brady: Leadership Next is powered by the folks at Deloitte who, like me, are exploring the changing roles of business leadership and how CEOs are navigating this change.

Welcome to Leadership Next, the podcast about the changing rules of business leadership. I’m Diane Brady.

Joanne Crevoiserat’s career has taken her from Filene’s Basement, Walmart, and Kohl’s to being the head of one of the largest fashion juggernauts in the world, Tapestry. It contains Kate Spade, Stuart Weitzman, and Coach. She came to the role very suddenly when the previous CEO left. She’s managed this company through the pandemic, through a massive merger that just fell apart, yet she’s optimistic about the future. She talked to us about the circular economy, Gen Z, the creator economy, and how she’s growing these three brands at a time when consumers potentially want to buy less. Take a listen. 

[Interview begins.]

Joanne, I’m catching you at a time when I know that the Capri deal that would have been a transformative acquisition for Coach has been tabled. You know, personally, I think you may have dodged a bullet with Jimmy Choo because they always make my feet hurt. But how are you feeling right now about it? 

Joanne Crevoiserat: Well, I am feeling incredibly optimistic about our path forward with our brands. As it relates to the transaction, we ran into a regulatory hurdle. We agreed to terminate the merger based on the uncertainty of the appeals process that we were in, and it was unlikely to be fully resolved by the outside date in our contract. But I’m very excited and optimistic about our opportunities moving forward. 

Brady: I know we’re going to talk more about the vision for Tapestry later in this conversation, but let’s first start with something on a personal level. You are the keeper of these luxury brands. What was the first luxury brand you bought for yourself? 

Crevoiserat: Well, I’m going to tell a story that replicates itself, and I hear it over and over in our business. But the first luxury product I bought was a Coach bag, and I bought that Coach bag when I had graduated from college and started my first job. And then I bought another Coach bag a few years into my tenure and each of those transactions gave me an item that helped me feel put together. So when I was just graduating from college, it was, I needed something for work and not a backpack, and I wanted to feel like I belonged. Right? And it gave me the confidence that I was in the working world and ready to go get it. And then later it was really about elevating my look. And each of those times were a Coach product. And I will say I carried those bags for decades. 

Brady: I mean, there was a time I mean, Coach is what? I think it was 1941 and it used to me to be associated almost with like that fine leather of a baseball mitt. And then it went into all these different fashion, you know, to your point, I think I had a weekend Hamptons bag that was baby blue. I mean, define for us accessible luxury, because I think that’s a category that Coach helped create and really owned. 

Crevoiserat: It means different things to different people. I would say that, principally, our focus is on bringing truly luxury product, high quality genuine leather as it relates to Coach, the style and the trend representation in a very authentic way at prices that many can afford. But it’s not just about a price conversation. Many people think that accessible luxury is really a price-point driven concept. But what it is, is a concept that, in some luxury experiences, they take out the white gloves and they treat the bags with care and you need to have a one-to-one associate-to-customer ratio when you’re trying to see a product. These are products that we like to make accessible to our customers, to allow them to experience them and touch them. We’re bringing this quality to them at, yes, a great value, but also in a way that they can directly experience it and you can mitigate some of those barriers. 

Brady: You can kick it around at a rock concert and it still looks good. I think that’s the key right there. Well, I want to talk about your own leadership journey. And one of the things that has always fascinated me is you got your start, really, when you look, it’s Walmart, it’s Kohl’s, it’s, you’ve kind of been moving across the chain in terms of price points, the value proposition to customers. Let’s start with what you wanted to be when you grew up. 

Crevoiserat: Well, you know, I think I’ve told the story. At one point I wanted to be a lawyer, but that changed in college and I became enamored with business. And I started my career at a division of May Department Stores because when I graduated from college, I knew that I had a lot of book knowledge, but I really didn’t know anything. And May Company had a really great management training program, so I wanted to go to a place where I could learn. And retail wasn’t the sexiest place that you could start your career, at least when I was graduating, and I found it to be a really great home for me because I am incredibly curious. I am a customer, so I find retailing and fashion and brands to be relatable to me personally. So it’s not a complex algorithm that I need to understand. I’m a customer and we’re delivering great experiences. So bringing that into the work that I do every day makes it enjoyable, understandable. And I would say that I didn’t really have a target. I was in finance, so I thought maybe I would be a CFO someday. That was my, if I had an aspiration beyond getting earning a paycheck, which was high on my list when I graduated from college, it might have been to be a CFO someday.

Brady: Well and I should mention you’ve come up in finance functions and you were the CFO. So you went basically, let’s just give people, you went to Filene’s, Walmart, Kohl’s, Abercrombie. And then you went into the CFO role at Tapestry, which I think has become a common jumping off point. What is it about the CFO role that you think makes one well positioned to be a CEO? 

Crevoiserat: Well, I actually think it’s how you get there, not that you get there. In my case, I had the benefit of working for small retailers as I grew up through May Department Stores and different divisions of different sizes. But that allowed me to see the business very broadly and put my hands and fingerprints and touch and feel the business. So I wasn’t siloed in just a finance role where I was working on spreadsheets. I was meeting with merchants and I was in the stores. So understanding the business broadly has really been the key to success, I think in any role that I’ve had, just understanding the end-to-end business. And so that was the catalyst for making me a better CFO. It wasn’t just I understand the numbers. We need to grow revenue, we need to cut costs. I mean, I think a lot of people can figure that out. But it’s the how and it’s not just how in terms of how you run your business and how you manage your inventory and what you buy and how you follow trends, but it’s how you get results through people and teams. So I would say those are the two pieces that helped me. From the CFO role you understand the P&L very, very intimately. But the other two pieces were critically important. 

Brady: Well, it’s funny because often the CFO, not to say you’re Doctor Doom, but it is a mindset shift when you become a CEO conveying kind of the new vision, and, you know, I’m from the C-suite and I’m here to help, which I know the CFO is as well. But Joanne, you came into this role at a really tough time. The previous CEO had been there less than a year. He left suddenly under an investigation. How do you prepare yourself as a leader in that situation? What do you say on day one? 

Crevoiserat: Well, I would say that it was an incredible opportunity to step into the role at that time. You didn’t mention, in addition to it being COVID and being in an interim CEO position, so the company was looking for leadership. We were also undergoing a transformation that we had started. 

Brady: There’s that. 

Crevoiserat: Yeah, there was that too. We had started that pre-COVID, and I was diligently working on this transformation that touched a lot of aspects of our business. As I mentioned earlier, it’s understanding the end-to-end and understanding how we needed to adjust and change our business, to react and respond to the pressures that we were feeling in the world and frankly, where the customer was moving. So all of that was happening and I had a very deep understanding of that transformation that had to happen. I was happy to step into the interim role because I saw very clearly where we were going and that principally was the job of moving the team forward in a time where there might be questions about where we’re headed with a CEO change, it was very clear and the executive committee was involved with developing the transformation playbook, we were very clear on where we needed to go and there was a lot of disruption. So communication was critically important, but having a sense of urgency, but also a sense of optimism that we had the assets that we could leverage to make this transformation happen. And we had the teams. I mean, I will say I had been with the company a short, less than a year at that time. And the team members that I met, top to bottom, high quality, passionate team members. So again, this end-to-end understanding of the business and where we’re going and the discipline to be able to move the business forward through people, those are the quality, those are the things I love to do. 

Brady: When you hear the word interim, sometimes you’re like, okay, am I on trial now? Or did you have confidence that you were going to be the full time CEO? 

Crevoiserat: I actually didn’t have confidence that I would be. There was a time, even before I was named interim, I was in another no-CEO situation with Abercrombie, and I didn’t even throw my hat in the ring for the job because I wasn’t sure that I was the CEO type. I think we’ve, I’ve shared this with you before. You know, I had a vision in my mind of what a CEO was supposed to be and, you know very charismatic, usually male. And at the time, actually, when I was at Abercrombie, one of my mentors said to me, there is no CEO type, that CEOs come in all kinds of types. And so that started my thinking that maybe I could help here and maybe this place to things that I like to do. And I saw the huge opportunity at Tapestry, and I wanted to be a part of bringing that forward, moving that forward, and if I wasn’t going to be the permanent, of course, nobody’s really permanent. 

Brady: Life is not permanent. There we go.

Crevoiserat: You know I think I’m permanent. I just wanted to make sure that whoever was leading the company was the right person to lead these assets and these teams forward. 

Brady: Well, let me pause there a second, because I was speaking to somebody yesterday, also a woman who said she’d been nudged into the CEO role. And I resist the gender label a lot. I think we overuse it and it gets a bit tiring because you must get it a lot, too. Like we’re talking about your signature earrings or whatever, and your number of kids you have. And I try to avoid that. But you know, when you talk about a CEO type, I do wonder, we look at the numbers of women in corporate America and I don’t know if I wonder about confidence or if a lot of boards also think there’s a CEO type. You know, what do you think’s going on? Because in addition to being a leader, I know you’re out there a lot being a role model as well. You care about these issues. 

Crevoiserat: I do care about these issues. And for me, I think I reflect back. I never actually think about my gender. And I’m really in this job to move Tapestry forward and move our teams forward, move our business forward, and create a legacy of a really thriving organization. I think that’s what we’re all striving to do. And as I grew up in the industry, first of all, there are a lot of women in our industry, but interestingly, a lot of men in leadership. So, but these roles never struck me as unattainable for women. And I actually benefited, I think, when I went to college, you know, the year that I all of those years were after Title IX passed. So I saw others around me that were achieving, high achieving women. So I think I benefited a lot from those who came before me. And so the older you get, the older I get, the more I reflect. And I hope that people are seeing people like me and other female CEOs and believing that it is possible for them. And you know, what we need to do is continue to drive diversity throughout our leadership teams to better prepare all people to make sure that we have good representation at all levels of leadership. So that when, I certainly didn’t know that the CEO role was was going to open. But when opportunity knocks people, you just have to have the confidence and the experience to moveinto those roles. 

Brady: Let me mention one other female CEO, Mary Barra, because she wrote a very glowing piece about you as one of the most influential people in business. She persuaded you to join the GM board. And tell me more about how has that helped you in your role as head of Tapestry? 

Crevoiserat: Well, it’s it’s been a true pleasure to serve on the GM board and to work with Mary, who is really an icon for many. So to be up close to see the issues that she and the GM business and the leadership team there are managing, it’s impressive. They have an incredible aspiration and they are undaunted with all of the challenges that come with the transformation of a 100-year old company bringing that into the electric future. Seeing a future with no crashes, no congestion and zero emissions, that’s a very inspiring place to be. And it helps me in terms of framing our own ambition for our own company and understanding that there are no real easy paths, but sometimes it’s the hard work is the right work, and it’s been really great to have a seat at that table with Mary and the management team. 

[Music starts.]

Brady: Inequality in the healthcare system is one of the toughest and most critical issues to address. I read a Deloitte report recently showing that mental health inequities alone, if left unaddressed, could lead to staggering excess costs. But we also have a staggering opportunity to address it. We spoke with Jason Girzadas, the CEO of Deloitte US, which is the long-time sponsor of this podcast. Here’s what he had to say. 

Jason Girzadas: We actually believe that the health equity cost to society could rise by up to a trillion dollars by 2040. So this is an economic issue for all businesses. The role of business is to recognize that health equity impacts the workforces of every single business, and it’s needing to be on the CEO agenda and board agendas for all organizations. In our country your zip code can determine your health status, and that’s problematic. If you think about the drain on worker productivity, the cost to businesses in terms of the health and well-being of their workforces. Making this a priority from the standpoint of looking at what actions you can take through your organization around health and benefits, as well as how it pertains specifically to the products and services and also the types of partners that organizations team with to address health equity issues broadly. There are resources to look at. The Deloitte Health Equity Institute, which has pro bono data and analytical tools to leverage that are accessible to all organizations to start on this journey of making health equity not just a societal concern, but actually a business priority. 

[Music ends.]

Brady: So let’s talk about the path that you’re on. And again, let me bring it back to the personal a second, because one thing I notice in talking to CEOs in the past year or two, there’s more of a sense of being an athlete in a way that you kind of need to be physically ready for the job. There’s more pressures on you just in terms of being the best you can be in the role. Give me a sense of what you’ve learned now. I mean, you’re a couple of years in. What do you think’s really important in making you effective? 

Crevoiserat: Well, you know, I do think that the organization energy feeds off of your own energy. And so it is important to, first of all, be a steady hand for the organization. There’s a lot going on in the world. Our teams are being impacted by, personally by things happening in the world, physically by climate change and some of those disruptions that are happening, and then the business disruptions and how we manage through all of the challenges related to business disruptions. So I do think it requires an energy that the organization feeds off of. And I’ve run a few marathons. I don’t do that anymore, but I’ve run a few. And what that takes is stamina. I mean, I think in this role you need some stamina. You need to have focus and the ability to set a vision and then do the work to achieve the vision and bring the team with you. And our vision at Tapestry is incredibly exciting. We have incredible iconic brands that people have a lot of passion about and and a passion for. And I love to unlock the passion in others and empower them to help us succeed. That’s one of the things that really fuels my energy. We have just tremendous talent here that I think I feed off of, that energy. So there’s a give and take. 

Brady: We’ll talk about Coach, you know, Kate Spade, Stuart Weitzman, these three iconic brands. Let me go back to kind of where we started with Capri a bit. I’ll say at the outset that it was a very, I don’t know, quizzical might be the term, case. You know, when it comes to a monopoly, I can’t think of an industry less prone to that than fashion, whether it’s handbags, shoes, you name it. So there’s that. But what was the vision there? I mean, that was a huge acquisition, more than $8 billion if it had come through. Are you looking to add to the stable of luxury brands because you’ve got Michael Kors, Versace, Jimmy Choo. Can you give me a sense of how important breaking and expanding to other brands is for Tapestry’s future? 

Crevoiserat: Well, I think it’s part of our future, but not the only path. You know, we have capabilities that we can extend to other brands. And we were confident that we could add tremendous value to the Capri brands, add relevance, add more innovation, and really build those businesses back. You know, those are truly iconic brands and our ability to connect with the consumer and build brand worlds in a relevant way and meet consumers where they are today, that’s Tapestry’s special sauce, if you will. And our goal is to help our brands stretch further than they could on their own, but leveraging the unique brand DNA. So we were confident in our ability to to move those brands forward and really grow the brands increasing, as I said, innovation and relevance and putting those brands in the hands of more consumers. And as I think about our future, there’s been a lot that has changed in the landscape in the 18 months that we’ve been talking about this acquisition. But we see tremendous runway ahead in our organic business. So Coach has incredible momentum. We’re in a stronger position today, even stronger than the day we signed the acquisition with our organic business. And we see even more potential for our organic brands. So in the near term, our focus is on continuing to drive the momentum at Coach. Again because we see tremendous growth opportunity ahead even in the Coach brand. And we have opportunities to rebuild and reignite sustainable top line growth at Kate and Stuart. So based on that, that’s where our focus is in the short term. But longer term, we have capabilities that can help more brands reach more consumers in a more relevant ways. 

Brady: Let’s talk about those other two brands. I know Coach is by far the biggest I think it was like certainly more than $5 billion. The next level down is Kate Spade. You know, this happened prior to you coming on board, but of course, that’s a brand that also you had the suicide of the founder in 2018, which I know was quite a knock to Kate Spade fans. Tell me a bit about who loves that brand and how is it different than Coach. If I’m buying a Kate Spade bag, for example, am I a different demographic, different sensibility? 

Crevoiserat: Definitely a different sensibility. The Kate Spade brand, Kate Spade founded the brand because she couldn’t find what she was looking for in the market. And I think that’s just a testament to the business that we’re in, right? There are low barriers to entry and anybody can start a handbag brand. She founded this brand with a unique aesthetic and core DNA. It’s about the femininity of the product. It’s about joy and color and how she brings that to life. Our purpose at Kate is the joy, colors, life, and we remain true to the DNA as she founded the brand and have brought it through iterations in terms of bringing product to life that’s relevant at a moment in time for the consumer, but always with fashion, feminine, fun, joy at the heart of the brand. And that is different than Coach. Coach has a very unique and distinctive DNA as well. Coach is genuine leather crafted to last, more timeless and classic. And it’s — and I know you’re you’re a shopper, so I’m sure you see the difference in the marketplace and there are distinct consumers for each. And what’s exciting about Kate Spade specifically is it has a truly passionate fan base and our focus is to harness that passion and also introduce Kate Spade to even more consumers, particularly young consumers coming into the category. And so that’s been our focus. We’re making some progress, but we clearly have more work to do. 

Brady: What about Stuart Weitzman? Because that’s almost tiny in comparison. It’s, I think $242 million is what I see here from the site. I mean, it is my favorite boots, I will say that. Full disclosure. But that sort of luxury fashion, you know, obviously footwear, the front, heart and soul of that brand. But why is that part of Tapestry? And where do you see it fitting in relative to the other two? 

Crevoiserat: Well, again, it’s a brand that has distinctive positioning, as you mentioned, and it is boot season. So thank you for mentioning boots. We have great boots. I’m wearing them today as well. 

Brady: That makes us influencers I think. 

Crevoiserat: You know I love Stuart Weitzman boots. But Stuart Weitzman is positioning ,is building confidence and strength through strength. And they have a unique go-to market position that combines fashion and fit. So I think that sweet spot that Stuart Weitzman owns and has owned since its beginning is that it’s footwear that is fashionable, that you feel elevated, you feel confident in, but it fits so well and it’s so comfortable that it just gives you that confidence to stand strong and go tackle your day. And that is that emotion that we’re trying to harness and communicate with the consumer as we build that brand. It is a small brand. And we are building and trying to build growth through innovation and bringing relevant products through that aesthetic to more consumers every day. And we’ve got some traction. Our last earnings results, double digit increases in our wholesale business. We grew the brand last quarter, so the team is working on delivering innovation that the customer is expecting and consumers are moving really fast, particularly in footwear, right? The choices are now a little bit more casual. Flats are doing well. Loafers are doing well and it’s not as much about the stiletto heel pumps. It’s having that because there’s an occasion for that, but also having other options that the consumers are moving towards. And that’s what’s working. 

Brady: I can’t think of an industry that has been more transformed in recent years than retail. I know we’re talking about brands. But in terms of distribution channels, I know the creator economy is very important to the three brands that you have under your leadership. Talk about how that impacts the way that even you go to market with regard to people sell on Instagram. You know, the role that how we buy, not just what we buy, is changed so quickly. Can you give us some sense of what you’re seeing and how that impacts your strategy? 

Crevoiserat: Absolutely. And you’re so correct. This is really where the Tapestry platform helps all of our brands, because first of all, we’re very focused on knowing the consumer. And to your point, the consumer is moving fast on what they value, where they shop, how they shop, and along their consumer journey, what are the touchpoints that they have that help inform their ultimate purchase decision? And there are long journeys for some consumers, some consumers have shorter journeys, but we start with understanding the customer, and we have an insatiable curiosity about what’s happening in their life, not just survey data, not just transaction data, but going a step deeper into the consumer’s closet, into their home, and talking to them about what matters to them. That helps us build more relevant product, build more relevant experiences for them, and you see us creating more interesting and immersive experiences around the world for customers to interact with our brands and create those emotional connections for consumers. But it also requires some technology expertise. As you mentioned, there’s more social media influencing that is happening during those consumer journeys. You know, in our data 95% of consumers will have a digital touchpoint somewhere in their purchase journey. Ninety-five percent. And if you look at younger consumers, they’re on social media platforms. But interestingly, 81% of young consumers, Gen Z say that they appreciate the in-store experience. 

Brady: They’re craving face to face, aren’t they? That’s sort of a Gen Z character. 

Crevoiserat: Well, they like the in-store experience. They like to touch and feel. So it’s both. It’s not either or. But having the technology platform and the understanding of the consumer to know what content to put on what platform at what time in the purchase journey of the consumer is critically important. Having the capability to support a transaction online, if that’s where the consumer ultimately goes, is important. And having an incredible in-store experience supported by our terrific associates is also critically important to consumers. So that’s where the Tapestry platform helps our brands reach consumers in really authentic and relevant ways. 

Brady: Now, I know financially you’re doing very well, but another hallmark of Gen Z certainly is also, let me call it, the thrifting economy, but call it the circular economy. This sense that they want to consume differently, whether for financial reasons, the climate or just, you know, the zeitgeist. How does that impact your own strategy there? 

Crevoiserat: Well, we’re listening to our customer and making sure that we deliver the experiences that are relevant to them. And in this case, there are a couple of places that we highlight in creating those connections with our consumers, particularly our young consumers. First of all, our products are crafted to last and we have a re-loved program at Coach that we’ve had for years. We have a care program that you can get your bag repaired or refurbished. We’ll sell re-loved, we call them re-loved bags. So we have a program that keeps our product in circulation. Our product is meant to last generations and we’re finding even the younger consumers gravitating to their parents’ closet, their mother’s closet, and pulling out the 1990s bag. And it still looks great, right? And they’re continuing to wear it. So that makes us feel great. 

But we’ve also begun exploring and more than just begun, we are exploring the circular economy with our sub-brand Coachtopia. And what’s great about Coachtopia is that we’re doing our business completely differently than we had in the past. We’re building our product with circularity in mind, understanding what end of life, extending the life of the product. We’re making with waste instead of new virgin raw materials. And we’re doing this with a, we call them a beta community of Gen Z consumers who are giving us input and direct input into the design of our product. So we have a beta community that’s involved with the creation as well as informing how we go to market with this. And the great thing about Coachtopia is that it is helping inform new practices and processes with our Coach brand and then what we learn there, we’re also bringing to our other brands. So it’s a fantastic push that the young consumer is demanding and one that we’ve been very responsive to. 

Brady: And you know, in the final minutes as we’re chatting here, this is a podcast about leadership. I love to know some of the best advice that you have received or even given as a leader. What stands out to you? 

Crevoiserat: Oh, boy. So I think a couple of things. One is that insatiable curiosity about the consumer. Never forget who you’re serving over time. Ultimately, we all serve the consumer in whatever role that we have in our company. So keeping the consumer at the center. And in terms of leadership and just building your career journey, it really is about enjoying the journey. Relationship building, understanding the end-to-end business is not always the intended outcome of a specific job. It’s not on your job responsibility list, but it helps you build your career. And I think sometimes people feel careers are linear. I’ve taken a few side steps in my career and people have said, ‘trust me on this,’ and you have to have a little trust. But it has worked out. And I do see the benefit of taking those side steps and being able to have a bigger picture and better perspective on business overall. So I think you can learn a lot from any position if you think about it in the right way. And that’s been great advice. 

Brady: And can I ask, how do you cultivate joy in your own life and where do you find it? You’re not allowed to say family, employees, or customers. Make it something personal because it is. You do have to be intentional about these things. 

Crevoiserat: Yes. So for me, it’s really is about being outside and moving. I get a lot of inspiration from being in the natural world, whether it be a walk along the Hudson or a hike in the mountains. 

Brady: You live at Hudson Yards. It’s kind of funny to hear you say that, but go ahead. 

Crevoiserat: I do live at Hudson Yards, but it’s you know, when you’re inside in a building all day, it’s hard to be inspired if all you’re seeing are the same four walls over and over again. So I, for me, I get a lot of energy from just being out in the world walking, running, hiking, and then if you bring New York City in, museums, it’s it’s easy to be inspired. I want to gravitate to my family or gravitate I know you’re allowed by competitors and yet I won’t. 

Brady: Is there anything else on your radar that you want to put on ours, Joanne? 

Crevoiserat: No, I do think the world is moving very fast. And, you know, there is a lot of change around the world, a lot of pressure on the consumer in China, in North America, and there’s always a lot going on in Europe as well. I think you hit on the key theme and that is staying close to the consumer and being agile. You know, you talked about athletically being agile, but it requires a lot of agility and you have to embrace that agility. So I think that’s been our focus at Tapestry and will continue to drive it. 

Brady: Now I’m slipping this one in, but you do trigger the thought. Having lived in China, I know that that’s been a big market, both, you know, supply chain, consumers. If we see 60% tariffs, any advice to the new administration on such questions? 

Crevoiserat: Well, I’m not going to pontificate on trade policy. You know, as I think about our own business, I look at the landscape. It is important that the trade policy moves over time and we have been very diligent about building a diversified supply chain. I think that’s important. Those things, what I would say is those things don’t happen overnight. We’ve built this diversified supply chain for our business over a couple of decades, 20 years, and so we feel well-positioned. We don’t rely on China for much of our sourcing, less than 10%. We do have a big commercial business in China, and it’s an important market not just for Tapestry, but for many, many companies. It’s an important consumer market. We learn a lot being in that market and the consumers love our brands and love our brands because they’re Coach New York or Kate Spade New York, they want to be part of, or Stuart Weitzman, they want to be part of that creativity. And so we need to allow companies like ours to meet those consumers where they are. And so that’s where we’re focused, continuing to stay close to that consumer group. It’s an important market and we’ll be agile on any of the other issues that arise. 

Brady: Global company with global consumers. Well put. Thank you for joining us. It’s always a pleasure to see you and speak with you. 

Crevoiserat: Thank you, Diane. I appreciate it. It’s fun to be here. 

Brady: Leadership Next is edited by Nicole Vergalla. Our audio engineer is Natasha Ortiz. Our producer is Mason Cohn and our executive producer is Hallie Steiner. Our theme is by Jason Snell. Leadership Next is a production of Fortune Media.

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