// Tapestry will open 40 of its stores across North America after quarterly sales drop 19.4%

// The Coach owner has now re-opened most of its stores in China & South Korea

The Coach owner Tapestry has announced that it will open 40 of its stores in North America on May 1 after the coronavirus pandemic hammered its business.

Sales of luxury goods companies have been among the worst hit in the retail space as fashion capitals in Italy, France and the United States were forced to halt all business activity and enforce nation wide lockdowns to help curb the virus spread.

Tapestry said its stores in North America will open offering contactless curbside pickup services.

READ MORE: Coronavirus: TK Maxx resumes online operations & Net-a-Porter prepares

The fashion group reported that approximately 90 per cent of its stores were either closed or operating on shortened hours during its third quarter, leading the fashion house to report its first adjusted loss in nearly 20 years as a public company.

Net sales fell 19.4 percent to $1.07 billion in the third quarter ended March 28, its biggest drop in at least 15 years.

The company reported a net loss of $677.1 million, or $2.45 per share, compared to a profit of $117.4 million, or 40 cents per share, a year earlier.

Tapestry has already opened most of its stores in China and South Korea and is now restarting business in Europe.

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