Coach’s parent company, Tapestry Group (NYSE:TPR), released its fiscal 2023 second quarter results. During the period, the group’s revenue fell 5% year-on-year to US$2.03 billion, net profit increased slightly by 3.8% year-on-year to US$330 million, and gross margin was 68.6%. Considering signs of currency inactivity moderating sales in China, Tapestry raised its fiscal 2023 revenue forecast to $6.6 billion, the highest in the previously expected range of $6.5 billion to $6.6 billion. In addition, Tapestry said that it is likely to continue to raise prices.