Tapestry, Inc. (TPR), the owner of luxury accessories and lifestyle brands, will suspend its quarterly dividend because of the COVID-19 pandemic.

In its press release the company provides an update on the COVID-19 response initiatives, including suspending its quarterly cash dividend beginning in the fourth quarter of fiscal 2020. The company states that the previously announced quarterly cash dividend of $0.3375 cents per common share payable on March 30, 2020 is not affected by this suspension. Tapestry remains committed to returning capital to shareholders through a dividend on a long-term basis and will evaluate the program when the environment normalizes.

Tapestry, formerly Coach Inc., had paid a dividend since 2009. The last dividend hike dates back to 2013 when the payout was increased by 12.5 percent.

Tapestry, Inc. is a New York-based house of modern luxury lifestyle brands. The company’s portfolio includes Coach, Kate Spade and Stuart Weitzman. Effective October 31, 2017, the company changed its name from Coach, Inc. to Tapestry, Inc. The company went public in October 2000 under the Coach, Inc. name. The company was originally  founded in 1941.