Tapestry, Inc. (TPR), the owner of luxury accessories and lifestyle brands, will raise its dividend by 20% to 30 cents quarterly per share. The dividend yield for Tapestry is 2.7% based on the annual payment of $1.20 per share and a stock price of $38.

The Board of Directors approved a 20% increase to the Company’s dividend, with a quarterly cash dividend of $0.30 per common share payable on September 26, 2022 to shareholders of record as of close of business on September 9, 2022 for an anticipated annual dividend rate of $1.20 per share. Tapestry remains committed to increasing its dividend over time at a faster rate than earnings growth.

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.