The news: Ralph Lauren and Coach parent Tapestry bucked the slowdown in luxury sales in the previous quarter, as their efforts to elevate their brands resonated with North American shoppers.

• Ralph Lauren’s revenues rose 6% year over year (YoY) to $1.73 billion, beating FactSet’s estimate for $1.68 billion. North America same-store sales also increased by 6% YoY, blowing past expectations for a 2.8% rise.
• Tapestry’s revenues of $1.51 billion were flat compared with the year-ago period, but still beat expectations for $1.47 billion. The company acquired 1.4 million customers in North America during the quarter, over half of whom were Gen Z and millennials.