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Adrian Yee

Director and Senior Equity Analyst at Barclays PLC

Adrian Yee is a Director and Senior Equity Analyst at Barclays PLC, specializing in the coverage of the U.S. machinery, engineering, and diversified industrials sectors. He has provided research and investment recommendations on key companies such as Caterpillar, Deere & Company, Cummins, Illinois Tool Works, and Stanley Black & Decker, consistently delivering actionable insights to institutional investors. Yee began his finance career in the early 2000s and has held research roles at other prominent banks before joining Barclays, where he has maintained a strong reputation for sector expertise and investment accuracy. He holds FINRA Series 7, 63, 86, and 87 securities licenses and is recognized for high rankings on analyst performance platforms, reflecting above-average success rates and returns.

Adrian Yee's questions to TAPESTRY (TPR) leadership

Question · Q1 2026

Adrian Yee of Barclays asked about Coach's significant inflection in the European market, seeking insights into brand positioning, engagement with younger audiences, marketing spend, and penetration potential. He also inquired about Kate Spade's merchandise margin progress, excluding tariff impacts, and any stabilization in promotional activity.

Answer

Coach CEO Todd Kahn attributed Coach's 39% growth in Europe to its global value proposition and purpose campaigns, focusing on customer acquisition, youth appeal, and strategic store openings beyond traditional high streets. CFO Scott Roe explained that Kate Spade's margin pressure stems from tariffs (disproportionately impacting the brand) and strategic investments in customer engagement, with efforts to reduce discounting impacting the top line but aiming for long-term growth.

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Question · Q1 2026

Adrian Yee asked a thematic question about Coach's performance in the European market, inquiring about the brand's positioning, appeal to younger audiences, marketing spend, and penetration potential. He also asked Scott Roe about Kate Spade's merchandise margin progress, excluding tariff impacts, and the stabilization of promotional activity.

Answer

Todd Kahn (CEO and Brand President of Coach) attributed Europe's 39% growth to globally consistent strategies, including a strong value proposition, purpose-led campaigns, focus on youth, and strategic store openings beyond traditional high streets. Scott Roe (CFO and COO, Tapestry) explained that Kate Spade's margin pressure stems from tariffs and strategic investments in customer engagement, with a deliberate focus on reducing discounting to foster long-term sustainable growth.

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Adrian Yee's questions to DECKERS OUTDOOR (DECK) leadership

Question · Q2 2026

Adrian Yee asked about the impact of price actions taken in July for both UGG and HOKA brands on demand, and whether any sell-through issues have been observed in DTC or wholesale channels. He also inquired about the company's strategy for normalizing the balance between DTC and wholesale channels.

Answer

President and CEO Stefano Caroti stated that the company's premium brands have elasticity, and that selective and strategic price increases have not caused any issues, with strong sell-throughs continuing for both UGG and HOKA. CFO Steve Fasching explained that the company has been underpenetrated in wholesale compared to peers and is strategically expanding its wholesale presence for long-term growth, not short-term sales. He reiterated that wholesale growth will eventually slow, and DTC will pick up, as the company aims for a 50/50 wholesale to DTC balance. Stefano Caroti emphasized the flexibility of their omnichannel model to react to consumer demand.

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Question · Q2 2026

Adrian Yee inquired about the impact of price actions taken by Deckers Brands in July for both UGG and HOKA, specifically if any sell-through data or DTC performance indicated consumer concern. He also asked about the timeline for normalization in the DTC versus wholesale balance, and when wholesale growth might slow for DTC to pick up.

Answer

President and CEO Stefano Caroti stated that Deckers Brands' premium brands have elasticity, and selective price increases have not caused issues, with strong sell-throughs for key UGG and HOKA styles. CFO Steve Fasching explained that the company is strategically expanding wholesale distribution due to underpenetration, which temporarily impacts DTC growth but is part of a long-term strategy to reach a 50/50 DTC-wholesale balance. He anticipates wholesale growth will begin to slow, allowing DTC to pick up as the company continues to increase demand and points of purchase.

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Adrian Yee's questions to Bath & Body Works (BBWI) leadership

Question · Q1 2025

An associate for Adrian Yee asked for details on what drove the outperformance in dual-channel traffic and if this trend is sustainable. He also asked CEO Daniel Heaf about his approach to capital allocation, particularly the balance between shareholder returns and growth investments.

Answer

CFO Eva Boratto confirmed positive dual-channel traffic that outperformed benchmarks and stated these trends are factored into the Q2 guidance. CEO Daniel Heaf commented that it is too early to signal any changes to capital allocation, and his immediate priority is ensuring current investments are directed toward the highest-potential growth areas.

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