Coach parent Tapestry forecast annual profit below expectations due to rising tariffs, sending its shares plunging 14%, and said it planned to cut the number of handbag styles offered as retailers try to offset the impact of import duties.

Tapestry shares slumped 15% Thursday after the Coach and Kate Spade parent gave a weaker-than-expected outlook as it warned it would take a significant hit from new tariffs.

Tapestry shares tumbled after the company forecast a difficult year ahead for its Kate Spade brand, overshadowing a successful turnaround of sister-brand Coach.