The numbers: Rough. Coach’s profits plummeted 66% to $75.3 million from $221.3 million a year ago. The American high-end accessories brand’s quarterly net sales fell 7% to $1.14 billion.
The takeaway: There weren’t major surprises here. Coach reported similarly weak numbers last quarter, and recently announced plans to close 70 stores in North America. Now, the brand is undergoing growing pains as it attempts to remake itself as a complete lifestyle label and expand upon the women’s handbag category, which CEO Victor Luis admitted has been “challenging” over the past year.
One of Coach’s new men’s shoes.
What’s interesting: All eyes are on new creative director Stuart Vevers, whose task is to gain broader fashion credibility, and reclaim its tradition of unfussy, functional design. The British designer showed Coach’s first ever womenswear collection at Fashion Week in February, which he said he designed with Coach’s all-American roots in mind. And while Vevers’ vision was well-received in the US, China may present the…
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