The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
NEW YORK, United States — Coach Inc., the largest U.S. luxury-handbag maker, posted first-quarter profit that topped analysts' estimates as new styles and fewer discounts boosted results.
Earnings were 41 cents a share, excluding some items, the New York-based company said in a statement Tuesday. Analysts estimated 40 cents, on average.
Chief Executive Officer Victor Luis is working to win back customers who have increasingly shifted to competing designers like Kate Spade & Co. by adding new products, updating stores and reducing discounts. In an effort to catch more shoppers' attention, Coach also has boosted marketing to highlight its 75th anniversary this year.
Net income fell 19 percent to $96.4 million. Sales dropped 0.8 percent to $1.03 billion in the quarter, missing analysts’ $1.04 billion projection.
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The shares rose 0.6 percent to $30.32 on Monday in New York. The stock has slipped 19 percent this year, dragged down by concerns about the company’s turnaround plan and the broader market for handbags.
By Christie Boyden, Lindsey Rupp; editors: Nick Turner, Kevin Orland, Paul Jarvis.
In 2020, like many companies, the $50 billion yoga apparel brand created a new department to improve internal diversity and inclusion, and to create a more equitable playing field for minorities. In interviews with BoF, 14 current and former employees said things only got worse.
For fashion’s private market investors, deal-making may provide less-than-ideal returns and raise questions about the long-term value creation opportunities across parts of the fashion industry, reports The State of Fashion 2024.
A blockbuster public listing should clear the way for other brands to try their luck. That, plus LVMH results and what else to watch for in the coming week.
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