2009 July 28
Daily Scoop Confirmed! Coach to Launch Reed Krakoff for Fall 2010
(NEW YORK) Confirming June 16th's exclusive report in The Daily, Coach has unveiled its plans for the Reed Krakoff brand, which is slated to launch for Fall 2010. The separate company from Coach, Inc. is currently operating out of its own headquarters adjacent to Coach's on West 34th Street, and it is staffed by its own design team (although Krakoff continues to operate offices in each building.) Reed Krakoff aims to become a lifestyle brand, producing women's ready-to-wear, acessories, jewelry, fragrance and eventually, men's and home furnishings. "We believe that this concept will serve to define the new American luxury and engage a different customer," said Coach chairman and chief executive officer Lew Frankfort.
"It's been exciting to do something really personal," said Krakoff, the president and creative director fo Coach, who joined the brand in 1996 following stints at Ralph Lauren and prior to that, Anne Klein. Reed Krakoff RTW will range from $495 to $1,195 at retail, while handbags will range from $695 to $1,295. The brand is expected to launch at boutiques and speciaty stores in the United States, Japan and Hong Kong, as well as approximately 10 freestanding Reed Krakoff boutiques.
Coach Inc. announced its 2009 Q4 earnings today in a statement that officially confirmed the creation of the Reed Krakoff brand. With net sales of $3.23 billion, up 2% from $3.18 billion in 2008, the brand is poised for growth. During fiscal year 2010, Coach Inc. plans to open approximately 20 new North American retail stores, at least six North American factory outlets and approximately 10 new locations in Japan. The brand is opening its new outposts in China ahead of schedule; anticipating the launch of around 15 new locations focused mostly on the the Mainland. Coach also plans to open around 20 international wholesale locations.
“Fiscal 2009 was also a year of many milestones, including the initiation of a dividend, which reflected both our financial strength and confidence in Coach’s future," said Frankfort in the earnings statement. "In addition, we acquired our retail businesses in China, providing another platform for growth as the brand gains traction in this market. With a business model that generates significant cash flow and with essentially no debt, we are in a position to take advantage of profitable growth opportunities, while continuing to return capital to our shareholders.”
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