This holiday season seemed to be in favor of the luxury retail brands. Tapestry and Michael Kors reported better-than-expected earnings last week. Melissa Armo, Owner of The Stock Swoosh and Melissa Gonzalez, CEO & Founder of The Lionesque Group, join The Long and The Short to discuss trends in the luxury market.
Tapestry credits the boost in sales to its Coach brand. Sales rose 2% to $1.23 billion last quarter. In order to get Coach back on track Tapestry cut flash sales and discounts, bringing it back to its luxury roots. Many believe it should do the same thing for its struggle division of Kate Spade. Kate Spade's global same-store sales fell 7% last quarter.
Plus, Michael Kors is making a comeback. Sales rose over 6% last quarter after trimming back promotions and expanding its footwear collection. However, Armo still isn't impressed with the company. She's disappointed the stock dropped so heavily right after earnings and is still concerned about its ability to get people into the store.
The British Museum said Wednesday that a member of its staff has been dismissed after items dating back as far as the 15th century B.C. were found to be missing, stolen or damaged.
A central Florida art museum which was raided last year by the FBI over an exhibit of what turned out to be forged Jean-Michel Basquiat paintings has sued its former executive director and others, claiming they were part of a scheme to profit from the eventual sale of the fake artwork.
Actor Craig Robinson spoke to Cheddar News' Azia Celestino about the hilarious new episodes that follow the entrepreneurs as they embark on a new effort to make money and achieve the American dream.
