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.
Christopher Wilson, a matchmaker at the adoption center for the American Society for the Prevention of Cruelty to Animals joined Cheddar News to discuss ways how to keep your dog stress-free amid fireworks during the July 4th weekend.
Brian Clark, co-founder of 4West Lounge in Harlem, NY, joined Cheddar News to discuss the opening of his LGBTQ+ bar and how more is needed not only in the city but around the country.
