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.
Country music star Dolly Parton just set three new Guinness World Records, including longest span of No. 1 hits on US Top Country Albums chart for a female artist, most top 10 entries on the US Top Country Albums chart for a female artist, and most studio albums released by a female country singer.
“That '70s Show” star Danny Masterson was led out in handcuffs from a Los Angeles courtroom Wednesday and could get 30 years to life in prison after a jury found him guilty on two of three counts of rape at his second trial, in which the Church of Scientology played a central role.
The trial of the man charged in the deadliest antisemitic attack in U.S. history opened Tuesday with his own lawyer acknowledging that he planned and carried out the 2018 massacre at a Pittsburgh synagogue and made hateful statements about Jewish people.
In celebration of Asian American and Pacific Islander Heritage Month, Anne del Castillo, commissioner of the NYC Mayor's Office of Media and Entertainment (MOME), joined Cheddar News to discuss her role in helping bring back the city's entertainment industry after the pandemic.
