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.
Hollywood writers picketing to preserve pay and job security outside major studios and streamers braced for a long fight at the outset of a strike that immediately forced late-night shows into hiatus, put other productions on pause and had the entire industry slowing its roll.
The 11,500 members of the Writers Guild of America went on strike this week after negotiations with Hollywood studios that began in March failed to result in an agreement.
Filmmaker and comedian W. Kamau Bell joined Cheddar News to talk about his HBO documentary project, United Shades of America, which tackles growing up mixed-race in America.
British star Ed Sheeran is facing accusations that he plagiarized Marvin Gaye's hit song, "Let's Get It On." Cheddar News breaks down how the high-profile copyright trial came to fruition and gets expert guidance from Joe Bennett, a forensic musicologist.
The 2023 Tony Awards are scheduled for next month, and Some Like It Hot, a musical and theatrical adaptation of the 1959 film, is leading the pack with a total of 13 nominations.
