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.
Members of the Kappa League mentoring program at Wyandanch Memorial High School in Long Island, NY are preparing for an educational trip to Ghana. Principal Paul Sibblies is on a mission to enrich his students' lives to put some of them in touch with their roots. "When you invest in young people, then it's the greatest investment you can make," he said.
A group of 15 students recently graduated from SANYS U., a six-week program held by the Self Advocacy Association of New York State. The course helps people with disabilities to advocate on their own behalf, learning more about their rights, legislation and issues that matter most.
The minivan is turning 40 years old this year. While it made up just 1.8 percent of the car market in 2022, that number could begin to tick up, as more families increase interest in the car's advantages. Cheddar News' senior reporter Michelle Castillo takes a deeper look at the minivan's lineage.
