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.
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The top entertainment headlines for March 31, 2023.
Gwyneth Paltrow has won her court battle over a 2016 ski collision at a posh Utah ski resort after a jury decided that the actor wasn’t at fault for the crash.
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Cheddar News' Senior Reporter Michelle Castillo sits down with the impressive Loida Lewis in her Manhattan apartment to find out how she broke through barriers in law and business.
Need some content to curl up with on the big screen, laptop, or tablet this weekend? Cheddar recommends electrifying evolution, a terrifying phone call, and a podcast to which you might find yourself overly devoted.
