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.
T-Mobile has entered into an agreement to acquire the parent company of Mint Mobile, a direct-to-consumer prepaid wireless company partially owned by actor Ryan Reynolds.
President of Champagne Laurent-Perrier U.S. Michelle DeFeo discusses how she got started in the French wine industry, why she's proud to work for a women-owned brand, and the secret to perfectly opening a bottle of champagne every time.
The 2023 South by Southwest Conference and Festival is in full swing and Cheddar News has the highlights on the biggest forthcoming innovations in tech, music and film. With the success of Everything Everywhere All at Once, which premiered at SXSW last year, this award season, all eyes are on the next big project to come out of the festival. Some of the most anticipated films include Problemista, You Sing Loud, I Sing Loud and Joy Ride. Keanu Reeves' John Wick 4 also premiered during the festival and received rave reviews.
