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.
The top entertainment headlines for February 23, 2023.
Cheddar News' Shannon LaNier spoke with Meredith Maskara, CEO of the Girl Scouts of Greater New York, about what it takes to run of the largest Girl Scouts organizations in the country and the only one that is 100 percent urban. The group serves 25,000 girl with the support of 3,000 volunteers. Maskara gave viewers a sneak preview of the cookies soon to be available across the city.
Seattle has become the first U.S. city to ban caste discrimination, which has directly affected those whose ancestors come from some southeastern Asian countries. Cheddar News explains what that means.
Dianne Gordon of Michigan saw her life change after finding a zip lock bag with $15,000, but not in the way that you would expect.
Spotify is launching a new AI-powered feature called "DJ."
The world's longest skating rink faces its first shutdown in 52 years because of climate change.
Paul McCartney and Ringo Starr will record on a new album with The Rolling Stones, according to Variety.
Seattle became the first city to ban discrimination based on caste.
Alfred Edmond Jr., Senior Vice President & Executive Editor-at-Large at Black Enterprise, joins Cheddar News to discuss how the media landscape has shifted for young and upcoming black talent in the industry.
Movie studio A24 is auctioning off props from the hit film Everything, Everywhere All At Once to raise money for laundry workers, asian mental health, and transgender rights.
