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.
TikTok mastermind Armen Adamjan, AKA @creative_explained, shares a few of his favorite household hacks, including one that will help keep your fresh roses alive a lot longer.
Another unidentified object was shot down over the weekend, contractors arrested in Turkey after buildings crumbled in earthquake, and arrests in Baton Rouge shooting that injured 12. Here is everything you Need2Know for Monday, February 13, 2023.
The third installment in the “Magic Mike” series danced its way to the top of the box office charts this weekend with a James Cameron double header, “Avatar: The Way of Water” and “Titanic” (yes that “Titanic”), looming close behind.
In an age when exclusivity can pique interest and even raise value, New York Fashion Week and fintech firm Afterpay are looking to do a 180-degree turn on the runway and open up access to all.
