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.
Detavio Samuels, CEO of Revolt, joins Cheddar News to discuss the importance of Black media, and give insight from cultural leaders about climbing to the top of their industries.
Stories of survivors emerge from Turkey and Syria earthquake, new allegations against officers who killed Tyre Nichols, and Texas sues over abortion bill guidance. Here is everything you Need2Know for Thursday, February 9, 2023.
Children are taken to a warming bus as parents wait for news after a bus crashed into a day care center in Laval, Quebec, on Wednesday, Feb. 8, 2023. (Ryan Remiorz/The Canadian Press via AP)
High school wrestler, Joe Salmon was ice fishing when he saw 83-year-old Thomas Lee and his dog Cooper's vehicle crash into the ice. The 17-year-old sprung into action to save the pair, pulling them out of the vehicle before help came.
Cheddar News' Shannon LaNier spoke with owner Kiahna Malloy of Kreme & Krumbs, a Black-owned ice cream shop in Montclair, New Jersey, about why she got into the business.
