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.
Nine-year-old Bobbi Wilson of New Jersey has caught the attention of the Yale School of Public Health for her commitment to exterminating spotted lanternflies. Last year, while spraying the bugs in her neighborhood, a neighbor called police on the little girl.
First responders fired after video of police beating Tyre Nichols was released, 10 people show in Lanland, Fla. and winter storm is causing travel troubles. Here is everything you Need2Know for January 31, 2023.
New Mexico District Attorney Mary Carmack-Altwies on Tuesday is set to file involuntary manslaughter charges against actor Alec Baldwin and armorer Hannah Gutierrez-Reed.
TV actresses Penny Marshall and Cindy Williams smile at the Emmy Awards in Los Angeles, Sept. 9, 1979. The duo play television's "Laverne and Shirley." (AP Photo/George Brich)
