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.
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San Mateo County Sheriff ChristinaCorpusspeaks at a news conference following a shooting Monday, Jan. 23, 2023, in Half Moon Bay, Calif. Multiple people were killed in two related shootings Monday at a mushroom farm and a trucking firm in a coastal community south of San Francisco, and officials say a suspect is in custody. (AP Photo/Jeff Chiu)
M&M's colorful cast of chocolate covered peanuts will no longer be the mouthpiece of the brand and instead they will be replaced by Emmy-award winning actress and Saturday Night Live favorite Maya Rudolph.
