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.
Alina Hauptman, a communications strategist at the Best Friends Animal Society, joined Cheddar News to discuss how pets can actually give a boost to your mental health.
Singer David Crosby has died, actor Julian Sands is missing, and actor Alec Baldwin will be charged with involuntary manslaughter. Here is everything you Need2Know for Friday, January 20, 2023.
David Crosby, the brash rock musician who evolved from a baby-faced harmony singer with the Byrds to a mustachioed hippie superstar and an ongoing troubadour in Crosby, Stills, Nash & (sometimes) Young, has died at 81,
Cheddar News discusses a new State Department program, the ‘Welcome Corps’ that will allow private U.S. citizens to sponsor refugees from around the world.
