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.
Vietnam's first global automaker is coming to the United States. VinFast unveiled the company's full EV lineup of five models at CES 2022. A reservation program for its first two electric vehicles, the VF 326 and the VF e35, officially opened on Wednesday, with the company set to announce the vehicle's retail prices in the U.S. and Vietnamese markets. VinFast is also one of the world's first automakers to apply blockchain technologies to the process of certifying reservations, payments, and eventually vehicle ownership. VinFast CEO Le Thi Thu Thuy joined Cheddar News' Closing Bell to discuss.
AT&T and Verizon have agreed to delay activating their 5G services for two weeks after Airlines for America, a lobbying group that represents American, Delta, and other airlines, filed a petition last week with the FCC to stop the deployment of 5G in the U.S. over concerns that the network can interfere with certain systems on airplanes. President Biden spoke out about it, saying it would avoid further delays and cancellations of flights. Light Reading 5G and Mobile Strategies Director Mike Dano joined Cheddar News' Closing Bell to discuss.
Nick Hotchkin, WW chief operating officer, joins Cheddar News to talk about the company's latest program innovation 'PersonalPoints.' Liv Bowser, founder of Liberate, talks to our Hena Doba about creating the first mental fitness studio. Meanwhile, students in Illinois will now receive 5 mental health days per year, State Senator Robert Martwick tell us more about the bill.
Americans looking to purchase at-home COVID-19 tests will now have to shell out a bit more money after an agreement expired between the White House and companies to sell the tests at cost. The price of Abbot's BinaxNow test kit from October to December was $14 apiece; on Tuesday, Walmart's website listed the test for $19.88, and Kroger listed the tests for $23.99. Carbon Health Regional Clinical Director Dr. Bayo Curry-Winchell joined Cheddar News' Closing Bell to discuss the impact higher prices will have as the nation experiences another surge in cases.
Caroline Polisi, Criminal Defense Attorney & Lecturer in Law at Columbia Law School, breaks down the Holmes verdict and how this case impacts the reputation of female entrepreneurs.
As millions of kids go back to school, districts across the country are determined to keep class in person, despite a surge in COVID cases. In New York City, Mayor Eric Adams has vowed to keep the nation's largest school system open amid Omicron, citing the disastrous effect of remote learning on students. Oswald Feliz, NYC council member who sits on the health and education committee, joined Cheddar to discuss the city's plan to combat the recent surge and keep kids in school.
Schools across the country are determined to keep class in session, despite the rapidly-spreading Omicron variant. While many parents prefer in-person learning, they also worry whether the current public health guidelines will be enough to protect their kids. Erin Richards, national education reporter for USA Today, joined Cheddar to discuss how are schools are preparing for the surge to avoid another round of remote learning.
Joe Sanberg, Business leader, entrepreneur, and anti-poverty advocate, joins Cheddar News to discuss his push for an $18 minimum wage in California, and how employers are reacting to minimum wage hikes across the country.
