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.
Universities like UCLA, Yale, and Duke have announced they're implementing remote learning amid the COVID omicron variant surge, despite President Biden recommending that K-12 schools should continue in-person education. Jared C. Bass, senior director for Higher Education at American Progress, joined Cheddar to break down what institutions of higher education might be considering differently. "I think some universities are allowing periods of a bit of a respite to allow students to get testing and make sure when they do return back to campus that they're healthy," he noted.
The typical holiday rush to malls and other retail outlets on "Super Saturday" fell by 26 percent compared to 2019. Melissa Gonzalez, CEO and founder of retail strategist Lionesque Group, told Cheddar that shopping habits had already been changing. "I just think there's a shift in general. And then there's just a lot more pre-planning, and I don't think that's going to go away," she said. "You saw a lot of holiday gift guides go out earlier and deals go out earlier, so I think that's just going to be a trend going forward." She also discussed how cryptocurrency is going to play a role in retail in 2022.
Jeanenne Tornatore, travel expert, media personality, content creator, and former Orbitz senior editor, joins Cheddar News' Closing Bell, where she runs through items flyers should be mindful of this holiday season as the omicron coronavirus variant continues to spread.
With only two days left until Christmas, last-minute shoppers are facing major issues caused by supply chain shortages and the rising omicron variant. Kristen Gall, president of Rakuten Rewards, joins Cheddar News to discuss.
Waze launched its first-ever "Year in Rear View" survey. Andrew Stober, Waze Head of Public Partnerships and Carpool, takes a look back at the year in travel to see the places we drove the most, the books and music that kept us entertained, and what we can expect in 2022.
Juan Perez Jr., education reporter for Politico, breaks down why Black Americans are leaving Chicago and how political controversy is impacting representation.
Marvel's "Spiderman: No Way Home" is the third highest-grossing film of the year and could be the only one to reach the $1 billion mark of 2021 with ticket sales already surpassing $750 million.
