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.
The iconic Rockefeller Center Christmas tree has been chosen and it's a Norway spruce that comes from Vestal, New York, which is in the Binghamton area.
Saudi Arabia became the only country to enter a bid to host the 2034 FIFA World Cup after Australia backed out, claiming they were focusing on other major sporting events.
Manga is one of Japan's most beloved comic art forms and an exhibit in New York is showing the work of some of Japan's most talented illustrators. Keiko Asai, of Ginza Sony Park, joined Cheddar News to explain the exhibit and what to expect when you visit.
