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.
Pieter Vanerman, CEO of Spin, joined Cheddar News to discuss the ping-pong franchise, which has nine locations around the U.S. and two in New York City, and also dived into how the business operates, showed what's on the menu and what you can expect when you visit.
“This truly is The One Where Our Hearts Are Broken,” “Friends” co-creators Marta Kauffman and David Crane, along with executive producer Kevin Bright, said in a joint statement Sunday.
