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.
Rescuers from across Europe rushed to a cave in Turkey on Thursday, launching an operation to save an American researcher who became trapped almost 1,000 meters (3,000 feet) below the cave's entrance after suffering stomach bleeding.
A judge sentenced “That ’70s Show” show star Danny Masterson to 30 years to life in prison Thursday for raping two women, giving them some relief after they spoke in court about the decades of damage he inflicted.
Wondering what to watch this weekend? This week we have the latest Power play, looking for a home overseas, the quintessential mother-daughter duo from the aughts, and a YouTube comedy series that never gets old.
A windsurfer who went missing off Florida's Space Coast the day that Hurricane Idalia made landfall last week has been declared the state's second death from the Category 3 storm, officials said Wednesday.
A Florida man who was attempting to cross the Atlantic Ocean in a man-made hamster wheel is facing federal charges after it took the U.S. Coast Guard five days to bring him ashore, according to a criminal complaint filed in Miami.
