It's a big, scary day for those at Coach, as the brand just announced that it cut 200 jobs, including 7% of its corporate staff, while restructuring the company. One main reason is due to a 12% drop in income during the fourth quarter, which was an unanticipated setback for a company that had been planning on rebranding itself more as a lifestyle brand, rather than merely a leather-goods retailer.
Additionally, Reed Krakoff also expressed plans to buy his eponymous label from Coach Inc. in anticipation of his 2015 departure as president and executive creative director. The sale should happen in the next few months. (WWD)
Image: via Coach