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Tag: Stuart Weitzman

  • Stuart Weitzman opens world-first airport store at Hong Kong

    Stuart Weitzman opens world-first airport store at Hong Kong

    Designer footwear label Stuart Weitzman has opened its first airport outlet worldwide at HKIA in partnership with Lagardere Travel Retail.

    The airport boutique is opening with a curated selection from the brand’s future-inspired Autumn 2019 Collection and SW Logo series, including its popular Nudistsong stilettos and Nearlynude block-heel sandals.

    Stuart Weitzman has 128 stores around the world and is represented in both physical stores and online in the US, Canada, Europe, China, Japan and Australia.

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  • Alibaba Group sales jumps high

    Alibaba Group sales jumps high

    Alibaba Group sales soared 41 per cent in the December quarter as its customer based neared 700 million. The Chinese company’s turnover for the three months reached US$17.057 billion and its net income attributable to shareholders $4.807 billion. “Our resilient operating and financial performance is a direct reflection of our persistent focus on better serving our growing base of nearly 700 million consumers across retail, digital entertainment and local consumer services,” said CEO Daniel Zhang. “Our growth is also driven by the power of Alibaba’s cloud and data technology that helps expedite the digital transformation of millions of enterprises.”

    Alibaba group sales from core commerce increased 40 per cent to $14.958 billion, while the cloud-computing division posted 84 per cent growth, turning over $962 million. The digital media and entertainment division achieved 20 per cent growth to reach $944 million.

    In a statement, Alibaba said its Taobao platform achieved “robust user growth and enhanced engagement”. Last December, its China retail marketplaces had 699 million mobile monthly average users, representing a quarterly net increase of 33 million. The annual active consumers on its China retail marketplaces was 636 million for the 12 months ended December 31, compared to 601 million for the 12 months ended September 30 last year, “reflecting successful user acquisition programs, such as referrals through the Alipay app”.

    More than 70 per cent of the increase in annual active consumers was from third-and-lower tier cities.

    Tmall thrives

    Alibaba said GMV on its Tmall business grew 29 per cent year on year in the December quarter, outpacing the industry.

    “This robust growth was driven by strength in the fast-moving consumer goods (FMCG), apparel and home furnishing categories,” the company said.

    During the quarter, Tmall signed up new brands to the platform including Valentino, Ermenegildo Zegna, Stuart Weitzman and Sergio Rossi which opened flagship stores and joined the Tmall Luxury Pavilion.

    Meanwhile, Alibaba’s proprietary grocery retail chain Freshippo (formerly Hema) continued to expand its footprint, “optimise its stores and introduce new initiatives that improve customer experience”. As of December 31, there were 109 self-operated Freshippo stores in China, primarily located in tier 1 and tier 2 cities, which continued to achieve “robust same-store sales growth” through the quarter.

    ‘Robust’ Lazada growth

    Alibaba’s Southeast Asian e-commerce platform Lazada achieved what the company described as “robust growth” in GMV. The company upgraded Lazada’s technology, which resulted in boosting the number of active users and achieved greater user engagement on Lazada’s mobile app.

    “We continue to invest resources to integrate Lazada’s business and technology operations into Alibaba with the aim of building a strong foundation for us to extend our offerings in Southeast Asia.”

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  • Coach & Kate Spade power Tapestry sales

    Coach & Kate Spade power Tapestry sales

    One year into its major push to become an American luxury conglomerate, things appear to be moving in the right direction at Tapestry, which recently posted first-quarter results that topped expectations across the board. The firm — parent of Coach, Kate Spade and Stuart Weitzman — said its Q1 sales advanced 7 percent to $1.38 billion, driven mostly by the flagship Coach brand but also helped by Kate Spade, which it acquired in 2017.

    “Results were driven by continued growth at Coach, where global comparable store sales rose 4 percent, led by outperformance in digital, and reflected our compelling offering across categories and channels,” said Tapestry CEO Victor Luis. “Kate Spade contributed to our overall performance, as we made continued progress on our integration efforts, including the realization of synergies and the execution of strategic initiatives.”

    Trends at Stuart Weitzman, improved from the prior quarter, according to Luis, but results continued to be negatively impacted by development and delivery delays, which pressured sales and margins.

    “Production levels and shipments have now stabilized, reflecting the investment in talent and processes, as well as added manufacturing capacity. As a result, we remain on track to achieve profitable sales growth in the holiday quarter,” Luis added.

    Overall, the company reversed the prior year’s losses, posting profits of $122 million, or 42 cents per diluted share. Adjusted profits were $142 million, or 48 cents per share, topping analysts’ bets for 45 cents per share.

    By brand, net sales at Coach rose 4 percent to $961 million, Kate Spade’s sales surged 21 percent to $325 million, and Stuart Weitzman fell 1 percent to $95 million.

    “Our first-quarter performance and progress on our strategic priorities to date give us confidence in our ability to achieve the goals we’ve set out for fiscal 2019,” said Luis.

    “We continue to expect to deliver strong revenue and operating income growth, while making investments to support our long-term vision and drive a return to both double-digit operating income and earnings-per-share growth in fiscal 2020.”

    To that end, the firm lifted its profit outlook for the fiscal year and now projects earnings per diluted share in the range of $2.75 to $2.80, compared with the previous range of $2.70 to $2.80. It continues to expect revenues to increase at a mid-single-digit rate to $6.1 billion to $6.2 billion.

     

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  • Coach boosts Tapestry growth

    Coach boosts Tapestry growth

    Tapestry growth continues to be boosted by the inclusion of Kate Spade.

    The US apparel retailer has reported fourth-quarter revenue of US$1.48 billion and a net income of $211.7 million. A 31 per cent uplift in sales is the result of the acquisition of the Kate Spade business subsequent to the fourth quarter of the previous financial year.

    However, this is the final quarter during which the sales line will be flattered by this anomaly, which means the next fiscal year will present a much truer picture of underlying growth.

    For this quarter, the results are generally good – but mostly thanks to Coach which has driven the whole business forward. The numbers from Stuart Weitzman and Kate Spade are less impressive. The latter is understandable given that the brand remains in transition, but the former is somewhat disappointing as it is the result of operational missteps.

    Looking at Coach in more detail, total revenue increased by a solid 5.1 per cent, with a supporting rise of 3 per cent on a comparable basis. This is a very respectable result which, once again, underlines the return to full health of a brand that once suffered from ubiquity and excessive discounting. The performance in the US was particularly strong, aided in large part by the more robust consumer economy which has spurred spending on luxury products. However, Coach deserves credit for securing a slice of this growth – something that not all higher-end brands have been able to accomplish.

    Within Coach, the Signature line has been a particular success and has helped to drive both sales and interest in the brand. The development of smaller leather goods in this range has helped to expand the number of products consumers can buy and has created some good gifting options which should help the company in the all-important holiday quarter. We are encouraged by this development as it suggests that Coach has now found a sweet spot in terms of balancing a premium positioning with accessible products that help maximise sales.

    Another win for the company is the men’s range, where an expanded offer has helped to boost sales. While men’s remains a small component of the sales mix, we are heartened by a good performance over Father’s Day and a growing awareness of this part of the assortment. In our view, this part of the business has good potential and will likely be a driver of future growth.

    Kate Spade rebuilding 

    Kate Spade has now been part of Tapestry for a year. Over that time the group has taken a disciplined approach to rebuild brand equity, including pulling back on excessive promotional activity and reducing exposure to unfavourable wholesale channels. This effort is now almost complete and while global comparable sales were down 3 per cent, margins are strengthening and top-line revenue is starting to look more favorable. The brand is now in a better position and should start making a solid top and bottom line contribution over the next fiscal year.

    Stuart Weitzman continued its run of poor performance with a slip in sales and margin. Most of the issues at Stuart Weitzman still stem from production problems, which delayed key seasonal styles. Not only did this reduce sales of those products, it also weakened overall interest in the brand which meant core products had to be discounted to stimulate demand. Unfortunately, these second-half issues undid most of the advancement during the first quarter.

    Looking ahead, we believe Tapestry is in good shape. It should have a successful holiday quarter which will boost the first-half of its new fiscal year. And now that Kate Spade is in order, we do not preclude further acquisitions in the year ahead.

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  • Tapestry takes back Kate Spade China business

    Tapestry takes back Kate Spade China business

    Tapestry, the fashion retailer formerly known as Coach, has taken back operational control of its Kate Spade China joint ventures in Hong Kong, Macau, Taiwan and the mainland.

    CEO Victor Luis described the move as “an important business development initiative” and part of a plan by the group to assume greater direct control over its international distribution.

    The company has also entered into a purchase agreement to acquire the Stuart Weitzman business in Northern China from its distributor.

    “These transactions are in keeping with our strategic priority to maximise the opportunity with Chinese consumers globally across our brands,” said Luis.

    “In addition, we are excited to announce the buyback of the Coach business in Australia and New Zealand from our distributor, with an expected closing in the third fiscal quarter. As a result, we will be creating a Tapestry hub and center of excellence in Sydney to drive growth across our portfolio, further unlocking the value of a multi-brand operating model.”

    The news was included in the company’s second quarter results announcement in which Tapestry revealed a 35 per cent increase in sales, largely fuelled by the addition of the Kate Spade operations to its figures after its acquisition last July.

    Net sales totalled $1.79 billion for the second quarter, up from $1.32 billion in the prior year, while net income was $63 million.

    Luis said the second quarter performance exceeded the company’s expectations, with a return to growth for Coach, improved sales at Stuart Weitzman and the contribution of Kate Spade which continued to make progress after its integration into the business.

    A “significant step forward”

    Neil Saunders, MD of GlobalData Retail, said after removing the Kate Spade data from Tapestry’s comparable sales numbers, a modest growth rate of 2.2 per cent was achieved, which was still a “a significant step forward for the group”.

    “Most pleasing is the return to growth of the Coach brand which has, for some time, seen revenue slide as the result of a pullback from a number of sales channels, including department stores. The 2.2 per cent increase signals that this period of painful adjustment is mostly over and that Coach has a stable platform from which to expand. A more disciplined approach to discounting and promotions helped margins at the brand, which flowed through to some healthy gains in operating income. In short, Coach’s game plan of becoming less ubiquitous and selling more at higher price points is now delivering.”

    Saunders said Coach deserves credit for an on-trend holiday line up, a compelling marketing campaign, and great in-store execution.

    “However, we also believe that gains were aided by a confident consumer and flattered by a very soft prior year comparative. Both factors were particularly influential in the key North American market.

    This leads us to be a bit more cautious about prospects over the upcoming quarters, especially as comparatives become tougher and gifting sales are less significant.”

    But he said any softness in the North American market can be offset by a more aggressive and coordinated approach to international expansion.

    “On this front, we are encouraged that Tapestry is taking back direct control of the Coach business in Australia and New Zealand and believe that this will help to improve the brand’s presence and influence in the region.”

    Looking beyond Coach, Tapestry’s newest brand, Kate Spade performed less well. Global comparable sales declined by 7 per cent over the period, driven in part by a fall in e-commerce.

    “As much as this looks disastrous, the dip is mostly the result of a deliberate change in strategy, with Tapestry pulling back from the flash sales and heavy discounting that Kate Spade previously used to drive revenue. Predictably, this has resulted in a dramatic volume decline and waning interest among some consumer segments.

    “The intention is clear: Tapestry wants to take Kate Spade through the same process used to rebuild Coach. This is a necessary step to bolster brand value as Kate Spade had become too value-oriented and overly reliant on excessive, and margin depleting, promotions to drive results. We are conscious that weaning Kate Spade off the discounting drug will be far from easy and better numbers will only come through over the medium to longer term.”

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  • Ex Stuart Weitzman CEO launches new line of luxury sneaker

    Ex Stuart Weitzman CEO launches new line of luxury sneaker

    Former Stuart Weitzman CEO Wayne Kulkin has launched a new brand to take advantage of the fast-growing luxury sneaker category.

    StreetTrend is a partnership between Kulkin and Hilco Global, which is better known in retail circles for managing the liquidation of failed retail businesses, including HMV, Blockbuster and Linens N Things.

    Kulkin says he is confident that luxury sneakers is a trend with staying power. “Consumers are passionate about the growing trend of wearing sneakers in all settings – from the gym to the office, from the park to the bar,” he says.

    “The demand for multiple pairs of shoes is a natural extension of the shift to casual dress at the workplace. People want to make a statement about their personal style from head to toe.”

    Kulkin founded the company early this year, working at first on developing product designs

    “I’ve been a sneakerhead since I was a teenager. Anyone who’s ever met me will tell you that I am always in sneakers, whether it’s with a suit, jeans, or sweatpants.”

    The first products are expected to ship to luxury retail stores in North America and Europe, including Neiman Marcus, Nordstrom, Shopbop and The Shoebox NYC, in Spring/Summer 2018.

    StreetTrend will manufacture its shoes in Italy and retail them under three brands: p448, Meline, and P.S.821.

    “StreetTrend LLC will design and market Italian-made luxury sneakers that are fresh and innovative,” says Kulkin. “The entire collection is made with the finest materials and handcrafted in Italy. Our goal is to completely exceed consumer expectations on style, comfort, and fit, all at a democratic price point.”

    Kulkin will leverage his deep industry experience in marketing, supply chain and global consumer trends as CEO of the new venture.

    “I’m excited to build something from the ground up. I love the power of ideas and the creative process, and I’m certain we’re tapping into a very exciting consumer need for sneakers that look and feel fantastic.”

    Kulkin spent more than 20 years at Stuart Weitzman and served as its CEO both before and after the company’s acquisition by Coach, (now Tapestry). He started his shoe career as a buyer at Nordstrom, and has been involved with every aspect of the footwear industry over his career.

    Hilco Global’s activities are not restricted to dissolving businesses. The company has invested in many fashion and consumer brands in the past, including Polaroid, Halston, Haute Hippie, Madaluxe Eyewear, Le Tigre, Caribbean Joe, Ellen Tracy and Altec Lansing.

  • Stuart Weitzman taps Gigi Hadid for footwear range

    Stuart Weitzman taps Gigi Hadid for footwear range

    Supermodel Gigi Hadid has partnered with Stuart Weitzman on two exclusive footwear styles for launch this fall.

    Hadid, face of the F/17 ad campaign has created the Eyelove and Eyelovemore ranges, pointed-toe mules which represent the first project for Stuart Weitzman’s new creative director Giovanni Morelli.  With hadid, he modified an existing brand silhouette to “reflect her sleek style and strong affinity for the mule”.

    Hadid says she was inspired by her personal connection to the mystical symbol the “evil eye” in creating the Eyelove, which comes in ballet suede and deep indigo suede. Reflecting her minimalistic design aesthetic, the shoes feature one “evil eye” symbol on just the right foot of each silhouette.

    The Eyelovemore, available in frosted suede, illustrates her playfulness with its bold multi-eye pattern on both shoes.

    Morelli says Hadid’s designs easily transition from season to season – the inside of each toe-box is lined with shearling. Packaged in a signature Gigi Hadid box with a matching dust bag, the shoes are available exclusively at Stuart Weitzman retail locations and global websites as well as Moda Operandi and Lane Crawford in Hong Kong, Singapore and Mainland China.

    “I’ve really been into slides lately and wanted a pair that can take me into fall… no more cold toes!,” exclaimed Hadid. “The evil eye is a powerful symbol meant to protect those who wear it from negative energies. It’s emotionally comforting and beautiful and captivating to look at. The bright colors are fun and remind me why we designed these shoes – they represent our commitment to build three additional schools with Pencils of Promise. Look Good, Do Good.”

    A short film The Season for Loving, starring Hadid, will kick off the Gigi Mule’s global retail debut on the brand’s online store. The film was directed by Cameron Duddy – a music video director who has worked with Bruno Mars and Jennifer Lopez, and bassist of country trio Midland. The film combines beautiful cinematography with edgy color treatments and strikes a perfect balance between the real and surreal – all while showcasing the shoes.

    Stuart Weitzman is part of the Tapestry Group, formerly known as Coach.

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  • Tapestry sales report

    Tapestry sales report

    The leather goods company formerly known as Coach Inc., Tapestry, has reported earnings for the first time since the name change.

    Tapestry, which is in the midst of a major rebranding, posted a 24.2 per cent increase in revenue to $1.29 billion and a net loss of $17.7 million compared with a profit of $117.4 million the previous year.

    Same store sales dropped two per cent for the Coach brand.

    Neil Saunders, managing director at GlobalData Retail, said the current period is one of transition for Tapestry, which changed its name from Coach last month as it grows into a multibrand lifestyle company following the acquisitions of accessories retailer Kate Spade and shoemaker Stuart Weitzman.

    “The inclusion of Kate Spade flatters the overall revenue number, which rose by almost 24 per cent,” Saunders said. “However, if this is excluded, a weaker picture emerges with sales down by 1.7 per cent over the prior year. This is solely the result of the continued revenue slide at Coach where overall sales dipped by 2.8 per cent, including a two per cent decline in comparables.”

    The pullback from department stores and other channels that Tapestry considers to be detrimental are part of the reason for the slide in Coach’s numbers. Saunders said this is not an unusual pattern.

    “However, we feel that there is an additional softness in this quarter’s results and that they indicate a slight worsening of performance since the prior period,” he said. “Fortunately, much of this appears to be down to transitory factors such as a shift in the Chinese Mid-Autumn festival and natural disasters in the United States. Even so, they serve as a reminder of the fickleness of demand when it comes to higher-end brands – which is why Tapestry wants to move away from being reliant on just one label.”

    Saunders said their recent store visits to Coach has led them to believe that the holiday quarter will be a positive one.

    “The collection is looking strong with some good gifting stories; merchandising is compelling and engaging,” he said. “Our consumer data also indicates that perceptions of Coach continue to rise and its status as a brand that people want to receive and to gift have both improved since last year.”

    Tapestry’s newest addition, Kate Spade, also suffered a sales decline, with comparables down by 9 per cent.

    “While this is a less than auspicious start, it is the result of deliberate action by Tapestry to wean the brand off its reliance on discounting and flash sales,” Saunders said. “Predictably, this had a negative impact on volumes, especially online where global e-commerce declined by 600 basis points.”

    As much as this is beneficial to gross margins, the shift put severe pressure on the bottom line.

    “Thanks to this, and the disruption and expense of the acquisition, Kate Spade fell firmly into the red,” Saunders said. “However, we are not overly concerned by this as we believe Kate Spade needs to take two steps back before it can move forward.”

    With Tapestry’s two leading brands in negative sales territory, it fell to Stuart Weitzman to try and make up some lost ground. The division duly delivered with a 10.2 per cent uplift in sales. Better collections in store coupled with improved demand for footwear drove the results.

    “We are confident that this uptick will continue into the holiday quarter and beyond, bolstered by the much-awaited collection from Giovanni Morelli,” Saunders said.

    According to Saunders, as important as the performance of the individual brands is, it is the way in which Tapestry will bring them together that will determine business performance. “Here, despite the negative revenue growth and this quarter’s net loss of $17.7 million, we are encouraged by the progress,” he said. “Synergy savings from the Kate Spade integration are ahead of schedule, which allowed the company to beat its earnings forecast. Moreover, Tapestry has increased its targeted savings out to 2019 from $50 million to $115 million.”

    Saunders added that all of this suggests that the current period is one of transition for Tapestry and that better numbers will come through over time.

    “Overall, we have confidence in the general direction and strategy of the group.”

  • Growth for Coach China

    Growth for Coach China

    New York design house Coach reports “notable strength” in Mainland China while reporting its second-quarter results for the quarter ended December 31.

    Coach China sales were roughly even but increased 6 per cent on a constant currency basis when the impact of the strong US dollar was removed. In addition, there was a “significant” improvement in the quarter for Hong Kong and Macau.

    “We are both pleased and proud of our performance this holiday season, particularly in light of the challenging and volatile global retail environment,” says CEO Victor Luis, noting that China represents “significant opportunities” for its brands.

    “And, despite our deliberate pullback in the North America wholesale channel as well as currency headwinds, we delivered double-digit earnings growth in the quarter. ”

    Second-quarter net sales totalled $1.32 billion for the second fiscal quarter, an increase of 4 per cent over the same period the previous year, including a benefit of 40 basis points related to currency translation.

    Gross profit totalled $906 million, up 5 per cent. Gross margin for the quarter was 68.6 per cent compared to 67.4 per cent in the year-ago period, while net income for the quarter was $200 million.

    Net sales for the Coach brand totalled $1.20 billion for the quarter, an increase of about 2 per cent. This included international sales of $440 million, up 3 per cent.

    Continued strength

    This growth was driven in part by positive comparable-store sales overall with continued strength in Mainland China.

    In Japan, sales rose 9 per cent in dollar value, but eased 2 per cent in constant currency, impacted by a lower Chinese tourist spend.

    Sales eased for the group’s other directly-run businesses in Asia.

    Gross profit for the Coach brand rose 4 per cent to $830 million. Gross margin for the quarter was 69 per cent, including about 30 basis points of benefit from currency. This compared to 67.7 per cent for the quarter in the previous year.

    Net sales for the group’s Stuart Weitzman brand reached $118 million for the quarter compared to $94 million in the same period the previous year. This 26 per cent improvement was driven by strong growth in the brand’s direct channels, and was positively impacted by a wholesale shipment timing shift from the first quarter.

    Gross profit for Stuart Weitzman rose 26 per cent to $76 million, while gross margin was even at 64.3 per cent.

  • China fires, Hong Kong fizzles for Coach Asia

    China fires, Hong Kong fizzles for Coach Asia

    Coach Asia has reported a strong rise in Mainland China sales in the last quarter – which was eroded by a decline in Hong Kong and Macau.

    The rebounding US fashion retailer says international sales rose 5 per cent in the three months to March 27 to US$448 million and by 7 per cent on a constant currency basis.

    “Total China sales rose 2 per cent in constant currency and declined 2 per cent in dollars with double-digit growth and positive comparable store sales on the Mainland offset in part by continued weakness in Hong Kong and Macau,” the company said in its earnings statement overnight.

    Hong Kong’s subdued luxury market and high currency value significantly ate into the Greater China figures.

    In Japan, sales rose 7 per cent in constant currency, despite a decrease in square footage, while dollar sales rose 8 per cent, reflecting the stronger yen.

    “Sales for the remaining directly operated businesses in Asia posted solid growth in constant currency but rose slightly in dollars,” the company reported.

    Coach’s total sales were $1.03 billion for the third quarter, compared with $929 million in the same period of last year, an increase of 11 per cent. On a constant currency basis, total sales increased 13 per cent. Gross profit totaled $713 million versus $665 million a year ago, up 7 per cent, while gross margin was 69 per cent versus 71.6 per cent.

    Neil Saunders, said while Coach’s sales uplifts were modest when compared to prior year declines of 24 per cent in North America and 3 per cent in international markets, they added to the sense that a long promised recovery of the brand is starting to materialise.

    He said the Stuart Weitzman acquisition continues to add value to Coach’s top line, despite fairly weak margins. “To an extent this, along with the strong dollar, has under minded progress made in rebuilding margins for the core Coach brand.

    “While Coach has done much to rebuild its brand there is still further to go within North America before it sheds its image of being a ubiquitous product focused on discounting. The recent heritage campaign and the reduced promotional stance are helping to shift perceptions, and as such the direction of travel is correct,” observed Saunders.

    “With greater emphasis on product design, marketing, and store environment Coach should be able to rebuild traction within its core North American market over the course of the next quarter.”

    Coach CEO Victor Luis  said the company’s performance was in line with expectations and reflected “the consistent execution of the transformation initiatives put into place nearly two years ago, in spite of volatile tourist spending flows, as well as macroeconomic and promotional headwinds”.

    “We are delighted with how our plan for the Coach brand continues to unfold and is driving improvement across our financial metrics. We are on track to return to positive comps in North America in the fourth quarter and to achieve an inflection in our profitability.”

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  • Coach China leads transformation

    Coach China leads transformation

    Coach Inc says its net sales totalled US$1.27 billion for the second fiscal quarter – up 4 per cent year on year, and up 7 per cent on a constant currency basis.

    China was a primary driver of the increase in the three months to December 26, with sales up in the double digits and Japan also performed well for the New York based luxury accessories and lifestyle brands, which also owns Stuart Weitzman.

    Gross margin slipped from 68.9 per cent to 67.4 per cent, but gross profit rose $18 million to $859 million.

    Total Coach China sales rose 2 per cent in dollars and 5 per cent in constant currency with double-digit growth and positive comparable store sales on the Mainland offset in part by continued weakness in Hong Kong and Macau.

    In Japan, sales rose 2 per cent on a constant currency basis, despite a decrease in square footage and consistent with expectations, while dollar sales declined 3 per cent, reflecting the weaker yen.

    “Sales for the remaining directly operated businesses in Asia grew modestly in constant currency but declined in dollars, while Europe remained very strong, growing at a double digit pace in both total and comparable store sales,” the company said in its earnings statement.

    CEO Victor Luis said the result reflects “the most significant progress to date” on the company’s transformation plan despite the difficult retail environment globally.

    “We drove further sequential improvement in our North America bricks and mortar business – led, as expected, by our retail stores, while our outlet store channel also strengthened against a backdrop of lower tourist traffic and a highly promotional environment.

    “Our international businesses posted strong growth on a constant currency basis, highlighted by double-digit increases in Europe, and Mainland China, as well as sales gains in Japan. Overall, our results continue to give us confidence that the cumulative impact of our actions will result in a return to top line growth this fiscal year and positive North American comps by our fourth quarter.

    “We were also excited about Stuart Weitzman’s results during the quarter, which exceeded expectations. Importantly, we are effectively integrating Stuart Weitzman to Coach Inc while continuing to successfully execute the Coach brand transformation,” said Luis.

    “At points of sale, sales in international wholesale locations increased slightly, driven by strong domestic performance offset in large part by relatively weak tourist location results. Net sales into the channel grew significantly from prior year positively impacted by shipment timing to ensure appropriate inventory positions for Chinese New Year,” the company said.

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  • Stuart Weitzman names Alyssa Mishcon President of Global Retail

    Stuart Weitzman names Alyssa Mishcon President of Global Retail

    Luxury shoe brand Stuart Weitzman named Alyssa Mishcon President of Global Retail on Monday. Mishcon will oversee all aspects of the global retail business including customer experience and relationship management, strategic operations development, merchandising and international retail growth. She will report directly to Wayne Kulkin, CEO, and will be based out of international headquarters in New York City.

    Mishcon brings more than 15 years of experience in multi-channel luxury brands, working most recently as President of Thomas Pink Inc., LVMH Fashion Group and then previously as Vice President Strategy, Merchandising & Retail at TAG Heuer, LVHM Watch & Jewelry Division.

    Stuart Weitzman operates 45 retail stores across the US. It also has 75 international stores, 14 international shop-in-shops, and e-commerce sites in the United States, Canada, Europe and Hong Kong. Stuart Weitzman footwear and accessories are sold in more than 70 countries.

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