Coach’s target is to reach the 5-billion USD mark. The success of the Pillow Tabby handbag has fueled the brand’s ambitions for the handbags and women accessories, accounting for 72% of total sales made by the brand owned by Tapestry. Moreover: among the “great opportunities” that the brand sees in its grasp are also footwear. Meanwhile, Coach must face a social nuisance regarding the management of unsold goods.
Going after the 5-billion mark
Joanne Crevoiserat, Tapestry’s CEO, announced that Coach has the goal of increasing the handbags and small leather goods’ marketplace in Asia. Now, in an interview given to WWD (from which the screenshot in photo is taken), the CEO of Coach, Todd Kahn and creative director Stuart Vevers once again talk about various projects and strategies.
2.5 million new clients
Mr.Kahn explains that Coach managed to gain 2.5 million new clients around the world in 2020, half of which are Gen Z and Millennials. Moreover: the later pointed out that new and old consumers “are buying with higher frequency”, accepting higher prices. “Naturally – adds Vevers -, accessories are still what Coach is known for and I believe they always will be. They are our heritage”. A statement that, in the short term, translates into the success of the Pillow Tabby model, which became “a social media phenomenon”.
A completely different target
According to Vevers, this handbag managed to reach “a completely different audience. I have never experimented anything like it. We are struggling even today to have it in stock in our stores”. Both Kahn and Vevers talked about (Re)Loved, a project that aims at pushing the client to recuperate, recycle and repair handbags to show Coach’s capacity “to create things made to last”.
Social nuisance
With regards to sustainability fronts, Coach is having to face an unforeseen nuisance. A video that was uploaded on TikTok, became viral and was even reposted by Diet Prada, claims that a significant volume of unsold Coach’s accessories were thrown into the trash outside of a Texan mall, in Dallas, on August 31st. According to this claim, the products had been damaged on purpose to gain fiscal advantages.
Read also:
- August’s income statements: you can find them all here (but they are quite many)
- Tapestry confirms Todd Kahn as CEO and brand president of Coach
