Coach Names New CFO
05 January 2017 - 6:06AM
Dow Jones News
By Imani Moise
Struggling retailer Coach Inc. named a new chief financial
officer Wednesday after losing its former CFO to a rival last
year.
Kevin Wills will take the post, replacing interim CFO Andrea
Resnick. Ms. Resnick has been in the position since August, when
Jane Nielson was poached by Ralph Lauren Corp. after five years in
the job.
Mr. Wills joins the luxury brand from AlixPartners LLP, a global
business advisory where he was CFO for two years following a
16-year stint at Saks Inc.
The move comes as Coach makes strides to rebrand itself. The
past three years at the company have been marked by sales declines
and store closings as it faced increased competition from
affordable luxury rival Michael Kors Holdings Ltd.
In the latest quarter, however, sales at existing North American
stores grew 2%. Recently, the 75-year-old company has been on the
hunt for acquisitions as the brand expands its portfolio.
This year the company launched a broader high-end collection
featuring coats and sweaters in addition to its staple handbags
under Executive Creative Director Stuart Vevers, who took the
position in 2013.
Shares rose 2.4% in afternoon trading and have risen 8.1% over
the past 12 months. Still, they are well below the company's
all-time high of $79.03 reached in March 2012.
Write to Imani Moise at imani.moise@wsj.com
(END) Dow Jones Newswires
January 04, 2017 13:51 ET (18:51 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
Tapestry (NYSE:TPR)
Historical Stock Chart
From Apr 2024 to May 2024
Tapestry (NYSE:TPR)
Historical Stock Chart
From May 2023 to May 2024