Jump to content

Tapestry, Inc.: Difference between revisions

Coordinates: 40°45′17″N 74°00′01″W / 40.754734°N 74.00028°W / 40.754734; -74.00028
From Wikipedia, the free encyclopedia
Browse history interactively
← Previous editNext edit →
Content deleted Content added
VisualWikitext
Line 66: Line 66:


=== Manufacturing ===
=== Manufacturing ===
In the mid 1970s, production of handbags in New York City ended. While they are still designed in New York, all products are now made in China. Coach bags are characterized by their classic Logo on every accessory, and their classic cross stitch used on all zippers. Many conterfeit bags are be identified by the lack of this cross stiching, or abnomolies in the logo print.
In the mid 1970s, production of handbags in New York City ended. While they are still designed in New York, all products are now made in China. Coach bags are characterized by their classic Logo on every accessory, and their classic cross stitch used on all zippers. Many conterfeit bags are be identified by the lack of this cross stiching, or abnomolies in the logo print. Annie has a fake bag, aka "Foach".


=== Brand ===
=== Brand ===

Revision as of 09:45, 14 April 2013

Coach, Inc.
Company typePublic
NYSE: COH
SEHK: 6388
S&P 500 Component
IndustryApparels, accessories
FoundedNew York City, New York (1941)
Headquarters516 West 34th Street
New York City,
United States
Number of locations
730 (July 2011)[1]
Key people
Lewis Frankfort
(CEO)
Reed Krakoff
(President and Executive Creative Director) Jerry Stritzke
(COO)
Jane Nielsen
(CFO)
ProductsHandbags, women's and men's accessories, watches, footwear, eyewear
RevenueIncrease US$3.23 Billion (FY 2009)[2]
Increase $977 Million (FY 2009)[2]
Increase $623 Million (FY 2009)[2]
Total assetsIncrease $800 Million (FY 2009)[3]
Total equityIncrease $1.70 Billion (FY 2009)[3]
Number of employees
approx. 12,000 (2011)[4]
WebsiteCoach.com

Coach, Inc. is an American luxury leather goods company that got its start manufacturing small leather goods. Coach is known for ladies' handbags as well as items such as luggage, briefcases, wallets and other accessories.

History

Founding

Coach Bleecker Street, 372-374 Bleecker street, New York, NY 10014, USA

Coach was founded in 1941, in a loft on Manhattan's 34th Street, New York City[5][6] as a partnership called the Gail Leather Products.[7] Gail Leather Products began as a family-owned business,[7] with six leatherworkers who made leather wallets and billfolds by hand.[8]

1946 Miles & Lillian Cahn Join Coach

In 1946, Miles Cahn and his wife Lillian joined the company.[7] Miles and Lillian Cahn were owners of a leather handbag manufacturing business, and were knowledgeable about leatherworks and business.[8]

By 1950, Cahn had taken over the business and was running it mainly himself.[7] During the early years, Cahn noticed the distinctive properties and qualities of the leather used to make baseball gloves. With wear and use, the leather in a glove became softer and more supple. Attempting to mimic this process, Cahn created a way of processing the leather to make it stronger, softer, and more flexible, along with being deeper-toned in color, since the leather absorbed the dye very well.[9] Lillian Cahn suggested to Miles that the company supplement the factory's low-margin wallet production making women's leather handbags.[8] The "sturdy cowhide bags were an immediate hit".[8]

Miles and Lillian Cahn bought the company through a leveraged buyout in 1961.[8]

1961 - 1974 Bonnie Cashin Designs for Coach

In 1961 Cahn hired Bonnie Cashin, a sportswear pioneer, to design handbags for Coach.[8] Cashin "revolutionized the product's design" working for Coach from 1962 through 1974.[8]

Cashin instituted the inclusion of side pockets, coin purses, and brighter colors (as opposed to the usual hues of browns and tans) onto the bags.[8] Cashin also designed matching shoes, pens, key fobs and eyewear,[8] and added hardware to her clothes and accessories alike, particularly the silver toggle that became the Coach hallmark, declaring that she had been inspired by a memory of quickly fastening the top on her convertible sports car.

Due to the success that Cashin brought Coach, they ran their first ad in the New Yorker in 1963.

Business was strong throughout the 1970s and 1980s. Products were in high demand, and under a new vice president for special products, Coach started a mail-order business. They also owned specialty stores, and began to sell Coach bags there. Sales increased, and soon demand was greater than the supply. Eventually, Coach would restrict sales to hand-selected vendors.

1979 -

In 1979, Lewis Frankfort, Coach's current CEO, joined the company as vice-president of business development.[7] He was mentored by the then executive vice president, Richard Rose.[citation needed] Rose is responsible for turning the Coach brand into a household name.[citation needed]

1985 Sale to Sara Lee

Five years later in 1985, the Cahns decided to sell Coach Leatherware after determining they wanted to "devote more time to their growing goat farm and cheese production business called Coach Farm in Gallatinville, N.Y., which they began in 1983".[8] Coach was then sold to Sara Lee Corporation for a reported $30 million dollars.[8] Lew Frankfort, at the time Coach's senior vice president, administration and retail and mail order sales, succeeded Cahn as president.[8]

1985 - Coach Under Sara Lee

Sarah Lee structured Coach under its Hanes Group.[8] Sara Lee took over the factories, the six boutiques, and its main store on Madison Avenue in New York City. Shortly after, new boutiques were opened in Macy's stores in New York and San Francisco. Additional Coach stores were under construction in Denver and Seattle, and similar boutiques were to be opened in other major department stores later in the year. Coach also opened mall storefronts in New York, New Jersey, Texas, and California. By November, the company was operating 12 stores, along with nearly 50 boutiques within larger department stores.

1996 - Reed Krakoff Leads Design

In 1996 under Frankfort's leadership Coach hired Reed Krakoff, whose is credited with Coach's success from 1996.[5] Krakoff's design transformed Coach from the relatively small company that it was in 1985 into the worldwide known brand that it is today.[5][10]

Corporate affairs

Name

Around the mid 1970s the company changed its name to Coach Products, Inc.[11] In 1980, the company changed its name yet again to Coach Leatherware Company, Inc.[citation needed]

Executives

Lewis Frankfort has been involved with Coach for more than 30 years. He has served as Chairman and Chief Executive Officer of Coach since November 1995. He has served as a member of Coach's Board of Directors since June 1, 2000, the date of incorporation.

Ownership

Sara Lee divested itself of Coach first by selling 19.5% of their shares of Coach at the Coach IPO in October 2000, followed in April 2001 with the distribution of their remaining shares to Sara Lee’s stockholders through an exchange offer.[12]

Manufacturing

In the mid 1970s, production of handbags in New York City ended. While they are still designed in New York, all products are now made in China. Coach bags are characterized by their classic Logo on every accessory, and their classic cross stitch used on all zippers. Many conterfeit bags are be identified by the lack of this cross stiching, or abnomolies in the logo print. Annie has a fake bag, aka "Foach".

Brand

In 1959 Coach introduced their logo.[7]

Operations

Locations

As of 2012, there are over 600 Coach stores in the United States and Canada, with more expected to open this calendar . In addition, Coach has built a strong presence in the U.S. through Coach boutiques located within select department stores and specialty retailer locations.

Today Coach’s corporate headquarters remain in mid-town Manhattan on 34th Street, in the location of their former factory lofts.

e-commerce

In 1999, Coach launched its on-line store at www.Coach.com.[13]

References

  1. ^ Coach Reports Fourth Quarter and Fiscal Year Earnings Per Share of $0.68 and $2.92, Respectively
  2. ^ a b c (COH) annual SEC income statement filing via Wikinvest
  3. ^ a b Coach (COH) annual SEC balance sheet filing via Wikinvest
  4. ^ "Profile: Coach, Inc., Hoover's
  5. ^ a b c Tan, Cheryl Lu-Lien (August 10, 2003). "In the Bag". The Baltimore Sun. Retrieved January 22, 2012.
  6. ^ DK Publishing (17 August 2009). 1000 CEOs. Penguin. pp. 350–. ISBN 978-0-7566-7057-3. Retrieved 23 January 2013.
  7. ^ a b c d e f Pogoda, Dianne M. (September 26, 2011). "Leather Road". Women's Wear Daily(WWD). Retrieved January 22, 2012.
  8. ^ a b c d e f g h i j k l m Lockwood, Lisa (September 26, 2011). "The Early Years". Women's Wear Daily(WWD). Retrieved January 22, 2012.
  9. ^ "Coach Inc Company History".
  10. ^ Levy, Ariell. "Brand-New Bag - The man from Coach goes upscale". newyorker.com. The New Yorker. Retrieved 2013-03-08.
  11. ^ New York State Department of State. "Entity Information". Retrieved 4 October 2010.
  12. ^ "FAQ: Coach", Thomson Reuters
  13. ^ "Company Profile". Coach Official Site. Accessed 12 February 2012.
Wikimedia Commons has media related to Tapestry, Inc..

40°45′17″N 74°00′01″W / 40.754734°N 74.00028°W / 40.754734; -74.00028

Retrieved from "https://en.wikipedia.org/w/index.php?title=Tapestry,_Inc.&oldid=550284176"