Investing buying stock in coach
Coach said it expects the transaction to close by the end of the third quarter.
Stock:Coach (COH)
It plans to preserve Kate Spade's KATE "brand independence" and retain key staff. Mickey Chadha, an analyst at Moody's, said the purchase is the latest effort by Coach to "broaden its customer base to a younger, trendier millennial shopper.
Coach chief financial officer Kevin Wills said the cost savings will allow Kate Spade to have fewer "online flash sales," a change that would help bolster the brand's image as maker of true luxury products. Coach and Kate Spade make most of their money in the U. Coach sales hit a peak during its heyday inbut the brand lost some of its luster and revenue slumped in and The company is now working to turn things around.
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In May of last year, Coach splashed out on popular shoe maker Stuart Weitzman. Kate Spade has also seen better days.
Its shares hit a three-year low in December before takeover rumors began to swirl. Start cash and stock traders noosa opening hours day right with the latest news driving global markets, from major stock movers and key economic headlines to important events on the calendar.
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