) is an American company specializing in luxury accessories such as handbags.
Coach was founded in 1941 as a family-run workshop in a loft on34th StreetinManhattan,67with six leatherworkers who made wallets and billfolds by hand.8
In 1946, Miles Cahn and his wife Lillian joined the company.9Miles 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. 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 suppler. Attempting to mimic this process, Cahn made a way of processing the leather to make it stronger, softer, and more flexible. Since the leather absorbed dye very well, this process also created a richer, deeper color in the leather.10Soon after Cahn developed this new process, Lillian Cahn suggested to Miles that the company supplement the factorys mens accessories business by adding womens leather handbags.8The sturdy cowhide bags were an immediate hit.8
Miles and Lillian Cahn bought the company through aleveraged buyoutin 1961.8
In 1961, Cahn hiredBonnie Cashin, a sportswear pioneer, to design handbags for Coach.8Cashin revolutionized the products design, working as creative head 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) in the products.8Cashin also designed matching shoes, pens, key fobs, and eyewear,8and added hardware to both her clothes and accessoriesparticularly the silver toggle that became the Coach hallmarkdeclaring that she had been inspired by a memory of quickly fastening the top on her convertible sports car.
Richard Rose joined Coach in 1965, and he is credited with making Coach a household name after putting the product in department stores across the United States and abroad.
In 1979, Lewis Frankfort joined the company as vice-president of business development. During this time, Coach was making $6 million in sales and products were being distributed through the domestic wholesale channel, primarily in thenortheastern United States.9He was mentored by Mr. Rose, then executive VP of sales, Rose retired from his position in the company in 1995.
In 1981 the company opened its first directly operated retail location onMadison AvenueinMidtown Manhattan.11
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, New York, which they began in 1983.8Coach was then sold toSara Lee Corporationfor a reported $30 million.8Lew Frankfort succeeded Cahn as president.8
Sara Lee structured Coach under itsHanes Group.8In early 1986, new boutiques were opened inMacysstores in New York City andSan Francisco. Additional Coach stores were under construction, and similar boutiques were to be opened in other major department stores later that year. By November 1986, the company was operating 12 stores, along with nearly 50 boutiques within larger department stores.
Sara Lee Corporation divested itself of Coach first, by selling 19.5% of their shares of Coach at the CoachIPOin October 2000, followed in April 2001, with the distribution of their remaining shares to Sara Lees stockholders through an exchange offer.12
In 1996, Lew Frankfort was named chairman andCEOof Coach. The following year, under Frankforts leadership, Coach hiredReed Krakoff, whose creative and commercials instincts aimed to make Coach products functional, lightweight, and stylish.6Krakoffs design transformed Coach from the relatively small company that it was in 1985 into the worldwide-known brand that it is today.613
In February 2013, Coach named Victor Luis president andchief commercial officerand announced that he would become chief executive officer in January 2014, with Lew Frankfort continuing as executive chairman.14In 2013, Coach generated $5 billion in sales and operated approximately 1,000 directly operated locations globally, including North America, Japan, China, Singapore, Taiwan, Malaysia, Korea, and Europe.2
In 2014, the company announcedStuart Veversas the new executivecreative director, replacingReed Krakoff.15
During 2014, Coach also announced that Lew Frankfort would retire as executive chairman at the expiration of his term in November 2014.16
In January 2015, Coach agreed to buy shoemakerStuart Weitzmanfor up to $574 million in cash.17In the same year, Coach also launched Coach 1941, a new, higher-priced line centered on ready-to-wear.18
Coach marked its 75th anniversary in 2016 with the announcement of its partnership withSelena Gomez.1920
In July 2017 Coach purchased Kate Spade for $2.4 billion.21Michael Kors Holdings Ltd.had previously expressed interest in buying Kate Spade.22
On 10 October 2017, Victor Luis (CEO) announced that on 31 October, Coach Inc would be renamed and rebranded as Tapestry Inc. The companys ticker symbol on theNYSEchanged from COH to TPR effective 31 October 2017.23
As of 2019, Coach dropped the use of fur from its collection.24
On June 1, 2000, the company changed its name to Coach, Inc.25
Lewis Frankfort has been involved with Coach for more than 30 years.26He was named chairman and CEO in 1995, and in 2014 became executive chairman. During 2000, he oversaw Coachs transition to a publicly traded company listed on the NYSE and in 2011 became the first American issuer to list on the Stock Exchange of Hong Kong.
Victor Luis was named chief executive officer of Coach, Inc. in January 2014.27Prior to his appointment and beginning in February 2013, he held the role of president and chief commercial officer of Coach, Inc., also serving on Coachs board of directors.
Luis has been a member of Coachs senior leadership team since joining the company in 2006, holding a number of international management roles and leading Coachs expansion in Asia.27Most recently, he served as president of the International Group, and was responsible for Coachs operations outside of North America. Prior, he was president of Coach Retail International, where he oversaw the companys directly operated businesses in China (Hong Kong, Macau, and Mainland), Japan, Singapore, and Taiwan, and president and CEO of Coach China and Coach Japan. Luis originally joined Coach as president and CEO of Coach Japan, Inc.
Before joining Coach, from 2002 to 2006, Luis was president and chief executive officer for Baccarat, Inc., leading North American operation of the French luxury brand.28Earlier in his career, Luis held marketing and sales positions within the Moët-Hennessy Louis Vuitton (LVMH) Group.
Stuart Veversjoined Coach in the fall of 2013 as executive creative director. Vevers joined Coach from Loewe, where he held the role of creative director since 2008.29Prior to Loewe, he served as creative director of Mulberry from 2005 to 2008. He began his career atCalvin Klein, and has contributed in creative roles withBottega VenetaGivenchy, andLouis Vuitton. In 2006, Vevers won the British Fashion Councils Accessory Designer of the Year award.
Jide J. Zeitlin joined Coach Inc. November 6, 2014. He had previously been a partner at The Goldman Sachs Group, Inc. Zeitlin joined Goldman Sachs in 1987 and became a partner in 1996. He retired in December 2005, and currently serves Coach Inc. as independent chairman of the board, and the Affiliated Managers Group, Inc. as the director.30
Lillian Cahn died, aged 89, March 4, 2013, in Manhattan.31Miles Cahn died, aged 95, February 10, 2017, inManhattan.32Richard Rose died, aged 87, May 7, 2017, inMassapequa, New York.citation needed
The Coach Foundation was established in 2008 to support organizations that empower and educate women and children around the world.33
As of 2013, there were approximately 1,000 Coach stores in North America. Coach has also built a strong presence in the U.S. through Coach boutiques located within select department stores and specialty retailer locations.12
Coinciding with its 75th anniversary in 2016, Coach opened Coach House, a 20,000-square-footMidtown Manhattanretail space.34
Today, Coachs corporate headquarters remain in Midtown Manhattan on34th Street, in the location of their former factory lofts. In August 2016, the company finalized the sale and leaseback of its office condo portion of10 Hudson Yards its headquarters. Coach received $707 million before transaction costs.35
In 1999, Coach launched itsonline storeat 36
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Stuart Vevers Vision: Coachs New Man Talks Heritage. Womens Wear Daily
Coach Announce the Retirement of Lew Frankfort, Executive Chairman
Michael J. de la Merced; Hiroko Tabuchi (January 6, 2015).Coach Expands Luxury Fashion Brand Buying Shoemaker Stuart WeitzmanNew York Times
Indvik, Lauren.Why Coach is Now Focusing on Ready-to-Wear.
Schneider, Matthew.Coach Confirms Its Partnership With Selena Gomez.
Coach Sinks After Kate Spade Acquisition Weighs on Forecast.
Stephanie Hoi-Nga Wong,Coach Agrees to Buy Kate Spade for $2.4 BillionBloomberg.com, May 8, 2017,
Coach rebrands as Tapestry to reflect more than bags.
Tamison OConnor, Coach Latest Brand to Drop Fur,The Business of Fashion, 23 October 2018.
Coach, Inc. Common Stock. Goldman Sachs, & Co.
Coach Fy13 Current Report Form 8-K. United States Securities and Exchange Commission.
Editorial, Reuters.Stock Quotes & Company News – Reuters.com.
Coach founder Lillian Cahn dies aged 89vogue.co.uk
Zilkha, Bettina.Coach Opens Coach House On Fifth Avenue, Donates $3 Million To Step Up.
Coach, Inc. Announces Sale of Its Interest in 10 Hudson Yards(Press release).Business Wire. August 1, 2016.
Company Profile. Coach Official Site. Accessed 12 February 2012.
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Manufacturing companies based in New York City
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This page was last edited on 5 May 2019, at 14:33