Luxury demand isn’t quite what it used to be. Neither is demand for accessible luxury, but it seems strong enough that brands like Coach are still able to push through price hikes.
Coach owner Tapestry, which also owns Kate Spade and Stuart Weitzman, reported revenue growth of 0.4% in its quarter ended Sept. 30, weaker than Wall Street expectations of 2% growth. This follows worse-than-expected sales performance at European luxury powerhouses such as Gucci owner Kering and Louis Vuitton owner LVMH. But Tapestry’s adjusted earnings of $0.93 a share was higher than expectations of $0.90.
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