Content area
Full Text
Victor Luis to Drive Coach as CEO in 2014
NEW YORK
-- Victor Luis has a tough act to follow.
Lew Frankfort, the heralded, longtime chairman and chief executive officer of Coach Inc., is handing the reins over to Luis, president of the brand's international group, in January. Frankfort, the mastermind behind Coach's success, will then transition to executive chairman, an advisory role that will focus on brand strategy.
Before he takes over as ceo, Luis will serve as president and chief commercial officer, a role he was appointed to on Thursday, and he will remain in that post for the duration of the year. He also joined the board. In the new job, Luis will be responsible for all business units, merchandising, licensing, corporate strategy and consumer insights. Chief operating officer Jerry Stritzke and president and executive creative director Reed Krakoff will report to Frankfort until 2014. After January, they will then report to Luis.
"This is an exciting day for Coach," Frankfort told WWD. "It's a result of a several-year succession process, which has led us to Victor Luis. I couldn't be happier with the appointment. I'm looking forward to being tied at the hip with Victor during this transition process."
The change in top management comes at a critical time for Coach, which has embarked on an ambitious program of transitioning into a full lifestyle brand anchored in accessories. This will include a revamp of its stores, as well as the introduction of more women's and men's apparel and footwear. The new strategy comes as Coach faces increased competition from the likes of Michael Kors Holdings Ltd. and Tory Burch.
Following the news of the management change, Coach shares slid 1.2 percent...