Coach New York
| Coach IP Holdings LLC | |
|---|---|
| legal form | Limited Liability Company |
| founding | 1941 |
| Seat |
New York City , New York , United States
|
| Branch | Luxury goods |
| Website | de.coach.com |
Coach (also known as Coach New York ) is an American company based in New York City that specializes in luxury items such as handbags and other leather goods. Coach is part of the listed luxury goods company Tapestry, Inc.
Coach was founded in 1941 as a family business on 34th Street making leather wallets. In 1961, the company was bought out in a debt-financed takeover by New Yorker Miles Cahn, who had worked for the company since 1946 . A sale by Cahn in 1985 made Coach a subsidiary of the Sara Lee Corporation, which paid around $ 30 million for the acquisition. At the time, Coach had a manufacturing facility, six boutiques and a flagship store on Madison Avenue . The Sara Lee acquisition ushered in a period of growth that saw the opening of a number of new stores. In November 1986, 12 independent shops and 50 other boutiques were operated within larger department stores under the Coach name. In the years that followed, annual sales rose from 19 million US dollars in 1985 to 540.4 million US dollars in 1997. An IPO in October 2000 initiated a divestment of the previous mother, Sara Lee. By April 2001 all shares in the newly founded company Coach, Inc. were sold. Coach, Inc. grew by taking over the shoe brand Stuart Weitzman in 2015 and the fashion company Kate Spade & Company in 2017. In November 2017, the parent company Coach, Inc. renamed Tapestry, Inc. The brand name Coach, under which handbags are sold, still exists.
Individual evidence
- ↑ The New York Times: Sara Lee Plans Coach Spinoff , accessed April 9, 2019.
- ↑ Reuters: Coach pays luxury price to catch up with LVMH , accessed on April 9, 2019.
- ↑ CNBC: Coach's new name, Tapestry, is greeted with a less than warm welcome , accessed April 9, 2019. (English)
- ↑ fundinguniverse.com: Coach, Inc. History , accessed April 9, 2019. (English)