Reed Krakoff's starting his own fashion house. The President and Creative Director of Coach (and Vice President of the CFDA) is ready to do his own thing in tandem with his responsibilities at the mega-brand. The project, however, is entirely funded by Coach which gives him the unique advantage of being able to launch his line for AW10 with ready-to-wear, bags, shoes and jewelry - not your average sixteen piece start-up collection. In fact, he's already talking to WWD about men's clothes, furniture and fragrances. “It’s about a new craftsmanship,” he said, citing brands like Miu Miu and Balenciaga as inspiration, though he talks more about brand building than design and sounds more like a sound businessman than a passionate artist. The only peek we have so far is the fluffy black organza dress Reed's wife Delphine wore to the CFDAs in June (at left) - it's from the upcoming line and so far, we like it. You have to be crazy to launch "the next great American fashion house" right now and crazy makes for good design.