Changes are abound at Coach in an attempt to reverse its ongoing sales slide. Business of Fashion reports (and a Coach spokesperson confirmed to us) that the company has laid off more than 150 employee in an attempt to consolidate resources globally. It's not clear what departments were affected. As of June 2013, Coach had 18,366 employees worldwide, 3,197 of which were corporate.
The brand, which is primarily known for its leather goods and accessories, is in sore need of a turnaround: Its stock price has dipped 35 percent so far this year, and CEO Victor Luis said in a recent earnings call that the company plans to close 70 stores in North America over the next 12 months. He also said that investors should expect to see double-digit sales declines through next year.
Coach has undergone some significant creative changes as of late. The American label took its fall 2014 ad campaign in a much more fashion-forward direction, with images shot by Steven Meisel, art direction by Fabien Baron and a group of lesser-known models at the forefront. In addition, the fall campaign marks the label's ready-to-wear debut (which received mostly positive reviews during Fashion Week) designed by new Creative Director Stuart Vevers, previously of Loewe.
With the fall collections beginning to hit sales floors, time will soon tell if this creative shift is a step in the right direction for Coach.