Following Profit Dip, Coach Cuts 200 Employees
Amid declining North American sales and a decrease in profit, Coach Inc. said it's laid off 200 employees, or 11 percent of its workforce, on Tuesday. Coach is in the middle of a company restructuring. Victor Luis, a seven-year Coach veteran and former president of the international group, will replace Lew Frankfort as CEO in January as the company focuses on international expansion and growth beyond handbags into categories such as outerwear and shoes. On Tuesday, Coach also announced that Michael Tucci, president of North America, and Jerry Stritzke, chief operating officer, will be leaving the company in August.