Coach CEO Lew Frankfort on How to Reinvent a Brand

Coach was a $550 million business in 2000 when it went public and a $5 billion one a decade or so later. Now we're transforming it again into a lifestyle brand for women, with shoes, outerwear and capsule collections of tops and bottoms. A transformation has to be careful, nurtured. You have to understand what's distinctive about your brand and build on who you are. Consumers are smart — if you try to be something you're not, they'll see you as an impostor. Modify your product first and build interest and loyalty into what's coming.