New York-based luxury handbag maker Coach is planning to close about 70 underperforming stores in fiscal 2015 as it tries to make its business more competitive with fast-growing rivals. The retailer also gave a disappointing revenue forecast for fiscal 2015. Coach, which also makes accessories, footwear and other items, is grappling with weakness in its North American handbag and accessories market as consumers increasingly flock to rivals such as Michael Kors Holdings Ltd., which has been quick to churn out trendy designs. But the latest report shows that the slump will continue for a while. 

J.C. Penney certainly doesn't have the dedicated following that Apple does, but it's hoping that new CEO Ron Johnson will be able to bring the innovative strategy he used to develop Apple's retail stores — including concepts like the Genius Bars — to the department chain.

Coach Inc. plans to gradually move some production out of China, where labor costs are rising, and into lower-cost countries such as India and Vietnam. But China is proving a boon to Coach's sales, as residents that have become more affluent buy the retailer's status-symbol bags.

In addition to expanding online sales and opening more boutiques, the new CEO of Betsey Johnson LLC, Susan Falk, says she plans to expand the range of the label's dresses, which she feels have been looking too young and "a little too short."

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