By Susannah Ware, Kshitij Shetty, Laura Haslee, Brian Bizjack and Juliana Figueiredo
As Coach Inc. launches its men’s-only shop in New York City, it is taking a big risk by deviating from its established image in affordable women’s luxury goods. However, its efforts seem to be paying off at least in the eyes of one reviewer responding to the new store, “I really like this shop because … it’s perfect for gift-giving purchases. … Who’s gonna argue with a nifty Coach card holder or bucket hat?”
With the launch of a new men’s line, Coach is acknowledging changing market trends within the fashion industry. In the last five years, men’s designer clothing has sold at twice the rate of women’s clothing. Also, sales of men’s designer products are expected to increase by about 35% in developing countries like India and China, which shows the potential for future international growth. There is also research strengthening Coach’s decision to venture into the men’s segment that suggests men plan to spend 3% more on consumer goods than they did in the previous year. In contrast, women intend to spend 1% less than they did previous year. This year’s Black Friday spending research confirmed an average increase in male spending of $100 compared to female spending.