Lew Frankfort, the longtime chairman and CEO of Coach Inc., is passing the baton to Victor Luis, president of the brand's international group next January. Frankfort has been the mastermind behind Coach's success and he will soon transistion to executive chairman and concentrate on brand strategy. Luis will serve as president and chief commercial officer for the remainder of the year, a job he was appointed last week. He also joined the board. In his new position, Luis will be responsible for all business units, merchandising, licensing, corporate strategy and consumer insights. "This is an exciting day for Coach," Frankfort told WWD. "It's a result of a several-year succession process, which has led us to Victor Luis. I couldn't be happier with the appointment. I'm looking forward to being tied at the hip with Victor during this transition process."
As reported announced, Coach is under a huge transformation and transition into a full lifestyle brand. The change in top management comes at this very crucial time as they face competition from brands like Tory Burch and Michael Kors. Their new strategy includes the introduction of more women's and men's apparel and a revamp of the stores.
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