This holiday season seemed to be in favor of the luxury retail brands. Tapestry and Michael Kors reported better-than-expected earnings last week. Melissa Armo, Owner of The Stock Swoosh and Melissa Gonzalez, CEO & Founder of The Lionesque Group, join The Long and The Short to discuss trends in the luxury market.
Tapestry credits the boost in sales to its Coach brand. Sales rose 2% to $1.23 billion last quarter. In order to get Coach back on track Tapestry cut flash sales and discounts, bringing it back to its luxury roots. Many believe it should do the same thing for its struggle division of Kate Spade. Kate Spade's global same-store sales fell 7% last quarter.
Plus, Michael Kors is making a comeback. Sales rose over 6% last quarter after trimming back promotions and expanding its footwear collection. However, Armo still isn't impressed with the company. She's disappointed the stock dropped so heavily right after earnings and is still concerned about its ability to get people into the store.
2024 is the Year of the Dragon for the Lunar New Year, which kicks off February 10. To commemorate the occasion, the U.S. Post Office unveiled a new dragon stamp.
With winter officially underway, a cup of tea is a perfect way to see off that cold. Fiona Hynes, corporate director of food and beverage at Arlo Hotels, joined Cheddar News to discuss the concept of high tea and the proper way to enjoy it. Executive Chef Michael King also demonstrated some treats to enjoy with tea.
Tom Smothers, half of the Smothers Brothers and the co-host of one of the most socially conscious and groundbreaking television shows in the history of the medium, has died at 86.
