American premium accessories brand COACH opened last week its flagship store in London, on prominent New Bond Street. The new opening marks COACH’s return to the UK market after having failed 20 years ago with a store on Sloane Street and a corner within Harrods.
In an interview to The Times, Coach CEO Lew Frankfort attributed Coach’s failure two decades ago to the fact that the brand had little international recognition and the fact that the store was operated from the US headquarters. Mr Frankfort says Coach is now a recognized as a lifestyle brand, consumers in the UK making an association with New York. He is also banking on his brand’s new ambassador Gwyneth Paltrow.
The new COACH store is operated locally in partnership with menswear brand Hackett. Earlier this year, in March, Coach also opened a store in London’s Westfield Mall which exceeded the expectations of the company.
As for COACH’s expansion plans, Mr Frankfort said: ”We think it is a good time to enter Europe, when there are so many economic challenges. We offer an alternative choice to traditional luxury by giving consumers a great product at a price point which is usually 50% of what they would spend otherwise”.
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