US: Coach CEO Lew Frankfort to step down next year
Upscale footwear, handbags and accessories retailer Coach Inc has named Victor Luis as its next chief executive, replacing Lew Frankfort who will step down in January next year.
The multi-year management succession plan revealed today (14 February) initially sees Luis named president and chief commercial officer until he takes the reins in 2014. He has also joined the board of directors.
Frankfort will continue as chairman and chief executive officer during this interim period and will then become executive chairman.
Luis, who has been a member of Coach's senior leadership team for the past seven years, is credited with leading Coach's "meteoric growth" in Asia.
As president of the firm's international group, he has overseen all of Coach's businesses outside North America. Prior to this he had responsibility for Coach Japan, Coach China and Coach Retail International.
As chief commercial officer, Luis will now be responsible for all business units, merchandising, licensing, corporate strategy and consumer insights, the company said.
Frankfort has been with Coach for nearly 35 years, growing the company from a small leather goods business into one of the world's foremost luxury accessories brands.
Last month the company said it was "disappointed" with its second-quarter results after a tough holiday season weighed on sales in North America. Net income climbed 1.7% to US$353m for the three months to 29 December, while sales rose 4% to $1.50bn.
However, its "strong" international growth was led by China, which is on track to generate at least $400m in sales this year.
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