• April 23, 2013

Coach Inc. says Reed Krakoff, president and executive creative director, is not renewing his contract, and instead will focus exclusively on his namesake brand. The luxury accessories company says it is exploring strategic options for that brand, including a possible sale, and that it has begun hunting for a successor. The company also announced that sales for its fiscal third quarter climbed 7% to $1.19 billion -- up from $1.11 billion in the same period of the prior year, with net income rising 6% to $239 million. Sales of its men’s products are on track to more than double, and are expected to reach $600 million this year.