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Leather goods giant Coach has announced 150 job losses as part of its efforts to restructure and reinvigorate the brand amid sluggish sales in recent quarters.
Affordable luxury leather goods giant Coach implemented the redundancies July 18.
Coach has faced strong competition in the affordable luxury segment due to the rise of brands such as Michael Kors, Kate Spade and Tory Burch. Having once defined and dominated the sector, the brand’s like-for-like sales have dropped over the last four quarters and are expected to fall in the low double digits in percentage terms in the year ending June 2015.
Despite the brand’s continued popularity in China, North America, from which it receives about 70% of its overall revenue, has proved a challenging market in the last few quarters. Revenue from North American same-store sales is expected to fall as much as the the high teens in percentage terms, the company said previously on June 19, when it also announced the closure of 70 North American stores.