Victor Luis Named President and Chief Commercial Officer, Becoming
CEO in January 2014 with Lew Frankfort Continuing as Executive Chairman
NEW YORK--(BUSINESS WIRE)--Feb. 14, 2013--
Coach, Inc. (NYSE: COH, SEHK: 6388), a leading marketer of modern
classic American accessories, today announced that following a
multi-year succession process, Victor Luis has been appointed President
and Chief Commercial Officer. Concurrently, he has joined the Board of
Directors. He will become Chief Executive Officer in January 2014. Lew
Frankfort will continue as Chairman and Chief Executive Officer during
this interim period and will then become Executive Chairman.
Victor Luis has most recently served as President, International Group,
with oversight for all of Coach’s businesses outside North America. He
has been a member of the company’s senior leadership team for the past
seven years and has led Coach’s successful expansion strategy in Asian
markets. As Chief Commercial Officer, Mr. Luis will now be responsible
for all business units, merchandising, licensing, corporate strategy and
consumer insights.
Lew Frankfort, Chairman and Chief Executive Officer of Coach, Inc. said,
“I’m very pleased with Victor’s appointment. He has demonstrated the
passion, strategic vision, focus, superb execution and strong values
that make an outstanding leader. Through Victor’s relentless drive and
performance, he has spearheaded our meteoric growth in Asia. Victor has
also developed talent and forged collaborative teams across geographies.
I am confident in his leadership as we execute Coach’s transformation to
a global lifestyle brand anchored in accessories and write the next
chapter of Coach’s growth story.”
Victor Luis commented, “I am deeply honored and excited to be given this
opportunity. Coach is a great company with exceptional brand and
business equities and a strong and seasoned leadership team. Together
with Lew, we will build upon the company’s strong foundation, leveraging
the global opportunity, while continuing to evolve the Coach brand.”
Speaking on behalf of Coach’s Board of Directors, Irene R. Miller, lead
independent director, said, “In his nearly thirty-five years with the
company, Lew has grown Coach from a small leather goods business into
one of the world’s foremost luxury accessories brands, and created
significant value for our shareholders. The Board conducted a rigorous
succession process and we’re enthusiastic in our support for Victor Luis
as Coach’s next CEO. We’re also appreciative of Lew’s continued guidance
and leadership.”
Reed Krakoff, President and Executive Creative Director, said, “Coach
has made an excellent choice in Victor Luis. He embodies a combination
of management discipline with an appreciation of how we create our
product and evolve our brand that is at the heart of Coach’s success. I
look forward to our continued partnership.”
Victor Luis was appointed to his current position as President, Coach
International Group in February 2012 with oversight for all of Coach’s
retail operations outside of North America. Previously, he served in
successively senior roles; starting in 2006 he was President and CEO of
Coach Japan, he added responsibility for Coach China in 2008 and became
President for Coach Retail International in March 2010.
Prior to joining Coach, Mr. Luis was the President and Chief Executive
Officer for Baccarat, Inc., running the North American operation of the
French luxury brand. Earlier in his career, Mr. Luis held marketing and
sales positions within the Moët-Hennessy Louis Vuitton (LVMH) Group. He
holds a Bachelor of Arts degree from College of the Holy Cross and a
Master of Arts degree from University College, Durham University, UK.
Coach, with headquarters in New York, is a leading American marketer of
fine accessories and gifts for women and men, including handbags, men’s
bags, women’s and men’s small leathergoods, weekend and travel
accessories, footwear, watches, outerwear, scarves, sunwear, fragrance,
jewelry and related accessories. Coach is sold worldwide through Coach
stores, select department stores and specialty stores, and through
Coach’s website at www.coach.com.
Coach’s common stock is traded on the New York Stock Exchange under the
symbol COH and Coach’s Hong Kong Depositary Receipts are traded on The
Stock Exchange of Hong Kong Limited under the symbol 6388.
Neither the Hong Kong Depositary Receipts nor the Hong Kong
Depositary Shares evidenced thereby have been or will be registered
under the U.S. Securities Act of 1933, as amended (the "Securities
Act"), and may not be offered or sold in the United States or to, or for
the account of, a U.S. Person (within the meaning of Regulation S under
the Securities Act), absent registration or an applicable exemption from
the registration requirements. Hedging transactions involving these
securities may not be conducted unless in compliance with the Securities
Act.
This press release contains forward-looking statements based on
management's current expectations. These statements can be identified by
the use of forward-looking terminology such as "may," "will," "should,"
"expect," "intend," “ahead,” “confident,” "estimate," “becoming,” "on
track," “on course,” "are positioned to," "continue," "project,"
"guidance," “target,” "forecast," "anticipated," or comparable terms.
Future results may differ materially from management's current
expectations, based upon risks and uncertainties such as expected
economic trends, the ability to anticipate consumer preferences, the
ability to control costs, etc. Please refer to Coach’s latest Annual
Report on Form 10-K for a complete list of risk factors.
Source: Coach, Inc.
Analysts & Media
Coach
Andrea Shaw Resnick, 212-629-2618
SVP
Investor Relations & Corporate Communications
