Coach, up for sale?
American premium leatherwear brand Coach is reported to be in search of a potential buyer, amid a slow down in sales and ahead of its long time CEO Lew Frankfort stepping down at the end of this year. Coach Inc. shares rose 5 percent on Wednesday to $48.90 after a DealReporter article said there were rumours among investment bankers that the leather-goods maker was exploring a sale of the company. A share price of $48.90 would give Coach a market value of US$13.7 billion.
Earlier this month, Coach responded to its negative performance by annoucing the creation of a full range lifestyle brand, including other accessories and ready to wear.