Millennial customers are now more important in the fashion industry than ever. With their great number and the ability to influence others through social media, keeping them satisfied and happy about a product is the best way to go in order to ensure a product’s success. And Coach certainly understands that. Because after getting less than likeable remarks on their classic designs, the famous bag maker did the best move they could possibly think of, buy their rival Kate Spade for $2.4 billion dollars.
It was announced last Monday that the two famed New York-based luxury bag makers are on the final stages of sealing the $2.4 billion dollar deal that will merge them into one super company. This move is believed to be the result of the lukewarm welcome that the company received over the past few years from younger customers. Coach, though undoubtedly great and popular, is said to have failed on impressing millennial customers despite getting Selena Gomez as the brand’s newest advertiser. Their classic designs also met some criticisms from millennial shoppers who deemed them as plain and boring. Kate Spade on the other hand made a mark in the fashion industry for their colorful and kitschy designs that can’t be mistaken for anything else.
According to reports, this is Coach’s latest bid in acquiring the millennial vote and having more young shoppers in their stores. Victor Luis, chief executive of Coach, said in a statement that buying Kate Spade will allow the company to make the transition from being a single-brand company to a multiple one. He also added that this will help them to be a more consumer-focused organization that can cater to the needs of their customers, whatever the age might be. And since Kate Spade is still relatively unknown overseas, Luis showed interest in developing the potential of the newly acquitted brand in the international market.
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