Coach Names New CFO

By Imani Moise 

Struggling retailer Coach Inc. named a new chief financial officer Wednesday after losing its former CFO to a rival last year.

Kevin Wills will take the post, replacing interim CFO Andrea Resnick. Ms. Resnick has been in the position since August, when Jane Nielson was poached by Ralph Lauren Corp. after five years in the job.

Mr. Wills joins the luxury brand from AlixPartners LLP, a global business advisory where he was CFO for two years following a 16-year stint at Saks Inc.

The move comes as Coach makes strides to rebrand itself. The past three years at the company have been marked by sales declines and store closings as it faced increased competition from affordable luxury rival Michael Kors Holdings Ltd.

In the latest quarter, however, sales at existing North American stores grew 2%. Recently, the 75-year-old company has been on the hunt for acquisitions as the brand expands its portfolio.

This year the company launched a broader high-end collection featuring coats and sweaters in addition to its staple handbags under Executive Creative Director Stuart Vevers, who took the position in 2013.

Shares rose 2.4% in afternoon trading and have risen 8.1% over the past 12 months. Still, they are well below the company's all-time high of $79.03 reached in March 2012.

Write to Imani Moise at [e-mail]

(END) Dow Jones Newswires

January 04, 2017 13:51 ET (18:51 GMT)

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