Be ready to pay $5,000 for a Coach bag

Gone will be the time when a Coach bag could be shopped for an affordable $1000 or $500 and below. News has it that the brand is shifting positioning from a mass-marketed brand to a luxury bags and accessories retailer. Making this move official, Coach has replaced its old talent Reed Krakoff with new Creative Director Stuart Vevers. Talking about this new replacement, the brand’s newly appointed CEO Victor Luis says, “We were looking for a seasoned creative director that came from design rooted in making fine products in accessories and ready-to-wear—and someone who was highly collaborative and understands our DNA.” Further to that he confirmed that the brand is planning to soon hike its prices for bags, which would be available at $5,000, $2,000, $3,000, in the future.

It seems like from the beginning of the year 2013, Coach has been gradually making a shift in its repositioning strategy. This includes its collaborations with renowned designers like Anna Sui and Billy Reid.

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[Via – Stylecaster and Racked]