It's the Preferred Customer Event. Coach sends 25% coupons to Preferred Customers and it's 25% off of your entire purchase in the full price stores. No outlets unfortunately.
I totally understand because I didn't know for the longest time either.
I didnt know what it was either, and when I joined the forum they were in the midst of it!!!!! I actually bought a few bags w/o PCE b/c I didnt KNOW about it...then someone told me to call a store and see if they would give me the discount over the phone and they did!!!!! I did hear this time around they are getting much stricter w/ that though I am praying to the Coach G-ds I get a PCE card though!!!!!!!!!!!!