While Coach is having problems, I honestly think all brands are starting to see the effects of over-saturation. I've said it before but so, so many younger women I know aren't into expensive bags or any bags. Of course there are still lots who are, but the millennial generation is much less interested in bags as status symbols than gen x or boomers. They're going through the normal rebellion against what their parents valued. I'm not sure I'd buy any stock in any handbag maker these days!
Why Goldman Sachs Believes Coach's (COH) Turnaround Is Alienating Consumers
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The whole Normcore fashion movement baffles me--the Gap, BR and JCrew are all over it. Dress Normal. Wow. How'd that happen as a fashion movement?
I think I may be a fashion icon nowadays.
The whole Normcore fashion movement baffles me--the Gap, BR and JCrew are all over it. Dress Normal. Wow. How'd that happen as a fashion movement?
I think I may be a fashion icon nowadays.
Dress normal(ly)=dress boringly. The GAP "dress normal" ads are really bringing out my inner grammar nazi. They're just as annoying as those old Apple "think different" ads.
Honestly, I wonder if stores like GAP and JCrew have seen a decline in sales due to their clothing being so bland and interchangeable, so now they have cooked up this whole "movement" to get people back into the stores.
I think its a reaction to the designer movements of the generation before the millennials. I work for a big stodgy company and we are allowed to wear jeans and tennis shoes now. That would have been UNHEARD of even a few years ago, but with so many young workers, the policies are changing.
I think certain brands are oversaturated. But Coach's problem is that it tries to be both an upscale brand and a discount brand. This is not possible in my opinion.
I wore a dress to work on the first day at my company. And 14 years later, I never wore another dress or skirt to work. Boy did I stand out like a newbie. Everyone was wearing shorts and flip flops in January.
I always worked for laid-back companies that had casual dress codes, but I am talking about the specific company I work for now. This is a change in THEIR policy and I think its to accomodate the younger workers
In any case, back to topic---I do think that expensive handbags as a status symbol is not something the millennials are as into as previous generations.
I agree that certain companies have definitely become much more casual, in part to hire and accommodate the talented millennials.
That being said, I think it depends on the profession. I find it interesting that although millennials are more casual and somewhat anti-authority, they are MUCH more brand conscious and have an expectation of higher salaries regardless of experience so they can have expensive things. That is precisely who Coach is targeting now. And given what I have read about millennials, many are still being supported by their parents so they can continue to have expendable income. Not many post-college students living off mac and cheese and Ramen anymore. They have different expectations and expect to continue their lifestyle.
Of course these are generalizations, but a different generation that is changing the way we do business and therefore, the economy.
And I think the reason everyone talks about the millennials is that like the baby boomers, they are a large generation that will have the numbers to change things from the consumer perspective.
In any case, if Coach wants to win the millennials over, they will need to get more relevant and hip. I do think they are trying to do this with the Vevers styles.
And I think the reason everyone talks about the millennials is that like the baby boomers, they are a large generation that will have the numbers to change things from the consumer perspective.
In any case, if Coach wants to win the millennials over, they will need to get more relevant and hip. I do think they are trying to do this with the Vevers styles.
Yup!! This is exactly what they are trying to do from the looks of it!
And I think the reason everyone talks about the millennials is that like the baby boomers, they are a large generation that will have the numbers to change things from the consumer perspective.
In any case, if Coach wants to win the millennials over, they will need to get more relevant and hip. I do think they are trying to do this with the Vevers styles.
Shoot, I feel so old!! LOL.
Their expectations are definitely out of whack. I remember when my step son graduated from college he thought he was going to come out making $100K. He went to a state school and had a liberal arts degree. Needless to say he has settled into the real world and all it's limitations. Thankfully, he is on his own though--so I can afford all the designer stuff I want.
