Coach’s longtime CEO, Lew Frankfort, who transformed what had been a small leather goods business into a global luxury brand, will step aside next year.
The upscale purse and accessories seller said last week that Victor Luis will succeed him as CEO in January. Luis, Coach’s head of international operations, spearheaded the company’s fast growth into Asia.
Coach, which generated revenue of $4.8 billion in its latest fiscal year, now runs more than 500 stores in North America and has locations around the world.
HP sets guidelines for Chinese suppliers
Hewlett-Packard Co., the world’s largest personal computer maker, is vowing to crack down on its Chinese suppliers in an effort to reduce the use of low-paid student interns and other temporary workers.
The guidelines unveiled this month are the latest attempt by a major U.S. technology company to weed out labor abuses at Chinese .
HP, based in Palo Alto, Calif., said its new standards are meant to ensure that its Chinese suppliers don’t lean too heavily on student interns and temporary workers as a way to save money. The company says it wants to protect workers’ rights when they are hired.