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Coach’s President Reed Krakoff to leave in ’14

It is time for a new Coach. The leather-goods company said on Tuesday that President and Executive Creative Director Reed Krakoff will leave after his contract expires in June 2014 to focus on his own luxury brand. The move follows a decision in February in which Chairman and CEO Lew Frankfort will relinquish the CEO post in January to make way for successor Victor Luis.

Together, the steps herald a changing of the guard at Coach Inc., which Frankfort and Krakoff built from a sleepy maker of utilitarian leather bags into a fashion company that introduced the idea of affordable luxury.

Now, the company wants to expand again – this time into a lifestyle brand. The new push will be evident when the company offers clothing for the first time in a holiday collection to be launched in October.

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(Source: The Wall Street Journal Online)