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Designer Michael Kors greets the audience following his Autumn/Winter 2013 collection show during New York Fashion Week in this file photo taken February 13, 2013. Michael Kors Holdings Ltd's quarterly profit nearly doubled as the fashion company's sales were helped by the roll-out of shops within department stores, gains in Europe and soaring business at its own stores.
Designer Michael Kors greets the audience following his Autumn/Winter 2013 collection show during New York Fashion Week in this file photo taken February 13, 2013. Michael Kors Holdings Ltd's quarterly profit nearly doubled as the fashion company's sales were helped by the roll-out of shops within department stores, gains in Europe and soaring business at its own stores.
(Andrew Kelly/Reuters)

FINANCIAL TIMES

Michael Kors and Coach swap places in middle-tier fashion

Lex is a premium daily commentary service from the Financial Times. It helps readers make better investment decisions by highlighting key emerging risks and opportunities.

Fashion is a notoriously fickle business. One season you are in, the next you are out. Take the luxury goods companies Michael Kors and Coach. They are “aspirational” rather than super-high-end brands. Both target customers that want a cut above the chain stores, but fashionistas know they are not luxury.