Coach is changing its approach to accessible luxury and now turning it into 'expressive luxury', hoping to cater to Gen Z customers, and help the parent company reach its financial goals by 2025.
Accessible out, expressive is in! Coach's parent company, Tapestry, announced a three-year plan to drive profitable growth. Tapestry wants to see an annual growth of about 6 to 7 per cent above what it is currently earning, and returning a total of #3 billion to capital shareholders. The brand is hoping Coach achieve growth even in the middle of challenging global conditions.
Sustainability and self-expression is a fair theme to attract younger consumers. This highlights a crisis that is very heavily influencing the Gen-Z culture - these younger customers seek to balance their values of self-expression with a more cautious approach.
The shift to 'self-expression luxury' is embracing individuality and inclusivity that is rarely scene in the luxury fashion industry. Consumers want participation over ownership, now which helps them further their role in sustainability.
The brand has already introduced Coach (Re), which introduces sustainability rehabilitation, but there is a long way to go. While the brand views system transformation as critical to its sustainability goals, Coach believes the repackaging is less revolutionary. "It's an evolution, not a revolution."