Reed Krakoff To Buy Reed Krakoff
After announcing his 2014 departure from Coach earlier this year, Reed Krakoff (or, if we’re going to be specific, a business group led by Krakoff) is buying his namesake label from Coach Inc., according to WWD. Earlier this month, Bloomberg reported that Coach—which recently hired Loewe’s Stuart Vevers to replace Krakoff as executive creative director—was trying to unload the Krakoff label and would cut the designer’s bonus by a cool $3 million if an agreement to sell the brand wasn’t reached by July 29 (yesterday). He appears to have slid in just under the deadline. The sale is expected to be finalized a few months before Krakoff officially leaves Coach next year.