Reed Krakoff to exit Coach

Reed Krakoff who has served as Coach’s president and executive creative director for 16 years is to step down from his role in June 2014, to focus “exclusively on his namesake brand”. Krakoff confirmed in the brand’s third quarter statement that he

has decided not to renew his contract, which expires in June 2014, in order to develop and build on his high-end Reed Krakoff brand.

The move follows the news that chairman and chief executive officer, Lew Frankfort, will become executive chairman next year when Victor Luis, president of Coach international, becomes CEO. If Krakoff was remaining as creative director he would have had to report to Luis, but with his exit confirmed from the label, he will instead act as an advisor than creative director until he leaves.

Frankfort said: “Reed Krakoff has served as president and executive creative director of Coach for over 16 years. His contribution in evolving Coach from a house of American leather goods to a leading international accessories brand is immeasurable and we have great admiration and respect for Reed’s significant accomplishments.

“We’re looking forward to the next chapter of our growth story, now underway, driven by the exceptional senior creative team Reed and I have forged, as we transform Coach.”

Reed Krakoff to focus on namesake label

The American accessories brand, which launched Krakoff's eponymous label in 2010, is “exploring strategic options” for the brand and has said that it "may involve a sale to a group, in which Krakoff would participate.”

Commenting on his departure, Krakoff, said: “I am grateful to Lew Frankfort and to the members of the Board for the support and the amazing opportunities I have been given. I have every confidence in the Coach creative team and thank them for their dedication.

“I am extremely excited to be focusing exclusively on the Reed Krakoff brand, which has developed into a recognized luxury fashion and accessory company.”

Following Krakoff’s decision to step down, Coach has confirmed that it has already “commenced a search for his successor”, which has already lead to speculations over who might take on the role. WWD is already reporting that Tracy Gardner, former president of J. Crew and current consultant a Gap, is one of the possibilities, as is Deborah Lloyd, president and chief creative officer of Kate Spade.

Earlier this year, Coach announced that it was rebranding itself with a focus on its women's ready-to-wear, with a view to reshape itself as a lifestyle brand rather than just accessories. To aid the rebrand, Frankfort hired former Paul Smith creative director Sandra Hill to head up the venture.

Image: Reed Krakoff

See also "Impressive" third quarter for Coach