Lew Frankfort's Competitive Strategies
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Code : COM0024
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Region : US
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Coaching New Styles to Coach In 1941, Miles Cahn, a leather artisan, founded Coach in New York. Coach initially engaged in the small-scale production of classic, high-quality leather goods made from 'glove-tanned' leather that adhered to optimum standards. The family run business built a reputation for heavy, tough unlined bags in classic styles, which were sold in renowned department stores of the time, in Coach's own shops or through Coach catalogs. To emphasise on the quality of its products, Coach refurbished worn out or damaged bags of its customers at no cost, even if the bags had been used for years... Coach—Playing Well in Japan Coach entered the Japanese luxury accessory market in 1988 and struck a deal with Mitsukoshi department stores for exclusive distribution for showcasing its products and reaching its customers. After gaining a foothold in the Japanese market through the Mitsukoshi departmental stores, Coach opened its independent retail stores. This move helped Coach to substantially expand its market in Japan. The average price of products from Coach was about half that of other European brands, which dominated the Japanese market, at 40,000 yen to 50,000 yen. With its superior quality and lower price, Coach soon became a dominant player in the Japanese luxury accessory market, which accounted for nearly 50% of the world market in that category. Frankfort said, "The Japanese consumer spends nearly 50 percent of the world’s luxury accessory dollars"... |
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