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NEW YORK — Coach president and executive creative director Reed Krakoff exercised more than $5.2 million worth of stock options for use in home renovations, according to a Securities and Exchange Commission filing Wednesday.
Krakoff said in the SEC filing that proceeds from the sale, net of income taxes, “will be used for major restorations to [his] primary residences in New York City and East Hampton, N.Y.” The stock sale involved 116,935 shares.
In October of last year, Krakoff’s East 70th Street town house caught fire. The house was in the midst of renovations, and no one was injured. Firefighters fought the blaze for nearly three hours. The fire started at 2:36 a.m.