BOLSTERED BUYBACK: Coach Inc. said it was pouring an extra $200 million into its stock repurchase program, which brings it up to $265 million and extends the program through to August 2006, the company said in a statement. Coach said it could...
BOLSTERED BUYBACK: Coach Inc. said it was pouring an extra $200 million into its stock repurchase program, which brings it up to $265 million and extends the program through to August 2006, the company said in a statement. Coach said it could buy common stock “from time to time” under the program and had the right to limit repurchases or even terminate the program. Lew Frankfort, chairman and chief executive officer, said the “program underscores our commitment to enhance shareholder value” and that the “action reflects our belief that our substantial cash flow will be more than sufficient to support both our distribution growth and this stock repurchase program.” Separately, the firm said Frankfort also cancelled the last tranche of his stock plan, which had him selling 240,000 shares beginning this week.
SEARS RAIDS KOHL’S: Sears, Roebuck and Co. named Paul Jones as vice president and gmm for men’s apparel. He was senior vice president of men’s wear merchandising for Kohl’s Department Stores, and before that he worked at Foley’s as vice president and division merchandise manager for men’s sportswear and designer collections. A spokeswoman said Jones succeeds Wayne Spears, who left Sears to pursue other opportunities. At Sears, Jones reports to Gwen Manto, executive vice president and general merchandise manager of apparel.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"