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Daily Digit: Coach market cap surge

Tuesday, April 23, 2013 - 00:44

Apr 23 - Coach is seeing early signs of a revival in its business and its stock, sending its market value to $15.7 billion by mid-day. Conway G. Gittens reports.

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Your daily digit is 15.7 billion dollars. Coach's market cap surged to that figure, thanks to an 11 percent surge in the stock. Investors are responding favorably as the company sees early success with plans to turn itself into a "lifestyle brand." The retailer's push beyond women's apparel and handbags - helping to push sales up by 7 percent to just under $1.2 billion. A new footwear line, expansion into a focus on men, and a concentration on accessories for digital products - also factors behind renewed optimism Coach is employing the right strategy to rebuild its image and its stock price.

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Daily Digit: Coach market cap surge

Tuesday, April 23, 2013 - 00:44