Recently, I received a fashion question with the title “Oh No”. Talk about an attention grabber! My lovely reader wanted to know whether Reed Krakoff is really closing. Any fans of his out there? I for one LOVED the boxer tote. I currently have six bags by the former creative director of Coach, but I have always had to snag them on sale. Unless it was fifty or sixty percent off, I wouldn’t get too invested.
If you visited Reed Krakoff’s website over the past few months, you and I likely experienced similar emotional states. Forty percent off site wide?!? Sweet! As the percentages kept rising, I began thinking “oh no.”
So what’s the answer to the title of this post? Well, I’m going to give you the lawyer answer of “yes and no”. Huh? Reed Krakoff is “suspending operations” according to Women’s Wear Daily in order to determine a new path forward. So yes the brand as it stands today is going to bed, but the intention is to rebrand. While the details are uncertain at this point, it appears that Krakoff is looking to adopt a more “affordable” approach.
Several brands like Kate Spade Saturday, Jack Spade, and C-Wonder have made similar announcements in 2015. Even Gap has recently announced countless store closings. What’s the deal? With Reed Krakoff, I’m actually not surprised at all. You have the former Coach mastermind releasing bags at an average of $1,500 a pop. The craftsmanship is definitely there, but the price point? Not so much. The boxer tote does have old school Coach vibes, so the idea of paying hundreds and even $6000 for a python boxer just did not add up with consumers. While bags were flying off the shelves, Krakoff tried to accomplish too much too fast. Equivalents to some of the Krakoff bracelets selling at $800 a piece could be obtained for $20. While celebrities were beginning to sport some of Krakoff’s pieces, I think he was a bit overzealous. As I absolutely treasure his pieces, I really hope he can come back with a bang.