Coach was a $550 million business in 2000 when it went public and a $5 billion one a decade or so later. Now we're transforming it again into a lifestyle brand for women, with shoes, outerwear, and capsule collections of tops and bottoms. A transformation has to be careful, nurtured. You have to understand what's distinctive about your brand and build on who you are. Consumers are smart-if you try to be something you're not, they'll see you as an impostor. Modify your product first and build interest and loyalty into what is coming. Understand your consumer and what motivates them. It's generally a fatal mistake to believe you can leave your customers behind and find new ones. The opportunity is to bring them along with you.
展开▼
