Michael Kors (KORS) Still Popular Among Teens, Although Accessories Spending is Down - Piper Jaffray
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Piper Jaffray's 32nd semi-annual Taking Stock With Teens survey showed that the accessories backdrop is tepid but Michael Kors (NYSE: KORS) is still tops in handbags. Kate Spade (NASDAQ: KATE) moves up to no. 2 and Coach (NYSE: COH) was a stable no. 4. For watches, Fossiel (NASADAQ: FOSL) decelerated.
Analyst Erinn Murphy commented: "Spending on accessories from upper-income females is down 5% Y/Y to $143/year. Spending intent also reversed with 64% of females saying they do not plan to buy a handbag in the next six months—higher than the 61%-level last year. KORS was the No. 1 handbag brand, gaining 300 bps share Y/Y for UI teens. KATE (not covered) moved up considerably securing its No. 2 spot and COH was stable with 10% share at No. 3. 71% of teens indicate they do not want a watch. The FOSL portfolio decelerated 300 bps to 24% of all watch brands listed (vs. 27% last year)."
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