Reed Krakoff to Leave Coach After 16 Years

It's the end of a major fashion era! After 16 years at Coach Inc., Reed Krakoff has announced he will step down as president and executive creative director in June 2014. Krakoff is leaving to focus on his namesake label reports WWD.

"I'm excited to focus to exclusively on the RK brand and to embark on the next phase of my career," Krakoff told WWD from a bright conference room on the 12th floor of Coach's headquarters in New York. "It's relatively recent [that I made this decision], I've been so focused on Coach and the RK brand for the last bunch of years. I've been focused on preparing and getting ready for the next evolution of Coach, building a team with Lew, moving forward...it's really taken up all my time."

The news of Krakoff's departure comes after Coach reported a 6% increase in net income and a 7% rise in sales to for their third quarter ending on March 30th. Their third quarter results beat Wall Street's estimates which drove shares up by 13%.

Chairman and chief executive, Lew Frankfort said, "We're pleased with the solid results we achieved in the third quarter as well as the progress we're making towards our transformation to a global lifestyle brand, anchored in accessories. Our results demonstrate the brand's strength across channels, categories and geographies, and reflect the traction we're achieving in Men's and digital, two key initiatives."

Krakoff is leaving at the end of his contract instead of renweing. For the transition period, Frankfort will become executive chairman when Victor Luis, president of Coach international, moves over to CEO. During this period, Krakoff will become more of an advisor than creative director until June 2014. The search of a new creative director is already underway.

Krakoff said he hopes to "create more awareness" around his high end line, which includes growing its global presence and developing important components like its men's business.

"We've had an amazing reaction to the brand, without much awareness, whether it's been with Michelle Obama, or on the cover of Vogue or the windows at Saks or Bergdorf's," he said. "It's really to leverage the desire that we already see."

"It's a time of new beginnings for us both," said Frankfort, who when asked if he foresees working with or playing a part in Krakoff's new business, added: "Life is very long. Reed and I will be involved with each other, continuing." With a knowing grin, the ceo offered: "What I need to do next with Reed is to play chess with him."