Coach bags Kate Spade brand for US$2.4b

New York

COACH and Kate Spade have long been the affordable luxury brands of choice for the aspirational shopper. From Coach's embossed logo and leather handbags to Kate Spade's kitschy, colourful accessories, their products lured buyers who wanted a taste of fashion without the sharpest edges - or the highest cost.

But in recent years, those customers have gravitated to brands at more extreme ends of the style spectrum, toggling between e-commerce giants such as Amazon, fast-fashion brands such as H&M and Zara, and luxury houses such as Gucci.