3 ordspråk av Paul Lejuez

Paul Lejuez

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With the focus back on the product, we expect deliveries to be incrementally better as new management exerts its full influence over the merchandise.

Longer term, Tiffany will face increasing competition from high-end retailers and higher precious metal and diamond prices will continue to cause margin pressure. We also remain concerned that Tiffany has benefited from the 'trade-up' phenomenon over the past several years, and housing weakness could cause this benefit to moderate.

Given the uncertain consumer environment we are cautious as to whether Coach may see pressure with some of its entry level customers. Longer term, we wonder if the lower price point goods in the store will make Coach an overly accessible luxury.

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