Name: Z 世代為何愛上教練 (Why Gen Z Fell In Love With Coach)
Uploaded: 2025-06-24T02:48:43.000Z
Duration: 9 min 30 s

Coach purses were a staple in the early 2000s, worn by teens at the mall and celebrities on the red carpet.

蔻馳皮包是 2000 年代初的主打產品，商場裡的年輕人和紅地毯上的名人都會佩戴。

The monogram design with a double C logo was everywhere.

帶有雙 C 標誌的一字形設計隨處可見。

But by the 2010s, the brand fell out of favor.

但到了 2010 年代，該品牌逐漸失寵。

Its luxury reputation suffered and sales plummeted.

它的豪華聲譽受損，銷量直線下降。

The company wiped out about 60 percent from its market cap between its 2012 peak to mid-2014.

從 2012 年最高峰到 2014 年年中，該公司市值縮水了約 60%。

姑娘們挺過來了，教練回來了。

Mainly among Gen Z consumers who are driving a lot of its growth.

主要是 Z 世代消費者，他們推動了該公司的大量增長。

Fashion always looks to the youngest generation for inspiration, and then every other generation follows.

時尚界總是從最年輕的一代人身上尋找靈感，然後每一代人都緊隨其後。

So we knew if we could win with the timeless Gen Z, we can win with everyone.

是以，我們知道，如果我們能贏得永恆的 Z 世代，我們就能贏得所有人。

And in 2024, Coach surpassed Michael Kors to capture second place in the U.S. luxury handbag market.

2024 年，Coach 超越 Michael Kors，躍居美國奢侈手袋市場第二位。

He was named the fifth hottest fashion brand in fourth quarter 2025, climbing 10 spots from its previous ranking.

他被評為 2025 年第四季度最熱門時尚品牌第五名，比之前的排名上升了 10 位。

In this sector, it's really rare to take a kind of mediocre mall brand that has been tarnished and then elevate it to be a credible luxury contender.

在這一領域，將一個已被玷汙的平庸商場品牌提升為一個可信的奢侈品競爭者，確實非常罕見。

Coach was founded as a men's leather goods business in 1941.

Coach 創立於 1941 年，當時是一家男裝皮具公司。

Over time, a baseball glove's patina is enhanced.

隨著時間的推移，棒球手套的光澤會越來越好。

And that's why today you see 10, 20, 30-year-old Coach bags, but across the globe, still having that beautiful, sustained patina.

這就是為什麼今天你可以在全球各地看到有 10 年、20 年、30 年曆史的 Coach 手袋，它們依然保持著美麗而持久的光澤。

In the decades that followed, the brand transformed into a woman's fashion house, opening its flagship store on Madison Avenue in 1981, and then boutiques in Macy's department stores across the country.

在隨後的幾十年裡，該品牌轉型為女裝品牌，1981 年在麥迪遜大道開設了旗艦店，隨後又在全國各地的梅西百貨公司開設了精品店。

The brand distinguished itself as accessible luxury, high craftsmanship at affordable prices.

該品牌以平易近人的奢華、高超的工藝和實惠的價格而著稱。

In the late 90s to early 2000s, its iconic logo-covered bags became an it-girl item.

上世紀 90 年代末至 2000 年代初，其標誌性的徽標包袋成為女孩們的時尚單品。

But as logo mania fell out of favor, Coach suffered.

但隨著徽標狂熱症的失寵，教練也受到了影響。

Its heavy discounting and over-presence in outlet malls cheapened its reputation.

大量打折和在奧特萊斯購物中心的過度存在降低了它的聲譽。

Consumers traded the brand for competitors Tory Burch, Michael Kors and Kate Spade.

消費者將該品牌轉給了競爭對手 Tory Burch、Michael Kors 和 Kate Spade。

And, you know, the brand had kind of almost been diluted in terms of its heritage and the value of the product.

而且，你知道，這個品牌的傳統和產品價值幾乎被稀釋了。

Between January 2012 and January 2015, Coach shares lost 40% of their value.

從 2012 年 1 月到 2015 年 1 月，Coach 的股價下跌了 40%。

There was a time when you'd walk in the store and you were just handed a 20% off coupon, and that was a site-wide or a store-wide discount.

曾幾何時，當你走進商店時，店員會遞給你一張八折優惠券，那是全場或全店的折扣。

And over time, that drags down the brand equity of the brand overall.

久而久之，就會拖累整個品牌的品牌資產。

By 2013, the company recognized the need to course-correct.

到 2013 年，公司認識到有必要糾正錯誤。

Nearly all of its North American sales are direct-to-consumer.

該公司在北美的銷售幾乎全部是直接面向消費者的。

So Coach had great access to long-term data.

是以，教練可以獲得大量的長期數據。

The company hired a new executive creative director, Stuart Vevers, who came from high-fashion brands Mulberry and L'Oeuvre, to introduce a more youthful aesthetic.

公司聘請了來自高級時裝品牌 Mulberry 和 L'Oeuvre 的新執行創意總監 Stuart Vevers，以引入更年輕的審美觀。

He shifted Coach away from the heavy logo designs.

他讓 Coach 不再設計厚重的徽標。

The company also closed underperforming stores and moved away from discounting.

公司還關閉了業績不佳的商店，不再打折。

They, you know, pulled everything back, went completely back to the drawing board and thought,

他們，你知道的，把一切都拉了回來，完全回到繪圖板上思考、

並且有非常明確的計劃和資訊。

They also, you know, looked at their products and realized, yes, we need to scale back.

他們也審視了自己的產品，意識到，是的，我們需要縮減規模。

The company also made several acquisitions.

It bought designer footwear company Stuart Weitzman for $574 million in 2015 and former rival Kate Spade in 2017 for $2.4 billion.

2015 年，它以 5.74 億美元收購了設計師鞋履公司 Stuart Weitzman，2017 年又以 24 億美元收購了前競爭對手 Kate Spade。

That October, it renamed its holding company, Coach Incorporated, to Tapestry.

同年 10 月，該公司將其控股公司 Coach Incorporated 更名為 Tapestry。

It wasn't so much a light switch as it was building on a little bit of success to success to success.

這與其說是 "電燈開關"，不如說是在一點一滴的成功基礎上再接再厲。

We focused on fewer ideas, both in product and storytelling.

在產品和故事方面，我們專注於更少的創意。

We became very focused on this timeless Gen Z climb globally.

我們非常關注 Z 世代在全球範圍內的永恆攀升。

We stopped telling ourselves some stories that businesses tell themselves, that every business unit, every market is a snowflake.

我們不再像企業那樣自說自話，認為每個業務部門、每個市場都是雪花。

I think those underpinnings and those principles, coupled with culture, make a huge difference.

我認為，這些基礎和原則，再加上文化，會產生巨大的影響。

In 2021, longtime Tapestry executive Todd Kahn took the helm as CEO and president of Coach.

2021 年，Tapestry 公司的長期高管託德-卡恩（Todd Kahn）出任蔻馳公司的首席執行官兼總裁。

The brand's sales grew 16 percent that year and 15 percent from pre-pandemic levels.

該品牌當年的銷售額增長了 16%，比大流行前增長了 15%。

Seventy-four percent of Tapestry's revenue that year came from Coach.

當年，Tapestry 74% 的收入來自 Coach。

Over the last five years, Tapestry's market cap has expanded by about 140 percent.

在過去五年裡，Tapestry 的市值增長了約 140%。

Bags like the Brooklyn, Rogue and Tabi became bestsellers in part because of powerful social media campaigns with influencers and celebrities like Megan Thee Stallion and Lil Nas X.

Brooklyn、Rogue 和 Tabi 等手袋之所以成為暢銷品，部分原因是與 Megan Thee Stallion 和 Lil Nas X 等有影響力的名人和明星開展了強大的社交媒體宣傳活動。

As Y2K fashion came back in style, Coach seized on the moment by leveraging nostalgia.

隨著千年蟲時尚的迴歸，Coach 利用懷舊情緒抓住了這一時機。

It rebranded older pieces for a new audience and re-released classic designs and launched bags at different price points to meet demand for every budget.

它為新閱聽人重新打造了舊款產品，重新發布了經典設計，並推出了不同價位的手袋，以滿足各種預算的需求。

Should somebody have to save three or four months of salary to buy a handbag?

買一個手提包難道要攢三四個月的工資嗎？

Is that really the world we think is great?

這真的是我們認為偉大的世界嗎？

I love the fact that you don't have to do that for Coach and you don't have to do that across the globe.

我喜歡這樣的事實：你不必為教練做這些，也不必在全球範圍內做這些。

是以，這是我們成功的一部分。

Coach has also benefited from Gen Z's love for customization.

Z 世代對定製的熱愛也讓 Coach 受益匪淺。

Its brooches and bag charms have been hits.

它的胸針和手袋吊飾一直很受歡迎。

It's also been experimenting with in-store experiences.

It launched immersive concept stores called Coach Play to help boost Gen Z visits and Coach coffee shops.

它推出了名為 "Coach Play "的沉浸式概念店，以幫助提升 Z 世代的訪問量，還推出了 Coach 咖啡店。

Coach's revenue grew 15 percent in Q3 2025, compared to the same quarter a year prior.

2025 年第三季度，Coach 的收入比去年同期增長了 15%。

It also outperformed the industry in Europe and China and achieved a 77.1 percent gross margin,

該公司在歐洲和中國的表現也優於同行業，毛利率達到 77.1%、

More than two-thirds of its nearly 900,000 new customers in North America were Gen Z and millennials.

在北美近 90 萬新客戶中，三分之二以上是 Z 世代和千禧一代。

The Brooklyn bag was named the hottest product of Q4 2024 by global shopping platform List.

布魯克林包被全球購物平臺 List 評為 2024 年第四季度最熱門產品。

Demand for its products overall was up 332 percent year over year.

產品總體需求量同比增長 332%。

Coach's sales grew double digits two quarters in a row.

Coach 的銷售額連續兩個季度實現兩位數增長。

While, for example, LVMH, the owner of several luxury brands, witnessed declining sales.

例如，擁有多個奢侈品牌的路威酩軒集團（LVMH）的銷售額也在下降。

And the share price of the two companies reflects this difference, too.

兩家公司的股價也反映了這種差異。

You're seeing a very clear market share shift where those brands are declining and they're particularly calling out the affordable luxury consumers.

你會看到一個非常明顯的市場份額變化，這些品牌的市場份額正在下降，尤其是那些價格低廉的奢侈品消費者。

They have said repeatedly that they have not seen any deceleration in the trend year to date in 2025, which is quite surprising given the environment we're in where the consumer is being more cautious.

他們一再表示，到 2025 年為止，他們還沒有看到任何減速的趨勢，鑑於我們所處的環境，消費者正變得更加謹慎，這一點非常令人驚訝。

Coach generates about 60 percent of its sales in North America, but its international appeal is growing, especially in Asia.

蔻馳約 60% 的銷售額來自北美，但其國際吸引力正在增長，尤其是在亞洲。

It currently has nearly 1,000 stores in 21 countries.

目前，該公司在 21 個國家擁有近 1000 家門店。

With the rise of social media, small up-and-coming direct-to-consumer brands are encroaching on its territory.

隨著社交媒體的興起，新興的小型直接面向消費者的品牌正在蠶食社交媒體的領地。

Looming tariffs could also impact the brand.

迫在眉睫的關稅也會對品牌造成影響。

More than half of Tapestry's goods are manufactured in Asia.

Tapestry 一半以上的產品在亞洲製造。

Planned reciprocal tariffs on those imports are as high as 49 percent.

計劃對這些進口商品徵收的對等關稅高達 49%。

Yet its supply chain is diversified, with no single supplier accounting for more than 10 percent of production.

然而，它的供應鏈是多元化的，沒有任何一家供應商的產量超過 10%。

Based on what we know today, we will be fine.

根據我們今天所瞭解的情況，我們會沒事的。

We have relationships for 20, 30 years with our suppliers.

我們與供應商的合作關係長達二、三十年。

We really are involved in every aspect of the process.

我們確實參與了整個過程的方方面面。

That helps us navigate these kind of issues.

Long term, Coach could diversify its offerings to compete with peers.

從長遠來看，Coach 可以使其產品多樣化，與同行競爭。

Women's handbags and other accessories account for about 70 percent of its sales.

女式手提包和其他配件約佔其銷售額的 70%。

I think sometimes brands go too quickly into line extensions and category expansion.

我認為，有時品牌會過快地進行產品線延伸和品類擴張。

And what ends up happening is they go into lower margin categories that maybe have more fashion risk, more obsolescence risk.

最終的結果是，他們進入了利潤率較低的類別，而這些類別可能有更多的時尚風險、更多的過時風險。

And so they end up actually diluting the equity of the brand by doing too many things all at once.

是以，他們一下子做了太多的事情，最終實際上稀釋了品牌的資產。

So I like that Coach is being slow and measured with this.

所以，我喜歡教練在這方面的慢條斯理。

And we see that just on the demographics.

我們從人口統計數據上就能看出這一點。

If you think about next year and for the next five years, there will be 25 million women who turn 18 globally, who can, in the markets that we play, who can afford over a $100 handbag.

如果你考慮到明年和未來五年，全球將有 2500 萬名年滿 18 歲的女性，在我們所服務的市場中，她們可以買得起超過 100 美元的手提包。

When you just think about that opportunity to bring them into the Coach vote, to have that first bag be a Coach bag, that's tremendous growth.

想想看，有機會讓他們加入 Coach 的投票，讓他們的第一隻手袋就是 Coach 的手袋，這就是巨大的增長。

So I don't necessarily need to be great in everything.

所以，我不一定要在所有方面都很出色。

We like to be great in everything, but we really need to be great in our core categories.

我們喜歡在所有方面都做得很好，但我們確實需要在我們的核心領域做得很好。