Coach shares plunge as slowdown hits the rich
Tiffany and Blue Nile also drop as investors expect luxury retailers to sag. Meanwhile, budget sellers like Target and Wal-Mart are having a strong year.
Although considered a 'luxury" brand, the middle class was Coach's top North American buyer. As the middle class declines, Coach can expect to fare as well.
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Bill Stiritz has experienced an estimated $145 million in paper losses on his investment in the company.
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