Tory Burch Lays Off 100 Employees

In What's New, Industry News by Accessories Staff

tory-burch-logoNew York–Fashion darling Tory Burch has recently laid off 100 people (about 3% of the workforce) at its Flatiron District headquarters and some of its 160 stores.

Craig Johnson, president of Customer Growth Partners, told the New York Post this about the fashion and accessories label: “We started to see some weakness in sales momentum and believe that Tory is not as strong as it has been,” said “It’s lost half a step.” Johnson attributes some of the weakness to Burch’s move into watches [licensed to Fossil].

The layoffs are part of a restructuring that will put more emphasis on Tory Sport, fragrances and watches. In fact, there will be a Tory Sport store opening early next year in New York.

Handbag competition from Kate Spade has been another factor, according to Johnson. “In handbags, Kate is a little stronger than Tory.”

Even so, sources say Tory Burch should hit over $1 billion in sales.

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