Turns Out Reed Krakoff's Split From Coach Isn't So Amicable After All
When Reed Krakoff first announced that he'd be leaving his post as chief creative director at Coach, it seemed like all was well and good. But anyone who has ever heard a friend immediately post-breakup claim, "This is really for the best," knows that it's only a few months before they're calling him a loser who was never even that good in bed. According to Bloomberg, Coach is holding a large chunk of Krakoff's multi-million dollar bonus hostage until his eponymous label is launched.
In a regulatory filing with the U.S. Securities and Exchange Commission, Coach stated that the company will reduce the designer's bonus by $3 million, unless a binding agreement for the sale of the Reed Krakoff label is reached by July 29. Bloomberg reports that Krakoff's would-be bonus comes in at around $5.7 million (casual), meaning that Coach is threatening to take away more than half.
Oh, you guys. Can't you just play nice?