Coach Lacking Brand Personality Seen as Hindering Growth

Coach Inc.’s plan to become a lifestyle brand is missing one key ingredient: a story it can wrap around a larger-than-life founder like a Michael Kors, Tory Burch or Ralph Lauren.

Absent that, Coach probably will have to spend a lot more on marketing -- even as the company’s strategy involves selling more lower-margin women’s apparel, said Corinna Freedman, an analyst with Wedbush Inc. Until the plan shows progress or succeeds, Coach’s share price will be constrained, John Kernan, an analyst at Cowen & Co., said.