SAN FRANCISCO - Coach Inc said on Tuesday it had hired the head of luxury brand Prada's U.S. operations to run its new Reed Krakoff division, which will sell handbags, shoes and jewelry.
Graziano de Boni, the president and chief executive of Prada USA will become the new president of the Reed Krakoff brand, said Coach spokeswoman Andrea Resnick.
De Boni, a former executive at Valentino, had only been in his role at Prada since mid-2008.
Prada, the privately owned Italian global luxury brand, could not be reached for comment.
The Reed Krakoff luxury line, named after Coach's president and executive creative director, is expected to launch early next year and be sold in a small number of stand-alone stores and a limited number of boutiques and specialty stores. Prices will range from $495 to $1,195 and the items will not be sold in Coach stores.
The move to launch the Reed Krakoff line has come even as Coach lowers prices on some of its handbags to appeal to newly frugal shoppers. (Reporting by Alexandria Sage, editing by Maureen Bavdek)