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CNBC Marathon looks at how Gen Z is reinvigorating legacy brands and influencing change in fashion and beauty retail.
After a severe slump in the 2010s, Coach engineered a comeback by winning over Gen Z. In 2024, Coach surpassed Michael Kors to capture 2nd place in the U.S. luxury handbag market, according to Bernstein. In its third fiscal quarter of 2025, more than two-thirds of the brand’s nearly 900,000 new customers in North America were Gen Z and millennials. And, its success has boosted its parent company, Tapestry.
Defining fashion for decades, Gap reached nearly 3,000 stores worldwide by 2001. But, in the decades that followed, the apparel retailer lost its brand identity, experienced declining sales and closed hundreds of stores. Now, revitalized marketing efforts from CEO Richard Dickson, and new creative direction from fashion designer Zac Posen, has brought the brand back into the cultural relevance.
Affordable cosmetics company e.l.f. Beauty posted its first billion-dollar fiscal year in 2024 and announced its blockbuster acquisition of Hailey Bieber's Rhode in a $1 billion deal within a year. The deal will bring the company into more premium channels after being in drugstores, Target, Walmart, Dollar General and Ulta. But, Wall Street has been weary as of late with shares dropping more than 10% the day after posting its first-quarter fiscal 2026 earnings results. The company posted a 30% drop in profits during the quarter.
Coach, Gap and e.l.f. Beauty are am
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