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Reed Krakoff, the departing creative director of Coach, is buying his namesake brand from the company. Terms were not disclosed. Coach's quarterly earnings show the brand is not doing so great. Although sales rose a healthy 9% (after adjusting for currency fluctuations), net income for the quarter fell year-on-year by 12%, from $251.4 million to $221.3 million. The company says it is "not satisfied" with the results. [WWD]