Coach Establishes Share Repurchase Program.

Business Editors

NEW YORK--(BUSINESS WIRE)--September 17, 2001

Coach, Inc. (NYSE: COH), a leading marketer of modern classic American accessories, today announced that its Board of Directors has authorized the repurchase of up to $80 million of its outstanding common stock during the next three years.

Pursuant to this program, purchases of shares of the company's common stock will be made from time to time, subject to market conditions and at prevailing market prices, through open market purchases. Repurchased shares of common stock will become authorized but unissued shares and may be issued in the future for general corporate and other purposes. The company may terminate or limit the stock repurchase program at any time.

Lew Frankfort, Chairman and Chief Executive Officer of Coach, Inc., said, "The stock repurchase program is designed to both offset share issuances under our employee compensation plans as well as to increase economic value for shareholders. Coach's strong financial condition and cash flow will allow us to take advantage of opportunities to purchase our securities at attractive prices as well as accelerate our investment in our company's growth. We believe that purchasing the company's securities represents an effective means of enhancing shareholder value."

Coach, with headquarters in New York, is a leading American marketer of fine accessories and gifts for women and men, including handbags, business cases, furniture, luggage and travel accessories, wallets, footwear, watches, outerwear and related accessories. Coach is sold worldwide through Coach stores, select department stores and specialty stores, through the Coach catalogue in the U.S. by calling 800-262-2411 and through Coach's website at www.Coach.com.

Coach's shares are traded on The New York Stock Exchange under the symbol COH.

This press release contains forward-looking statements, based on current expectations, that involve risks and uncertainties that could cause results of Coach, Inc. to differ materially from management's current expectations. These forward-looking statements can be identified by the use of forward-looking terminology such as "may," "will," "should," "expect," "intend," "estimate," "are positioned to," "continue," "project," "guidance," "forecast," "anticipated," or the negative thereof or comparable terminology, including predictions of future results. Future results will vary from historical results, and historical growth is not indicative of future trends. Our future results will depend upon expected economic trends, our ability to anticipate consumer preferences for accessories and fashion trends, our ability to control costs, our store expansion and renovation program, currency fluctuations, and other factors. Please refer to the company's most recent Prospectus for a complete list of risk factors.