The insight: Michael Kors executives blamed the brand’s slow decline in part on excessive use of discounting, as it struggles to stay relevant amid growing competition from labels like Coach and the shifting dynamics of the luxury market.

• While the average ticket price of a Michael Kors handbag is nearly $450, steep discounts drove its average selling price (ASP) down to $92 last year, lawyers for parent company Capri said during an antitrust trial challenging its acquisition by Coach owner Tapestry.
• That hurt sales at retailers like Macy’s, whose former CEO Jeff Gennette testified that Michael Kors’ decline contributed to “a bad spiral Macy’s was living through” under his tenure.