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

Coach launched its initial $80 million stock repurchase program in September 2001. The company has since acquired a total of 2,789,000 shares of its outstanding common stock at a cost of approximately $60 million under this program. Approximately $20 million remains available to repurchase shares under this original program. Coach's new repurchase program both increases this amount by $100 million and extends the duration of the plan through January 30, 2006.

Lew Frankfort, Chairman and Chief Executive Officer of Coach, Inc., said, "The new stock repurchase program, like our original program, is designed to increase economic value for shareholders. It reflects our confidence that Coach's strong financial condition and cash flow will continue to allow us to take advantage of opportunities to purchase our securities at attractive prices and accelerate our investment in our company's growth."

The Company noted that Mr. Frankfort has previously established a plan pursuant to Rule 10b5-1 of the Securities Exchange Act to sell some of his Coach common shares on pre-determined dates during the four-week period following Coach's regular quarterly earnings announcements, which could occur at the same time as Coach's repurchase activities.

Coach, with headquarters in New York, is a leading American marketer of fine accessories and gifts for women and men, including handbags, women's and men's small leathergoods, business cases, weekend and travel accessories, footwear, watches, outerwear, jewelry, sunwear, furniture 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 1-800-223-8647 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 management's current expectations. These 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 comparable terms. Future results may differ materially from management's current expectations, based upon risks and uncertainties such as expected economic trends, the ability to anticipate consumer preferences, the ability to control costs, etc. Please refer to Coach's latest Annual Report on Form 10-K for a complete list of risk factors.

CONTACT:
Coach, Inc.
Analysts & Media:
Andrea Shaw Resnick
VP Investor Relations
212-629-2618

Burson-Marsteller
Media:
Jennifer Stalzer
cell 646-824-9508 or 212-614-4619