There are levels of being a 'luxury brand', and you find out about them when consumers are spending less money than they used to. True luxury brands like Rolex and Versace are unaffected because the people buying from them are rich, and don't tighten their belts during an economic crisis. For a mid-range luxury store like Cole Haan, a recession is a painful reminder that their client base isn't as wealthy as they'd like them to be. USA Today named Cole Haan as one of the 26 brands most at risk of closure in 2018, and not without good reason.
When Nike controlled the Cole Haan purse strings everything was fine. Going solo in 2013 under the stewardship of Apax Partners was always going to be a risky move, and the new business plan was even riskier. Instead of making the dress shoes its always been known for, Cole Haan announced a move into sneakers, putting it head to head with its former owners. Given the size of Nike, there was only ever going to be one winner.