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Coach, Michael Kors move higher after L'Oréal comments

Shares of Coach (COH) and Michael Kors (KORS) moved higher after L'Oréal (LRLCY) said on the company's earnings call that the luxury business is doing "really well" in China. L'Oréal CEO Jean-Paul Agon also said luxury business in the U.S. is extremely good, according to Bloomberg's coverage of the conference call.