Michael Kors (NYSE:CPRI) is hot. Coach (NYSE:TPR) is not.

Once again, Kors has proven that it's the new leader when it comes to luxury handbags and other high-end fashion accessories.

The Hong Kong-based tote tastemaker delivered another blowout quarter this morning. Revenue soared 55% to $640.9 million, fueled by better than 50% growth at both the retail and wholesale levels. Net income shot 82% higher to $125 million -- or $0.61 a share. Analysts were banking on a profit of just $0.49 a share on $570.5 million in revenue.

Kors beating the pros isn't a surprise. It has come through with besting quarterly expectations by double-digit percentage margins consistently since going public two years ago.

It also isn't a surprise to see Kors doing so well while Coach is in a funk.

Coach's report last week was a disappointment. Net sales climbed by a mere 6% to $1.22 billion, and adjusted net income inched just 1% higher. That doesn't look so hot when stacked against Kors' growth at 55% and 82%, respectively.

The disparity can also be illustrated by the ridiculous difference in retail comps. North American comps soared 25% for Kors during the period, providing a stark contrast to the 1.7% slide at Coach during the same three months.

Worldwide retail comps at Kors have jumped 41%, 37%, and now 27% in the last three quarters. Coach, on the other hand, has posted negative comps in two of the past three periods.

Income investors will flock to Coach. It is the one that increased its quarterly dividend three months ago. Kors is Nil City on the yield line. However, Kors is rapidly becoming the undeniable choice for growth investors.

Coach is struggling in this economic recovery, and clearly some of that is coming at Kors' expense. Handbag buyers flock to the hot brand. Investors would be smart to follow suit. If you're not following the money, you're doing it wrong.