Thanks to several quarters of weak sales in North America, shares of Coach (NYSE:TPR) are currently trading within reach of fresh 52-week lows.

Just last week the luxury goods maker said North American comparable-store sales fell 6.8%, leading to a 6% year-over-year decline in revenue to $1.42 billion.

Meanwhile, though, we'll need to wait until next week to see how Michael Kors (NYSE:CPRI) fared in the most recent quarter. Coach's fast-growing competitor already provided guidance for overall comps to increase 15% to 20%. If Michael Kors fulfills that promise, it'll only confirm to weary investors it's happily eating Coach's lunch. 

But according to the Fool's Steve Symington in the following video, there may be a light at the end of the tunnel.

Specifically, he thinks all eyes should be on Coach's new creative director, Stuart Vevers, whose first collection is set to hit store shelves in September. With this in mind -- and regardless of whether you're a fashion buff -- Steve also insists investors should keep their eyes peeled for how the fashion industry responds to Vevers' work when it debuts at the New York Fashion Show in early February.

To hear Steve's full take on what Vevers has planned and how it could affect investors, check out the video below.