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COACH, PENNEY’S EYE DEAL: Coach has decided to give Saks Fifth Avenue the exclusive on its upcoming Reed Krakoff collection, but also may have a gift for J.C. Penney — an accessories collection under a completely new label. Coach chairman and chief executive officer Lew Frankfort — spotted chatting with Penney’s chairman and ceo Myron E. “Mike” Ullman 3rd at the Mandarin Hotel, scene of Thursday’s night Global Department Store Summit dinner — acknowledged a collaboration is a possibility, but he stressed it would not be under the Coach label and it would have to be a new brand for the new channel. Ullman said nothing after Frankfort made his comment. Meanwhile, Saks will have a six-month exclusive on Reed Krakoff’s namesake brand launching this fall, Frankfort disclosed. Six months later, Saks will continue to have some level of exclusivity, as the distribution widens.