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IN THE TRENCHES: Reed Krakoff and Phillip Lim are out to reinvent the trenchcoat. The two met through the CFDA/Vogue Fashion Fund. In 2007 Lim won the CFDA Swarovski women's wear award for his two-year-old contemporary label, 3.1 Phillip Lim. Krakoff is vice president of the CFDA. "He's not only amazingly talented, but has a great personality," said Krakoff. "He really understands great American design and the trench is an iconic piece of American outerwear." The two concocted a long belted suede trench that will retail for $1,798 and a short leather one that will sell for $1,298. Outerwear is a growing category for Coach, which has also partnered with designers such as Lutz & Patmos for knits and Eugenia Kim for hats. "It's part of our moving forward and staying fresh," added Krakoff of the burgeoning categories. "We're starting to add more clothing." The coats will be available in Coach stores starting in August.