FOR IMMEDIATE RELEASE

          Filed by: Sara Lee Corporation
                    Pursuant to Rule 425 under the
                    Securities Act of 1933
                    Commission File No.: 1-16153
                    Subject Company: Coach, Inc.


Media: Julie Ketay, 312.558.8727

Analysts: Janet Bergman, 312.558.8651

SARA LEE CORPORATION ADVANCES RESHAPING PROGRAM;
ANNOUNCES DIVESTMENT OF 8 BUSINESSES

COMPANY SHEDS NON-CORE OPERATIONS; CONTINUES TO NARROW BUSINESS PORTFOLIO

SARA LEE EXPECTS TO COMPLETE EXCHANGE OFFER FOR COACH, INC. BY END OF APRIL


CHICAGO (January 24, 2001) - In a move to continue to streamline its business
portfolio, Sara Lee Corporation announced today its intent to divest 8
companies, including Champion Europe, Sara Lee Apparel Australasia, several
international bakery operations -- including the UK bakery -  Ozark Salad
Company and the Spanish processed meats company, Argal.  Since Sara Lee first
announced its reshaping program in May 2000, it has announced plans to divest
14 companies, representing more than $4.5 billion in revenue.

"With these divestitures, Sara Lee continues to make considerable progress in
reshaping our business portfolio and strengthening our leadership position as
a global branded consumer packaged goods company," said C. Steven McMillan,
president and CEO of Sara Lee Corporation.  "Disposing of these non-core
companies, allows us to apply our financial and management resources toward
the future growth of a smaller number of more focused business positions."

In addition to these divestitures, Sara Lee expects to divest its remaining
81% position in the premium accessories company, Coach, Inc. via an exchange
offer, pursuant to which Sara Lee shareholders will have the opportunity to
exchange their Sara Lee common stock for shares of Coach.  Sara Lee
anticipates the exchange offer would be completed by the end of April.  The
decision to divest the remaining 81% in Coach is subject to approval by the
Sara Lee Board of Directors, which will consider the matter at its regularly
scheduled meeting tomorrow.  In October 2000, a 19% initial public offering
of Coach was completed.



Last year, Sara Lee launched a major reshaping of its business portfolio to
narrow its focus on a smaller number of business segments - Food and
Beverage, Intimates and Underwear, and Household Products - and increase the
company's ability to compete in today's business environment.

A summary of the major operations Sara Lee will be divesting follows:

- -  CHAMPION EUROPE, a $210 million dollar business based in Campogalliano and
   Florence, Italy, markets CHAMPION branded apparel, licensed apparel, team
   uniforms, footwear and accessories throughout Europe.  Champion Europe's
   business contains significant fashion elements that no longer fit Sara
   Lee's focus on basic branded consumer packaged goods.  The sale is
   expected to close in the third quarter.

- -  SARA LEE APPAREL AUSTRALASIA, which is headquartered in Kingsgrove, New
   South Wales, manufactures, distributes and markets hosiery, intimate
   apparel, commercial workwear and casual clothing.  Sara Lee Apparel
   Australasia generates nearly half of its $135 million in annual sales from
   workwear and casual clothing, which are not core Sara Lee categories.  At
   this juncture, Sara Lee anticipates the sale of this operation in the
   third quarter.

- -  SARA LEE'S U.K. BAKERY OPERATIONS manufacture, distribute and market
   frozen baked goods under the SARA LEE brand and private labels.  Market
   conditions in the United Kingdom and throughout Europe offer few
   opportunities for long-term growth.  Sara Lee anticipates the sale of this
   business by the end of this fiscal year.

- -  ARGAL, a Spanish processed meats company based in Barcelona, generated
   approximately $85 million in revenue for fiscal year 2000.  Sara Lee
   remains committed to its $1 billion, number-one position in the European
   packaged meats category, but Argal's small number-three market position in
   Spain makes the long-term prospects for this business incompatible with
   Sara Lee's plans to concentrate its resources on leading brands with major
   market positions.  The transaction is expected to be completed in the
   third quarter.

- -  As announced last week, BROSSARD, the company's $122 million French bakery
   business, will be sold to Saveurs de France, subject to central works
   committee advice.  Sara Lee determined that the limited opportunities for
   building Brossard's brands on a pan-European scale made this business a
   poor fit within Sara Lee's reshaped portfolio. This transaction is
   expected to close by the end of the third quarter.

- -  OZARK SALAD, based in Baxter Springs, Kansas, manufactures, distributes
   and markets wet-salads and desserts (such as molded gelatin salads,
   puddings) in the retail, foodservice, deli and club channels under the
   GREEN HILL and KITCHEN FRESHHH brands. Ozark's main business segments are
   outside Sara Lee Foods' core manufacturing and marketing focus.  With
   fiscal year 2000 sales of $29 million, Ozark will be sold to SCIS Food
   Services, which operates other similar companies such as Orval Kent.  The
   sale is expected to close in February.



- -  Sara Lee is also divesting two small regional bakery operations - one in
   India and the other in China - that have limited growth potential beyond
   their current territory.

"The divestment of these companies allows us to put our resources toward our
remaining, more significant, faster-growth business positions.  These actions
will provide better long-term opportunities for our company to create
shareholder value," added McMillan.

Under its reshaping program, Sara Lee has announced a number of divestitures,
most notably, the sale of PYA/Monarch, a leading food distribution company,
to Royal Ahold's U.S. Foodservice for $1.56 billion.

In its Intimates and Underwear segment, Sara Lee has completed the sale of
the Lyle & Scott and Georges Rech businesses, and is currently negotiating
the sale of Well Hosiery.  Each of these three companies was part of the
Courtaulds Textiles acquisition in May 2000 and is outside the division's
focus on innerwear.  Finally, Sara Lee is continuing to pursue the sale of
its International Fabrics business, which was also a non-core operation
acquired as part of Courtaulds.

Sara Lee plans to use the proceeds generated from these divestitures -
estimated to be between $2.5 billion and $3 billion - to repurchase stock,
retire debt and fund future acquisitions.

Sara Lee Corporation is a global branded consumer packaged goods company with
approximately $17.5 billion in annual revenues.  Its leading brands include
SARA LEE, DOUWE EGBERTS, HILLSHIRE FARM, KIWI, HANES and PLAYTEX.



Investors and security holders are urged to read Coach, Inc.'s registration
statement on form S-4, including the prospectus relating to the exchange
offer described in this press release, when they become available, because
they will contain important information.  When these and other documents
relating to the transaction are filed with the Securities and Exchange
Commission (SEC), they may be obtained free at the SEC's Web site at
www.sec.gov.  Holders of Sara Lee common stock may also obtain each of these
documents (when they become available) for free by sending a request to Sara
Lee Corporation, C/O Shareholder Services, Three First National Plaza,
Chicago, Illinois, 60602.  This communication shall not constitute an offer
to sell or the solicitation of an offer to buy, nor shall there be any sale
of securities in any state in which the offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of
any such state.  No offering of securities shall be made except by means of a
prospectus meeting the requirements of Section 10 of the Securities Act of
1933, as amended.

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