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In April 2013, he announced he would leave Coach to focus on developing the Reed Krakoff label. The label folded in 2015 and began a process of winding down its operations and liquidating its assets. Krakoff has since assumed the newly created position of Chief Artistic Officer at Tiffany & Co. following the departure of Francesca Amfitheatrof as Design Director. In his new position, Krakoff is designing new collections, aimed at refreshing the brand and targeting younger consumers.

He and his wife bought Lasata in East Hampton, New York, the girlhood home of Jackie Onassis in 2006. In April 2014, they bought heiress Huguette Clark's French-style chateau known as "Le Beau Chateau," that sits on 52 wooded acres in New Canaan, Connecticut for $14.3 million. At the time, the home had been sitting empty for more than 60 years.

Krakoff was raised in Weston, Connecticut, the son of a corporate executive. He graduated from the Parsons School of Design. After school, he worked at Ralph Lauren Corporation for five years and then took a job as creative director at Tommy Hilfiger Corporation. In 1996, Coach’s Lew Frankfort hired Krakoff, and gave him control of Coach’s products, advertising, store design, and merchandising. In 2010, he launched his own brand, Reed Krakoff.

Reed Krakoff (born 1964) is an American fashion designer and former executive creative director of Coach, Inc.