Michael Kors Holdings Ltd.'s plan to close between 100 and 125 stores will benefit Coach Inc., according to UBS. Analysts think the closures will impact North America most, where growth in the handbag market has decelerated. "Further, we believe Michael Kors store growth has been the number one competitive pressure for Coach over the past five years," the Wednesday note said. "[T]oday's announcement... reverses Coach's number one multi-year competitive headwind - and we believe Coach's brand is well-positioned as a share gainer as Michael Kors starts to pull back." There will also be benefits for the handbag sector as a whole. Coach has closed stores and plans to pull back distribution for Kate Spade & Co., which it is acquiring.