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This morning's word on the street is that Coach and J.C. Penney may be in talks for an upcoming accessories collaboration. WWD reports that J.C. Penney has not issued an official confirmation, but Coach chairman and CEO Lew Frankfort hints that the collab is a "possibility". He does emphasize that the line would not be under the Coach brand, though. Perhaps at this point, Frankfort does not want to steal any thunder from the upcoming Coach/Reed Krakoff-designed exclusive collection for uptown department store Saks Fifth Avenue. [WWD, subscription req'd]