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Coach completes acquisition of retail business in China

By Zhang Qi (chinadaily.com.cn)
Updated: 2009-04-01 15:08

Coach Inc, a leading New York design house of modern fashion accessories, announced on Wednesday that it has completed the second phase of the acquisition of the Coach domestic retail businesses in China from Hong Kong-based distribution company ImagineX Group, which includes all 17 stores in the Chinese mainland.

Related readings:  Style and substance, Coach commits to China  Economic downturn has luxury vendors look East  Luxury retail stays strong  China's luxury consumption sapped amid global crisis

The transaction includes the purchase of retail operations in Hong Kong and Macau from the distributor in September 2008, and takes the number of company-operated locations in China to 27.

It also allows Coach to directly manage the growth opportunity with the Chinese consumer by gaining control of its distribution in this region.

"Over the next five years, we expect to open over 50 new locations, aggressively growing our sales and market share in this rapidly expanding region," said Ian Bickley, president of International for Coach.

"Our goal is to be one of the top three imported handbag and accessory brands in the Chinese mainland, Hong Kong and Macau, with sales of over $250 million and a market share of at least 10 percent by 2013, up from about $50 million and 3 percent today," he said.