American luxury brand Coach is planning to open a new flagship store in Chengdu, provincial capital of Sichuan province, and the new store will probably be located in Chengdu's International Financial Center.
Jonathan Seliger, president and chief executive officer of Coach China, said during his visit to Chengdu that he believed Chengdu is China's third largest market for the brand, following Beijing and Shanghai. He also revealed that Coach plans to open a new flagship store in the city and it may be located in the International Financial Center of Chengdu.
According to Seliger, Coach invests USD5 million every year to implement market and consumer surveys. They collect information from over 50,000 consumers around the world, including 8,000 from China. The survey results showed that most of their target consumers are between 25 and 45, and their annual family income is about USD10,000.
During the 2012 financial year, Coach realized sales of USD300 million in China, representing a growth of 60%. In the first quarter of the new financial year, the company's sales in China increased by nearly 40%. Seliger revealed that the Chengdu market played an important role in the growth and it has become Coach's third largest market in China, following Beijing and Shanghai.
Seliger added that though Coach has opened six self-owned stores in Chengdu, the company still needs to distribute a flagship store in this important marketplace. If the new store in International Financial Center can be launched smoothly, Coach will be able to enhance its awareness in Chengdu and to expand its influence into the surrounding areas.