The New York-based high-end fashion brand Coach has announced that it has completed the second phase acquisition of its retail businesses in China from Hong Kong distributor ImagineX Group.
The acquisition covers 17 retail stores and after the acquisition, Coach will directly manage its Chinese business. Prior to this, Coach acquired its retail businesses in Hong Kong and Macau from ImagineX Group on September 9, 2008. To date, Coach has 27 retail outlets in China.
Lew Frankfort, the chairman and CEO of Coach, said that so far the company has set up a local business team and completed a range of investigations on Chinese consumers. Coach plans to build China into its third largest market worldwide, after the United States and Japan.
Ian Bickley, the president of Coach International, revealed that the company plans to open over 50 new retails sites in China in the next five years to increase its sales and market share in this region. He added that Coach expects to increase its sales in China from the current USD50 million to USD250 million and raise its market share from 3% to 10%.