The New York high-end fashion brand Coach has announced that its operating revenue in China doubled and reached over USD100 million in 2010, and during the 2011 fiscal year it plans to open an additional 25 stores on the Chinese mainland.
In this fiscal quarter, Coach has distributed three of these 25 stores in Harbin, Chengdu, and Shenzhen, respectively. To date, the company has opened 52 self-owned retail stores in China, covering the mainland, Hong Kong, and Macau.
Coach said that it has excellent performance in the Chinese market. Before its repurchase, the company achieved double-digit growth of sales of individual stores and its opening of new stores was efficient.
At the end of 2009, Coach completed its repurchase of businesses previously operated by distributors and agencies in China and started direct operation in this marketplace. This move made China the second direct-operated market for Coach, following the Japanese market.
The company predicted that by 2013, China's market share in the global luxury bags and accessories market will increase from 10% in the 2009 fiscal year to 20%.