Coach maintained good sales performance in China and its total sales increased by over 25%, according to its latest financial report.
This American luxury brand recently published its financial report for the third quarter, stating that by March 29, 2014, the company's sales were USD1.1 billion, representing a year-on-year decrease of 7%. However, it maintained good performance in the Chinese market and it reported over 25% sales growth in this marketplace.
Victor Luis, chief executive officer of Coach, said that during the third quarter, the company's sales showed decline, which was mainly attributed to the poor sales of women's bag and accessories in North America. Meanwhile, the China region gained on its good performance and the sales of individual stores in this market achieved double-digit growth.
A representative from Coach China said that the company will raise the business target in the Chinese market to USD540 million. At the same time, Coach plans to open 30 new stores in China by the end of June 2014 and most of those stores will be located in cities with high potential and high population density.
At present, Coach has 147 stores in the China region, including Hong Kong and Macau.