Apr. 3, 2009 (China Knowledge) - Coach Inc, a leading New York design house of modern fashion accessories, Wednesday announced that it has completed acquiring its retail businesses in China from Hong Kong distributor ImagineX Group, the China Daily reported
The acquisition, which was conducted in two phases, includes all 17 stores on the Chinese mainland, according to the report.
Coach purchased its retail businesses in Hong Kong and Macao from the distributor last September, and adds the number of company-operated locations in China to 27. By acquiring its distribution in the region, Coach is able to directly seize the growth opportunity with the Chinese consumers.
The company also expects to open more than 50 new locations in China, in a bid to expand its sales and market share in the region, said Ian Bickley, president of International for Coach.
Coach aims to become one of the top three imported handbag and accessory brands on the Chinese mainland, Hong Kong and Macao. It expects to increase its market share to 10% from the current 3%, with sales rising to US$250 million from the US$50 million today, the president said.