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Coach to acquire Hong Kong Retail Biz from ImagineX
29 May '08
3 min read
Coach Inc, a leading American design house of modern luxury accessories announced that it had completed agreements to acquire the Coach domestic retail businesses in Hong Kong, Macau and Mainland China from its current distributor, the ImagineX group.
This acquisition will allow Coach to directly manage the significant growth opportunity with the Chinese consumer by gaining control of its distribution in this region. The agreements provide for a phased buyout of the current Coach retail businesses in Hong Kong, Macau and China over the next year. Thibault Villet, Coach's President, Greater China, will lead the operations of these businesses.
Lew Frankfort, Chairman and Chief Executive Officer of Coach, Inc., said, “We are extremely pleased to announce the acquisition of these businesses. Over the past several years, we have enjoyed an excellent partnership with the ImagineX group.
They have been instrumental in the initial development of the Coach brand in this region, including the opening of several important locations in key retail venues in Hong Kong, Beijing and Shanghai. In addition, under the leadership of Mr. Villet, we're now building an on-the-ground team and deepening our insights into the Chinese consumer.
This experience, together with our capital strength and international brand recognition, provide a solid foundation for Coach's expansion in the Chinese market. The opening today of our new Hong Kong Global Flagship Store on Queen's Road Central, combined with our agreement to assume direct operation of our retail business in Hong Kong, Macau and mainland China, mark the commencement of the next phase of Coach's growth in this critical region. We are now poised to build the third leg of our business in China, following our successes in North America and Japan.”
This acquisition will allow Coach to directly manage the significant growth opportunity with the Chinese consumer by gaining control of its distribution in this region. The agreements provide for a phased buyout of the current Coach retail businesses in Hong Kong, Macau and China over the next year. Thibault Villet, Coach's President, Greater China, will lead the operations of these businesses.
Lew Frankfort, Chairman and Chief Executive Officer of Coach, Inc., said, “We are extremely pleased to announce the acquisition of these businesses. Over the past several years, we have enjoyed an excellent partnership with the ImagineX group.
They have been instrumental in the initial development of the Coach brand in this region, including the opening of several important locations in key retail venues in Hong Kong, Beijing and Shanghai. In addition, under the leadership of Mr. Villet, we're now building an on-the-ground team and deepening our insights into the Chinese consumer.
This experience, together with our capital strength and international brand recognition, provide a solid foundation for Coach's expansion in the Chinese market. The opening today of our new Hong Kong Global Flagship Store on Queen's Road Central, combined with our agreement to assume direct operation of our retail business in Hong Kong, Macau and mainland China, mark the commencement of the next phase of Coach's growth in this critical region. We are now poised to build the third leg of our business in China, following our successes in North America and Japan.”
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