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Coach to acquire Hong Kong Retail Biz from ImagineX
29 May '08
3 min read
Ian Bickley, President of International for Coach, added, “Our continuing strong international results reflect the enthusiasm that consumers worldwide have towards Coach's broad and modern product offering and innovative, relevant lifestyle collections. Our business performance demonstrates that Coach has significant potential with this emerging and very important consumer group and reinforces our commitment to expand Coach's presence in this vital market.”
“Over the next 5 years, we expect to open over 50 new locations, aggressively growing our sales and market share in this rapidly expanding region. In fact, our market research indicates that by 2013 the China, Hong Kong and Macau premium handbag and accessories market will likely exceed $2.5 billion, more than double its current size of $1.2 billion.
Our goal is to be one of the top three imported handbag and accessory brands, with sales of over $250 million and a market share of at least 10% by fiscal 2013, up from only about $30 million and 3% today. With the investments we will make in stores, marketing, organization and infrastructure, we're poised to replicate our success formula in Japan since taking control of the business there in 2001.”
Coach will acquire the assets, including fixtures and inventory, of its current stores in the region in stages over the next year. While the company expects that this acquisition will be slightly dilutive to Coach's consolidated financial resultsin the near term, taking control of brand building and distribution at this critical juncture will lay the foundation for a substantial contribution of these businesses in the future.
“Over the next 5 years, we expect to open over 50 new locations, aggressively growing our sales and market share in this rapidly expanding region. In fact, our market research indicates that by 2013 the China, Hong Kong and Macau premium handbag and accessories market will likely exceed $2.5 billion, more than double its current size of $1.2 billion.
Our goal is to be one of the top three imported handbag and accessory brands, with sales of over $250 million and a market share of at least 10% by fiscal 2013, up from only about $30 million and 3% today. With the investments we will make in stores, marketing, organization and infrastructure, we're poised to replicate our success formula in Japan since taking control of the business there in 2001.”
Coach will acquire the assets, including fixtures and inventory, of its current stores in the region in stages over the next year. While the company expects that this acquisition will be slightly dilutive to Coach's consolidated financial resultsin the near term, taking control of brand building and distribution at this critical juncture will lay the foundation for a substantial contribution of these businesses in the future.
Coach Inc
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