Blog: Coach accelerates into China
Leonie Barrie | 29 May 2008
Mainland China is widely expected to become a significant market for luxury brands during the next several years, as income and consumer spending levels catch up to the retail development that is already present in this market.
And Coach has made no secret of the fact that it has set its sights on becoming the leading accessible luxury brand in China – a market it expects to more than double in size from $1.2bn in annual sales to more than $2.5bn by 2013.
Its first step was to hire L'Oreal’s Thibault Villet for the new role of president, Greater China, back in July last year. And yesterday it revealed plans to take direct control of its retail business in Hong Kong, Macau and mainland China as the start of the next phase of its growth in this critical region.
Coach is eyeing a seven-fold increase in annual sales in China by 2013 to over $250m, and hopes to see its market share soar from 3% to at least 10% over the same time-frame.
If this seems ambitious, just compare its success in Japan, its second-largest market after the US. Coach took control of its business there in 2001, and it currently accounts for around 18% of its $2.1bn in annual sales.
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