Accessories business Tapestry, formerly known as Coach Inc, has announced plans to withdraw its listing from the main board of the Hong Kong Stock Exchange.
The move, the company said yesterday (31 October), is due to trading volume and in order for it to focus its resources on Tapestry’s primary listing on the New York Stock Exchange. The firm announced its name change plans last month as part of its business transformation and as a way of expanding beyond the namesake brand.
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The company, which has kept a dual listing in Hong Kong and New York since December 2011, says it intends to apply for the withdrawal of the listing of its depositary receipts in accordance with the rules and regulations of the SEHK.
No date has been given for the withdrawal.
In July, Tapestry completed its tender offer to acquire the accessories and apparel business Kate Spade & Company, which it believes will enhance its position in the “attractive and growing $80bn global premium handbag and accessories, footwear and outerwear market.
Coach to change its name to Tapestry
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By GlobalData
