30 Nov '11, 11am

Coach looking to attract Asian investors

HONG KONG: American luxury brand Coach is set to become the first US-incorporated firm to list in Hong Kong. It will list Hong Kong Depositary Receipts (HDR) by way of introduction on Thursday. Coach will retain its primary listing in New York and it said no new stock or capital will be raised through the Hong Kong listing. The Madison Bag is Coach's best-selling women's handbag and sought after by many young professionals. But Coach is looking beyond America and wants to create more brand awareness with Asian investors. The New York-listed handbag maker will issue up to 293 million share of depositary receipts in Hong Kong on Thursday. Lew Frankfort, CEO of Coach, said: "This year we estimate both consumers in China and outside China will approach 8-10 per cent of our overall sales. We do believe over the next 3-5 years, that will grow to 20 per cent. We are opening store...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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