Us Luxury Brand Coach Will Be Listed On Hkex
Beijing time May 10th evening news, the US luxury handbags and accessories manufacturer Coach Inc (COH) announced on Tuesday that it plans to double listing on the Hongkong stock exchange to enhance its performance.
brand
Popularity in Asia.
Coach
It's a New York stock exchange.
list
Company.
The company plans to issue Hongkong Depositary Receipts (HDR), and says it will not issue any new shares, nor will it raise funds through the listing.
"If approved, the listing will enhance the popularity of Coach brand in the Chinese market as well as investors and consumers throughout Asia," said Lew Frankfort, CEO of Frankfurt.
Coach said it would submit a listing application to the Hongkong stock exchange. If approved, the listing could take place at the end of 2011.
The company said it would be the first time an American company has launched a second listing in Hongkong.
About 1/5 of Coach's revenue comes from Japan.
China is still a small market for the company, but it is also its fastest growing market.
The company has 55 stores in China, and plans to open 11 new stores by the end of this year, and has opened 30 new stores since then.
Coach currently has 174 stores in Japan.
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