Tapestry plans 100 more stores in Asia
Tapestry, the parent of Coach, Kate Spade and Stuart Weitzman, plans to open about 100 stores in Asia this year, most of them in China.
The company is focusing its growth on regions where it believes it is underrepresented, namely Greater China, Southeast Asia and Europe.
According to the company’s latest results filing, it plans to open between 60 and 70 new Kate Spade stores this year and another 30 for Stuart Weitzman.
“China has emerged as the second-largest luxury market in the world according to Euromonitor, and we expect the country to continue to drive growth for Coach, and Tapestry, over the foreseeable future,” the company said.
Coach’s comparable-store sales rose by 1 per cent during the third quarter, or by 2 per cent on a constant-currency basis, driven by strong international growth and increased online sales.
Strong consumer demand has fuelled sustained growth for the business in China during recent years and that trend continued in the third quarter when sales growth there outperformed that of other geographical markets.
Third-quarter revenue reached US$1.3 billion.