Shanghai flagship, officially opened late April, right before Shanghai World Expo which will bring 70 millions visitors, enjoyed 1000 visitors a day. Sales is more than double than planned despite construction is still undergoing in adjacent building. Currently, 90% of Coach sales are generated in N. America or Japan China now is representing 10% of global luxury spending, expect to grow to 20% by 2013 Awareness of Coach brand in China is only 8% now, compared to 72% in U.S. We now target to achieve $250 mils sales during 2012 in China 94% of Chinese who had purchased Coach handbags intend to re-purchase Coach handbags vs. 80-85% in U.S. and lower number in Japan. 13 net store opening in China is planned during 2010, increasing square footage by 50% 20 stores to be opened next year in China Asia market outside of China and Japan: 90 shops generating $200 mils revenue
Anyone buying COH today? I have been holding for a long time and also trading in and out of COH. So far so good. Bought at the low on Friday and luckily sold yesterday on the trade. Good luck to all longs. I do think we go up from here.