NEW YORK — Coach Inc. said Tuesday that it will pursue a dual listing of its shares on the Hong Kong Stock Exchange through the issuance of Hong Kong Depositary Receipts.
The company said no additional shares would be issued, nor capital raised through the listing.
Lew Frankfort, chairman and chief executive officer, said, “China is an important initiative for us. The opportunity in China is boundless. We are listing the shares to build brand awareness among Chinese consumers, many of whom are investors who follow the Hong Kong Stock Exchange. We also believe it would help broaden our investor base, particularly those who are unable to invest directly in U.S. equities.”
The filing is expected to take place within the next few months, with approval obtained before the end of the calendar year.
Coach believes that it would be the first U.S. domestic issuer to do a secondary listing in Hong Kong.
A source familiar with the firm’s thinking said the Shanghai Stock Exchange wasn’t an option since it doesn’t yet provide for the listing of international firms. In addition, many Japanese investors, the other market where the Coach brand has a huge following in Asia, already invest directly in the U.S., and a listing on the Tokyo Stock Exchange wouldn’t really build brand awareness in the Greater China market.
Coach would be the latest global luxury firm to join the rush to Hong Kong. Prada is planning a listing on the Hong Kong Stock Exchange some time in the first half, while L’Occitane already has listed there.
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