The $2.9 billion American accessories firm revealed plans to enter the Russian market and open at least 15 stores within the next five years through a partnership with domestic distributor Jamilco. Areas of concentration are Moscow and Saint Petersburg.
"Russians are becoming important consumers of luxury accessories, both domestically and in key travel retail markets such as the Middle East, where Coach has established a retail presence with 10 locations," Coach International president Ian Bickley said. "Opening Russia is part of our strategy to capitalize on the increasing popularity of the brand with emerging luxury consumers globally."
The first freestanding Coach store will be located at the Seasons Kutuzovsky shopping center in central Moscow and is slated to open in April in a 1,500-square-foot space. There are also plans to unveil a shop in the GUM development on Red Square in the fall.
The stores will feature the full Coach brand assortment, including handbags, small leather goods, outerwear and eyewear.
Coach president and executive creative director Reed Krakoff is designing the Seasons Kutuzovsky boutique with the firm's in-house architecture team. The space will feature Venetian plaster walls, white maple fixtures and Calacatta white marble floors.
For the three months ended Dec. 29, Coach's net income climbed to $252.3 million from $227.5 million. Sales grew by 21.4 percent to $978 million.
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