HONG KONG — Tapestry Inc., formerly known as Coach Inc., plans to withdraw its listing from the main board of the Hong Kong Stock Exchange, it said Wednesday, although the company said it remains focused on developing in Greater China.
In December 2011, the firm became the first U.S. incorporated company to achieve a secondary listing on the Hong Kong Exchange, aimed at raising brand awareness and signaling the importance of China to Coach. Its main listing is on the New York Stock Exchange.
“From the time of the listing to date, we have added more than 100 locations across the Mainland, Hong Kong and Macau to bring an exceptional experience to local customers. Therefore the primary reasons for listing have been achieved,” Tapestry said in a statement.
The dual listing is a move that has been similarly deployed by Uniqlo-owner Fast Retailing, which is publicly traded in Tokyo, but added a secondary listing Hong Kong in 2014.
Tapestry took back its Greater China business from distributors in fiscal 2009, and as of August, counts 199 stores in the market. In its last annual report for the fiscal year ended July 1, Greater China sales grew $30.7 million due to new stores and positive comparable store sales in mainland China, although its Hong Kong and Macau units continued to see a slowdown in inbound tourist traffic.
Tapestry said it expects its international segment to see “modest growth in store count over the next few years, particularly within mainland China and Europe.”
This has been a busy year for Tapestry Inc. The name change went into effect on Oct. 31, and in July it completed its acquisition of Kate Spade & Co.
The company is due to report its next quarterly results on Nov. 7.