Asia

Asia

Tapestry deepens push into China, undeterred by luxury market slump

26 October 2022 06:24 (UTC +04:00)

Baoji, an industrial city in northwest China with a population of 3 million, doesn't conform to most people's idea of a luxury goods market. Sometime soon, however, it will be home to a store for American brand Coach, APA reports citing Reuters.

The store is one of 30 in China that Coach parent Tapestry Inc (TPR.N) is looking to open in the coming 12 months, the company's Asia Pacific president Yann Bozec told Reuters.

Tapestry's planned expansion in China is unusual, both for the company's willingness to tap lower-tier cities where most Western competitors are reluctant to tread, as well as for its timing - coming as it does amid a deep slump in Chinese luxury sales. It also follows some 60 Tapestry store openings in China over the last two years.