HONG KONG — US luxury handbag maker Coach is to list shares on the Hong Kong Stock Exchange by year end in an attempt to boost its Asia presence, especially in the fast-growing Chinese market, the company said.
Coach, which is listed on the New York Stock Exchange, said no additional shares would be issued and no capital will be raised through the new listing.
"We're very enthusiastic about the prospect of a dual listing on the Hong Kong Stock Exchange," Lew Frankfort, chairman and chief executive of Coach said in a statement posted on the New York-based company's website Tuesday.
"This listing, if approved, will raise awareness of the Coach brand among investors and consumers in the China market as well as throughout Asia," he added.
The fashion house did not state when it intends to file a listing application to the Hong Kong Exchange but said the planned listing will take place before the end of 2011, if approval is granted by Hong Kong regulators.
"Based on this timing, Coach believes it would be the first U.S. domestic issuer to do a secondary listing in Hong Kong," the firm said.
Coach, which was founded in 1941, is a leading American maker of upscale lifestyle handbags and accessories. It also sells fragrance, watches, watches and jewelry.
The firm is the latest to join a slew of other fashion brands, including Italian fashion house Prada and US luggage maker Samsonite, which were also planning a listing in Hong Kong to tap into the booming Chinese market.
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