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Coach Targets China Via New Hire
There are an estimated 1.3 billion people living in China. The suits over at Coach hope their newest hire will help all those folks line their closets with high-ticket handbags, scarves and patent leather belts.
Coach (nyse: COH - news - people ) has named Thibault Villet, formerly of L'Oreal, as President of Greater China. Villet was Vice President, Luxury Products Division in Japan at L'Oreal for 13 years. He was also Vice President, General Manager of the Luxury Products Division for China from 2002 through 2006.
Margaret Mager, an analyst at Goldman Sachs, says Villet's hiring highlights Coach's growing commitment to developing its presence and brand awareness in China, its next great market.
Mager said Coach plans to open at least 20 additional locations in Greater China during the next three years. Currently, there are 43 Coach locations in Greater China, with 19 in Taiwan, 12 in Hong Kong, and 12 on the mainland.
Though Villet's hire is unlikely to impact near-term fundamentals Coach continues to lay the foundation for long-term growth in the global accessories market, Mager said.
In morning trading Wednesday, shares of Coach increased 1.1%, or 50 cents, to $47.98.
dacare This entry was posted on June 28th, 2007 at 01:40:50 am by dacare and is filed under Investing in China.