Hong Kong–Coach Inc. said today that it plans to begin its secondary listing on the Stock Exchange of Hong Kong (SEHK) on Dec. 1.
Although already listed on the New York Stock Exchange, Coach said the listing is part of a plan to raise the company’s profile in Asia, one of its biggest growth markets. The company reportedly floated up to 294 million Hong Kong Depository Receipts (HDR), each representing one tenth of Coach common share, as part of its debut trading.
Besides drawing more attention to itself in Greater China, the Hong Kong listing would allow Coach to expand its investor base into Asia, and China specifically.
According to a recent report from Credit Suisse, Coach could generate $1 billion, or 14% of total sales, from China by 2016. That’s compared with the $187.5 million, about 4.5% Coach earned from sales in its 71 Chinese locations this year.