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SINGAPORE : American design house Coach is among top global brands seeking to tap into the growing demand for luxury goods in Asia.
It has just officially opened its first flagship store in Singapore, and it is using the new store as a base to build its presence in Southeast Asia.
A growing number of top global retail brands are calling Singapore home. They have been setting up flagship stores in the prime shopping district at Orchard Road. Their targets are big spenders in Asia.
The latest to join the crowd is New York design house Coach.
Lew Frankfort, chairman and CEO, Coach, said: "I am extremely impressed by the rapid development of the markets within this region - it is remarkable; as we find in many Asian countries with an increased professional class of women who are marrying later, joining the workforce, they are looking for products that are innovative and relevant that are well made."
And while the downturn may have curbed some consumer appetites, with prices around 50 per cent lower than European luxury brands, Coach said that it has seen steady growth as more consumers continue to seek more affordable quality luxury items.
China is seen as the star market in the region, with retail sales growing some 15 per cent year-on-year in the first half of 2009. Coach is excited about growth prospects there.
Mr Frankfort said: "We generate about 25 per cent of our global revenue from Asia; most of it is concentrated in Japan where we have the number two market share.
"However, the other markets in the region such as China and Korea are the fastest growing regions, and we do expect China one day... to eclipse Japan in terms of sales."
Coach plans to open 40 more locations in Asia over the next 12 months. - CNA/ms
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