Coach reinforces Japanese presence through new joint venture
The US leather brand Coach has announced the formation of Coach Japan, Inc., a joint venture with Sumitomo Corporation.
Through the new division, Coach hopes to take advantage of the significant growth opportunities presented by the Japanese marketplace by gaining greater control of its distribution network in the country. Since the beginning of 2000, Coach has achieved double-digit increases in comparable location sales to Japanese consumers worldwide and is now the fifth largest imported handbag and accessory brand in Japan.
Coach Japan, Inc. will be a joint venture with Sumitomo Corporation, one of the largest trading companies in Japan. The joint venture will be formed as of August 2001. Keith Monda, Chief Operating Officer of Coach, Inc. and Ian Bickley, Vice President of Coach, Inc. will serve as Chairman of the Board and President of Coach Japan, Inc., respectively. Mr. Takehisa Izumi of Sumitomo Corporation will serve as Chief Operating Officer of Coach Japan, Inc.
Lew Frankfort, Chairman and Chief Executive Officer of Coach, Inc. reported that over the next three years, through the joint venture, the company expects to open 25-30 new locations, including 3 or 4 flagship stores.
