Luxury Brands Seeks Listings in Hong Kong Exchange
Luxury brands are focusing on the Asian region, particularly China as it represents the most important area of growth.
The accessories brand Coach has skyrocketed in China and may hit the $1 billion mark in the next five years from a relatively modest $187 million this year. In order to raise its profile among China’s rich; Coach is planning a listing on the Hong Kong stock exchange through an issue of Hong Kong depositary receipts. They are not looking to raise funds through the listing exercise. J.P. Morgan Chase & Co., the financial consultants have been commissioned to handle the listing process. And Coach isn’t the only luxury brand to do this. Italian brands Ferragamo and Prada took the IPO route earlier for Hong Kong listing.
Via: online.wsj
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