Coach Hongkong Central Flagship Store Is Overwhelmed.

As the number of tourists coming from mainland China has slowed down, the retail sales growth in Hongkong has slowed down, and the high rent in Hongkong has been overburdened by retailers. The famous American luxury luxury brand Coach has announced that it will close the flagship store in Hongkong.

Coach central flagship store is located in Queen's road center, four storeys.

In 2008, when the high-profile business was opened in 2008, the brand also invited the famous American singer John Mayer to come to the entertainment market. In 2012, the brand was renewed for five years and the rent was as high as HK $7 million 200 thousand per month.

According to an anonymous message quoted by the US website WWD, the rent of the shop did not expire until October 2017, but Coach decided to withdraw the store ahead of time. The last business day of the store was August 31.

Like other luxury retailers including Burberry, Tag Heuer (tiger Heuer), Gucci parent company Kering (Kai Yun) and Zhou Dafu, Coach is also unable to bear high rental load, urging shop owners to reduce rent, and the result is the first to close.

Earlier this month, Tag Heuer Russell Street flagship store was closed.

Just 10 days ago in August 17th, Coach just visited the second stores in Guangdong road Harbour City, a hot tourist destination in Hongkong.

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Director Stuart Vevers works with Studio Sofield, a creative design company, to create a brand-new modern luxury concept store, reflecting its efforts to re brand image and positioning.

The new store covers an area of 4000 square feet (about 372 square meters), with three floors, mainly selling men and women.

Accessories and so on.

Studio Sofield has collaborated with Gucci, Bottega Veneta and Tom Ford.

In order to celebrate the opening of Hongkong new store, Suede Coach Swagger series handbag will be launched.

Limited edition of black cherry is available only at flagship store in Harbour City.

Victor Luis Luis, chief executive of the company, told investors in the fourth quarter performance conference call that China's economic slowdown has made the brand feel a lot of pressure.

"Like other brands, Hongkong and Macao continue to be negatively affected by the sharp drop in the number of tourists, especially Chinese tourists," he said. "Our business has also suffered a significant impact in China."

Victor Luis also added that Coach's sales target in Greater China this year was $625 million, an increase of 5%.

"The brand will remain committed to the business development of the Hongkong market and continue to promote the long-term development strategy in the Greater China region," Coach said in a statement.

In addition, the company also said that as part of the brand pformation, resources are being gradually renovated and upgraded to Hongkong and other regional stores, bringing customers an excellent shopping experience.