International luxury retailer Coach has announced plans to buy back its Australian business.
The decision was revealed as part of Tapestry's (Coach brand owner) second-quarter results, in which the company reported 35% growth in overall global sales.
Tapestry CEO Victor Luis said the company would now launch a centralised hub for Tapestry in Australia as part of an ongoing plan to grow its brands locally.
"We are excited to announce the buyback of the Coach business in Australia and New Zealand from our distributor, with an expected closing in the third fiscal quarter.
"As a result, we will be creating a Tapestry hub and centre of excellence in Sydney to drive growth across our portfolio, further unlocking the value of a multi-brand operating model.”
Tapestry president, global business development and strategic alliances Ian Bickley spoke to Ragtrader in its January/February special edition, commenting on Coach's future here in Australia.