Luxury US accessories brand Coach is aiming to grow its menswear business from 3% to 10% of its total sales in the next five years, with Asia key to expansion.
Victor Luis, president of Coach International, said at a WWD conference yesterday that Asia and particularly China, where men account for 50% of handbag and accessories market, would be key to the expansion of its menswear business.
Luis said the global market for accessories and handbags is $26bn (£15.9bn), with just 15% of this devoted to men. However the global market is predicted to expand to $36bn in the next four years and China, which represents 11% is expected to grow to 20% by 2015.
Luis said: “We have pretty audacious objectives in trying to reach 10% penetration, which I guess some would argue is still conservative, given the fact that [menswear accounts for] 15% of the [accesories] market. We at least should try to aim for that.”
The brand is making a global push and launched in the UK earlier this year with a new store in west London’s Westfield shopping centre which opened in March. As part of its European expansion plans Coach will also open a 5,100 square foot flagship on New Bond Street in Mulberry’s former location in August.