According to Reuters, Tapestry, formerly known as Coach luxury group, said on Thursday that the Hongkong Stock Exchange approved its Hongkong depositary receipt and withdrew its listing status in March 2nd this year, and stopped trading after the market closed in January 30th. After the company to the stock exchange for the delisting, the reason is the low trading volume and intends to focus its resources on the first listed on the New York stock exchange, i.e..
It is reported that the group has now become the three independent brands, including Coach, Kate Spade and Stuart Weitzman multi brand group, the group in the last year of the name of “Coach” to “Tapestry”, meaning “Chinese tapestry”, stock code group officially changed from COH to TPR”. The Group believes that the new name can better convey creativity, technology, authenticity and inclusiveness to consumers, and also provides more possibilities for the future acquisition plan of the group.
It is noteworthy that the Tapestry and Michael Kors group purchased the American light luxury brand Kate Spade and the British luxury shoe brand Jimmy Choo in 2017. Some analysts expect the two groups to continue to look for new acquisitions in 2018 to meet their growing ambitions. However, because of the value of the two transactions last year, both Tapestry and Michael Kors will not be in the first half of the year until there is a suitable opportunity to appear.