have an established presence in China's biggest metropolises such as Beijing and Shanghai as well as second-tier cities like Wuhan and Xi'an.
Baoji will be Tapestry's second foray into a fourth-tier city after it opened a Coach store two years ago in Daqing, a city in the northeast known as the "oil capital of China". Tapestry also plans to look at other tier-four cities as candidates for the 30 new stores this financial year. But luxury sales in China are now cratering - with consumer sentiment hit hard by the country's zero-COVID policy and frequent lockdowns, a slowing global economy as well as regulatory crackdowns on sectors that have led to spikes in youth unemployment.
He declined to comment on investment figures for China - a main growth market as Tapestry seeks to ratchet up global revenue to $8 billion in fiscal 2025 compared to $6.7 billion in the year just ended.says it is sticking with plans, outlined in 2018, to have 150 stores in Greater China by the end of next April, up from 135 today, with a focus on tier-one cities.
Michael Kors and Tory Burch - both competitors in the "accessible luxury" segment, did not reply to Reuters requests for comment on their plans in China. Analysts see Tapestry's pursuit of more stores as an opportunity to cement its lead in brand penetration in China.