Tapestry Group, which owns the Coach, Kate Spade and Stuart Weitzman brands, is all set to place the headquarters for its China travel retail business in Hainan, the free trade port where duty-free sales have been soaring during the pandemic.
Forbes reported on 21st April, 2022 that New York-listed Tapestry formally signed a strategic cooperation agreement with Hainan International Economic Development Bureau and a bonded zone committee in Haikou, the capital of the island province.
“The Hainan market continues to see vigorous momentum. The launch of our China travel retail headquarters here is an important milestone marking the beginning of our travel retail business in China.” said Yann Bozec, the president of Tapestry Asia Pacific and CEO of Coach China. Bozec added that he expected to enter “a new chapter of rapid development” by advancing relationships with more retail partners on the island, the number of which has steadily increased.
Hainan’s provincial government is making great efforts to attract luxury houses to settle on the island. As well as the lure of free port status, it is actively helping brand owners to coordinate aspects such as customs and taxation.
Hainan Provincial Bureau of International Economic Development (Hainan IEDB) is helping groups like Tapestry not just establish themselves in Haikou, but also accelerate their business development, explore digital transformation options, and expand omnichannel services. At its new headquarter, Tapestry will begin building up a local operation team with the aim of coordinating the group’s travel retail business across the whole country.