(Yicai Global) Nov. 9 -- Tapestry, the American owner of designer brands Coach, Kate Spade New York and Stuart Weitzman, intends to open 100 more stores in China in three years amid more cooperation with local brands.

Many of the new outlets will be located in second, third, and fourth-tier cities to reach a total number of China stores of around 460, The Paper reported yesterday, citing Yann Bozec, president of Tapestry Asia-Pacific and chief executive of Coach China.

Tapestry is participating in the China International Import Expo for the fourth time this year. It launched several handbags and apparel co-branded with White Rabbit, a renowned candy brand developed by Shanghai-based Guanshengyuan Food, at the ongoing expo in Shanghai. This is Tapestry’s first attempt to team up with a local brand, and it is only the beginning, Bozec said.

The seller of apparel and clothing will focus on e-commerce, taking digitalization as its long-term strategy in China. The group is partnering with Alibaba Group Holding's shopping platform Tmall, JD.Com, as well as WeChat operator Tencent Holdings. It also engages with consumers through emerging platforms including Douyin, Little Red Book, and Bilibili, according to Bozec.

The Covid-19 pandemic will not change the long-term uptrend of the Chinese economy, Bozec said, adding that China is one of the world’s largest consumer markets with great resilience and potential, which will bring opportunities for Tapestry’s brands including Stuart Weitzman.

With economic development, smaller Chinese cities keep improving their infrastructure, which has attracted an increasing number of young talents, the brand chief said, adding that this is expected to become a new consumption growth engine.

New York-headquartered Tapestry achieved USD856 million in net profit in the 2022 fiscal year ended July 2, up 3 percent from a year ago, according to its earnings report. Net sales rose 16 percent to USD6.7 billion but China revenue slid 6 percent to USD1 billion due to the country's control and prevention measures for Covid-19.

Editor: Emmi Laine, Xiao Yi