US fashion company Coach plans India

NEW DELHI: Popular American fashion label Coach will be entering India's retail market with Gurgaon-based Genesis Luxury. The brand, known for accessories and gifts for women and men, had till now stayed away from one of the largest consumer economies, but is soon expected to open exclusive stores with the Indian partner.

The deal between the two companies has been sealed, but not been made public yet, said multiple sources familiar with the development. "The Genesis team is currently in the process of buying inventory that would attract consumers here," said one of the persons in the know of things. However, when contacted, Genesis refused to comment on the issue.

With revenues of $4.8 billion in 2014, New York-based Coach was founded in 1941 as a family-run workshop with six leather workers who made wallets and billfolds by hand. In 2000, Coach had its initial public offering and its stocks started trading on the New York Stock Exchange. Later, in 2011, Coach also listed at the Hong Kong Stock Exchange.