From Coach's (NYSE:COH) fiscal Q4 2006 earnings conference call transcript:
Lew Frankfort - Chairman, CEO
As noted in the third quarter call, the opportunities outside of our core markets of North America and Japan are plentiful. Notably in east Asia, especially in greater China, we are intensifying our efforts to build awareness by creating a presence that will position us for meaningful sales in the future as we recognize that Mainland China will become an important market for luxury brands during the next several years.
It's our intention to open at least ten locations in major cities on the Mainland during the next two to three years, while also continuing to expand our retail store base in Hong Kong, where we recently and successfully opened a major retail store in Canton Road our 13th Hong Kong location. While it's early days, this store is tracking to do at least $5 million in its first 12 months.
To this point, we have already secured four locations in Mainland China for FY07 openings including stores in important cities of Shenzhen and Xian as well as additional locations in Shanghai and Beijing.