COACH Executive Chairman Frankfort Retires Jide Zeitlin Or Takes Over.

New York accessories and lifestyle products design brand Coach (COH, NYSE; 06388, HK) announced today that the executive chairman of the company, Lew Frankfort, will be honors at the end of the 2014 annual general meeting in November 2014 and decides not to re-election as director.

The reporter was informed that the current chief external director, Jide Zeitlin, is expected to be appointed as the next chairman of the board after its annual general meeting in November.

In January of this year,

The former president of the International Department, Victor Luis, has replaced Lew Frankfort as chief executive of Coach, and Lew Frankfort has continued to serve as executive chairman.

Lew Frankfort, which joined the Coach in 1979, has been 35th anniversary in the company. It is known as the second founder of Coach and chief executive officer Victor Luis of Coach, said: "Lew Frankfort has made an invaluable contribution to the company. Under his leadership, Coach has created a market for handbags and accessories in the North American region, which is more convenient for us. It also boosted sales from $6 million to US $5 billion."

Coach's latest fiscal year 2014 report shows that the net sales in the full fiscal year fell by 5% to 4 billion 810 million US dollars from the US $5 billion 80 million in the fiscal year, and net income fell to US $870 million from US $1 billion 70 million in the last fiscal year.

According to the constant exchange rate, sales in the full fiscal year fell by 3% over the same period last year.

In the face of declining performance, Coach disclosed a comprehensive long-term strategic plan to revitalize its business in June, and put forward a new Coach.

Development strategy book to achieve business growth and maintain industry leading position.

Victor Luis admitted that the company is "taking the major pformation measures to promote the strategic process and launch the practice phase of the brand pformation journey."

However, although the most important North American market in Coach was 11% in the 2014 fiscal year, and two in the same store, the Coach market in China was thriving. The annual sales increased by 25% to 545 million dollars and the same store sales increased by two digits.

In fact, compared with others

Brand, Coach is very popular in Asia, especially in China, and it has to be attributed to Lew Frankfort.

After he took office as chairman and CEO of Coach, he grasped the potential market opportunities of Asia, and actively created the Asian production base, and formulated corresponding strategies accordingly.

As of June 28th this year, Coach has 153 stores in Greater China (including Mainland China, Hongkong, China and Macao), of which 134 are distributed in 53 cities in mainland China.