HONG KONG -(Dow Jones)- Coach Inc. (COH) plans to list in Hong Kong on Dec. 1 after it was approved by the Hong Kong stock exchange's listing committee Thursday to issue Hong Kong depositary receipts, a person familiar with the situation said Friday, as the U.S. handbag maker looks to raise its profile among China's rich. The New York-listed company said in May it was planning a secondary listing in Hong Kong, and said then its issue of depositary receipts wouldn't involve any fundraising. Other internationally recognized brands have been flocking to Hong Kong as a way of building up their profile in China, among them Italian fashion house Prada SpA, which raised US$2.5 billion, and U.S. luggage maker Samsonite International SA, which raised US$1.25 billion, both in June. Founded in 1941, Coach is best known for accessories and gifts for women and men, including handbags, business cases, footwear and watches, and its products are sold through retail stores, factory stores, online and catalog. Coach has a strong presence in department stores and specialty retailer locations. At the moment, its growth outside the U.S. is concentrated in Japan. J.P. Morgan Chase & Co. is handling the deal, people familiar with the situation said earlier. -By Prudence Ho, Dow Jones Newswires; 852-2802-7002; prudence.ho@dowjones.com
