It is understood that at the beginning of December last year, Tapestry, Inc. applied to the Hong Kong Stock Exchange for delisting. The company said that trading in Hong Kong is light and the future will focus on the NYSE. In the middle of this month, the company stated that it has obtained approval from the Hong Kong Stock Exchange.
On the last trading day of Hong Kong stocks, the Hong Kong stocks of Tapestry, Inc. closed at HK$31.30, a continual increase of 0.32%, and the trading volume was only 2,000 shares.
It is reported that relative to the downturn in Hong Kong stocks, US stocks of Tapestry, Inc. rose by 1.47% on Monday, continuing the upward trend of retail stocks since Thanksgiving last year. This year, the stock has recorded an increase of more than 9%, which is even greater in the past year. Rose 36%. However, its performance is still far inferior to rival Michael Kors Holdings Ltd. (NYSE: KORS), which has soared 60% in the past year. At present, the competition between the two companies has expanded from a light luxury brand to a competition in the construction of luxury goods groups. Both companies are actively pursuing mergers and acquisitions.
On October 11, 2017, the New York luxury goods group Coach, Inc announced that it would change the name of the company to Tapestry, Inc. This change took effect on October 31, 2017.