It is understood that, at the beginning of December, Tapestry and Inc. applied to the Hong Kong stock exchange for the delisting. The company said it will be trading lightly in Hong Kong and will focus on the New York Stock Exchange in the future. In the middle of this month, the company said it had already obtained the approval from the HKEx.
On the last trading day of Hong Kong stocks, Tapestry, Inc. Hong Kong shares closed 31.30 Hong Kong dollars, the 0.32% rise in the counter trend and only 2000 shares in volume.
In contrast to the downturn in Hong Kong stocks, Tapestry, Inc.’s US stocks rose 1.47% on Monday, continuing the rise of retail stocks since Thanksgiving last year, which has recorded more than 9% growth so far this year, with a rise of 36% in the past year. However, its performance is still far behind its rival Michael Kors Holdings Ltd. (NYSE:KORS), which has surged 60% in the past year. At present, the competition between the two companies has expanded from the light luxury brand to the competition of luxury group construction, and the two companies are actively merging.
In October 11, 2017, New York luxury group Coach, Inc announced that it would change the company’s name Tapestry and Inc, and the change came into effect in October 31, 2017.