As we stand at the pivotal moment before the commencement of the 15th Five-Year Plan, how should we view the economic landscape in 2026? What are the key tasks for economic work in 2026? KE Holdings Inc. has launched a special report series, "Outlook 2026: The 15th Five-Year Plan - A New Journey," gathering insights from regulatory authorities, renowned scholars, and leading entrepreneurs to interpret policy directions and discern trend changes. In 2026, we embark together.
For enterprises, what measures will be taken in response to the Central Economic Work Conference's emphasis on continuously expanding domestic demand? What are the strategic development goals for 2026? KE Holdings Inc. interviewed Liliana Lucioni, President of Coach China, on these matters. She stated that for Tapestry, Inc. and its portfolio of brands, China is not only a critically important market but also a continuous source of inspiration for breakthroughs and innovation.
Liliana Lucioni, President of Coach China, shared her views on the Central Economic Work Conference's directives to persistently expand domestic demand, optimize supply, improve incremental growth, and revitalize existing assets, while developing new quality productive forces according to local conditions. Liliana noted that the positive signals from the Conference reflect the long-term potential and advantages inherent in the Chinese market, providing a stable and predictable development environment for all market entities, including foreign-funded enterprises.
As a multinational corporation deeply rooted in the Chinese market, Tapestry, Inc. and the Coach brand maintain firm confidence in the prospects of China's economic development and the resilience of its consumer market. Centering on consumers' ever-upgrading demands for personalization and quality, the company continuously enriches the supply of high-quality consumption through new product launches, innovative store formats, and localized collaborations, creating products and experiences that blend creativity with emotional resonance.
Simultaneously, the company is accelerating its omnichannel layout, optimizing online and offline service touchpoints to enhance shopping convenience and the overall consumer experience. For example, in 2024, the first Coach Café in China opened in Shanghai, marking a new chapter in the brand's journey of localized fashion exploration. Subsequently, this innovative retail concept was introduced to more cities.
In the summer of 2025, the first Coach retail store in a Chinese resort area opened at Shanghai Disneyland's DisneyTown. As a significant exploration in "non-standard" commercial practices, the Coach DisneyTown store broke from traditional location strategies, leveraging "resort commerce" to create a multi-sensory, immersive shopping experience.
Regarding Coach's strategic development goals for 2026 in terms of performance growth, product innovation, and business operations, Liliana referred to Tapestry's latest quarterly financial report, which showed the Chinese market continuing its strong growth momentum with a 19% performance increase, fully demonstrating Chinese consumers' recognition of the brand.
The Global Brand CEO of Coach stated during the earnings call that the plan for the next three years is to open 100 new stores in China, expanding business coverage to over 100 cities, aiming to unleash the potential of domestic demand by getting closer to local consumer needs. For the Group and its brands, China is not only a vital market but also a constant source of inspiration for continuous breakthroughs and innovation.
Looking ahead to the "15th Five-Year Plan" period, the company will continue to increase its investment in China. In the process of growing together with Chinese consumers and co-creating value, it aims to achieve resonance between corporate development and the high-quality development of the Chinese economy.
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