August 12, 2019 / 3:10 PM / 2 months ago

BUZZ-Versace, Coach in Chinese hot water

(Updates)

** Coach and Versace coming under heavy criticism on Chinese social media over T-shirts that identified Chinese-controlled territories of Hong Kong and Macau as countries

** Coach owner Tapestry Inc down 3.5% at $26.44 hitting over a ten year low and Versace owner Capri trading down 3.7% at $29.86- a 7-1/2 year low

** Luxury peers Ralph Lauren, Canada Goose, PVH Corp and Tiffany & Co down between 1.6% and 3.6% as fears of a drawn-out U.S.-China trade war hit retail stocks; S&P 500 Retailing index down 0.9%

** Versace’s China brand ambassador, actress Yang Mi, is ending her contract with the Italian luxury brand over the issue, her studio said; The label and artistic director Donatella Versace have issued apologies

** Coach’s China ambassador, supermodel Liu Wen, also severs endorsement deal with the New York-based label over a similar T-shirt, which also listed Taiwan as a country even though Beijing says the self-ruled island is a renegade province

** China, one of luxury goods makers’ most important markets, has become more assertive in its territorial claims and how it expects foreign companies to describe them

** Coach has pulled the T-shirts from all its global channels and says it “deeply” regretted the design

** CPRI and TPR both now down nearly 21% this year (Reporting by Uday Sampath and Soundarya J in Bengaluru)

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