Coach was originally acquired by Sara Lee Inc. in 1985. In October of 2000 it decided to sell 7.38 million shares to the public at $16 a share followed up by its distributing the remaining shares of the company to shareholders. Starting with 170 stores in 2000, management was able to grow the total amount of stores to 399 in just eight years. Management grew the store count at an annualized rate of 11.25% with little or no debt. The company’s stores are mainly concentrated in 5 major states and Japan, and can grow its store count 10 fold before it reaches a level of saturation.

Coach Incorporated (NYSE : COH) is a specialty retailer that is the dominant player in the ladies handbag industry. Founded in 1941, the company sells its merchandise in some 399 company owned stores of which 107 are Coach factory stores. The company’s stores are mainly in the USA and Japan (149 stores) but can also be found in 24 other countries (167 stores) as well. The Coach trademark is highly respected throughout the world and is seen as a status symbol. Besides its company owned stores, Coach also acts as a wholesaler to over 900 department stores and specialty shops including such names as Macy’s, Dillard’s and Sak’s. 62% of sales come from the sale of handbags and the remaining 38% come from accessory sales such as Movado watches, Jimlar footwear and Marchon eyewear. In the current market environment shares of Coach have fallen 74% from its all time high of $54 a share which was achieved in 2007 and has created the buying opportunity of a lifetime.

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