Preheat oven to 350F (177C). Line the bottom of a 9-inch (23 cm) spring form pan with parchment paper and grease the sides. Wrap the bottom of the pan with foil to catch any leaking syrup or butter.
In a large mixing bowl, first cream together the softened butter and sugar until light and fluffy. Add the eggs and vanilla and mix until smooth. Pour in the coconut milk and mix again. In a separate bowl, combine the flour and baking powder. Add the dry ingredients to the batter and mix just until the flour is incorporated. Fold in the 1 cup coconut last.
Arrange the pineapple rings on the bottom of the spring form pan and garnish with cherries. Sprinkle the pineapple with a thin layer of coconut, then add the brown sugar. Spoon the melted butter over the top. Spoon the cake batter over the pineapple.
Bake in preheated oven for approximately 1 hour, or until a toothpick inserted into the center comes out clean. Remove the cake from the oven and allow it to cool at room temperature for at least 30 minutes.
Remove the spring form, invert a cake stand onto the cake, then invert the cake. Remove the parchment paper and discard. Use a sharp, serrated knife to cut the cake.