– 76-Year old fashion brand’s name-change reflects changing times
Coach Inc. Announces Name Change to Tapestry Inc.
Yesterday, Coach Inc. announced that it will be changing its corporate name to Tapestry Inc. The intention is for Tapestry to serve as the holding company for the original brand and two other high-end brands which the company recently purchased. This will mean that Coach, the luxury handbag brand, gets to keep its iconic brand as well as the recent acquisitions.
Coach started with humble beginnings – founded in a Manhattan loft in 1941. However, it has since grown to become hugely successful company with Coach handbags that have now become a status symbol. In recent years, however, factors like recession and the continuous rise of online shopping has slowed down business for the brand. In an effort to combat this, the company resorted to buying new brands and retreating from department stores among other things. The latest acquisition after that of Stuart Weitzman in 2015 was rival Kate Spade earlier this year which it paid $2.4 billion for.
Speaking of the name change, Coach’s CEO Victor Luis said “We are now at a defining moment in our corporate reinvention, having evolved from a mono-brand specialty retailer to a true house of emotional, desirable brands,”
It remains to be seen how this move will play out as some of the reactions that have followed this announcement has been negative. On social media, for instance, many users who reacted did not see much positivity about the 76-year company changing its name.
— Courtney Reagan (@CourtReagan) October 11, 2017
Tapestry is a terrible name. Sounds like something you'd find at a Hallmark Gold Crown store right next to (shudder) Vera Bradley. #coach
— George (@GML07) October 11, 2017
— Shimdawg (@shimblum) October 11, 2017
The name change is to take effect from October 31; from then on, the company will start trading under the ticker symbol TPR (as against the former COH) on the New York Stock Exchange.