Coach Inc. has announced that it will change its name to Tapestry Inc. on October 31st.
According to an article on The New York Times, Coach Inc has announced that’s it will change its name to Tapestry Inc. later this month on October 31st. The company’s stock is traded on the New York Stock Exchange by COH and will change to TPR on October 31st as well.
The company is currently the owner of Coach, Kate Spade, and Stuart Weitzman. Last year in December, the company made several bids to buy Burberry but was rejected. The company was also rumored to be making a bid to acquire luxury shoe brand Jimmy Choo earlier this year in May.
Regardless, the company wants to become the first big American luxury company. Much like LVMH and Kering, which own some of the most popular luxury brands in the world. The company wants to own luxury brands as well, though, it seems it currently only owns some contemporary brands.
CEO Victor Luis released a statement saying,
“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, all leveraging our strong operational foundation. Each of our brands has a unique proposition, fulfilling different fashion sensibilities and emotional needs within the very attractive and growing $80 billion global market for premium handbags and accessories, footwear and outerwear.”
He continued to say, “in Tapestry, we found a name that speaks to creativity, craftsmanship, authenticity and inclusivity on a shared platform and values. As such, we believe that Tapestry can grow with our portfolio and with our current brands as they extend into new categories and markets.”
Some of the brand’s customers and fans seem to not like the name change, though. Quite a few people have posted on social media that they don’t like the new name or that changing the company’s name is not a good idea.
Luis, however, responded saying, “at the end of the day some of the social media reaction is misplaced because people think we are changing the name of the Coach brand, which we are not doing. It’s really about creating a new corporate identity for Coach as a house of brands.”
Luis also said that the company had been wanting to change its name for a while but decided to do it after acquiring Kate Spade earlier this year in May.
So, what do you think? Do you like Coach? Let me know in the comments below. Also, don’t forget to subscribe to get new posts sent directly to your inbox and follow me on Facebook, Instagram, and Snapchat.
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