Coach Inc. as you knew it will soon be no more. In its place will be a new brand called Tapestry. Buzz60’s Elizabeth Keatinge’s has more.
Coach Inc., the iconic New York purveyor of leather goods, is changing its corporate name to Tapestry Inc., a bid to broaden its image after acquiring the Kate Spade and Stuart Weitzman brands.
The new moniker will take effect at the end of the month, and Coach also will change its stock symbol to TPR from COH.
“We are now at a defining moment in our corporate reinvention,” Chief Executive Officer Victor Luis said Wednesday in a statement. “In Tapestry, we found a name that speaks to creativity, craftsmanship, authenticity and inclusivity on a shared platform.”
The fashion house is building a multi brand company at a time when the handbag industry is facing waning demand and retailers are struggling with declining traffic at brick-and-mortar stores. Coach bought Kate Spade earlier this year and shoemaker Stuart Weitzman in 2015 to grow into a broader lifestyle company.
The Coach brand isn’t going anywhere, even as the company changes its corporate identity. But executives are striving to show that they aren’t dependent on the Coach business to fuel growth. The name was partly aimed at reducing the confusion that consumers have over the Coach and Kate Spade brands, Luis said in an interview.