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Coach Inc. Is Becoming 'Tapestry'

12 October 2017

Tapestry was chosen because it represents "the idea of weaving together the brands to form something lovely", a spokeswoman for Coach said.

Coach, the maker of modern luxury handbags and apparel, announced Wednesday it will change its name to Tapestry.

The new name will be Tapestry Inc. and will incorporate all of three brands: Coach, Kate Spade and Stuart Weitzman, the latter two which were acquired this past summer.

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"This is freakish & a strategy departure".

Many, including former Nordstrom executive Andrea Wasserman, reacted negatively to the name change on social media.

However, CEO Victor Luis noted that the social media reaction is knee-jerk and fans will eventually warm up to the new name. The change to the parent company's name is part of a strategy by Coach Inc.

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Luis added that the management had been thinking about changing the company's corporate name for a while, but made the decision to change it after the acquisition of Kate Spade. "It's really about creating a new corporate identity for Coach as a house of brands".

Founded in a loft in Manhattan in 1941, Coach has grown into a multi-billion dollar company, building its business on the success of its Coach handbags that for many years were widely coveted by wealthy women shoppers around the world.

Coach CEO Victor Luis spoke at the May 2016 opening ceremony for his company's installation as the first tenant at 10 Hudson Yards, in NY. But in recent years, the oversaturation of Coach bags at outlet shops and malls across the US has caused the company to lose some of its footing with falling sales and profits. Tapestry will trade on the New York Stock Exchange under the symbol TPR-the current COH symbol will be retired. Coach actually bought up Kate Spade to help buff its handbag options and Stuart Weitzman to expand a presence in shoes to broaden its lifestyle brands appeal.

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Coach Inc. Is Becoming 'Tapestry'