In May, Coach Inc. acquired both Kate Spade and Stuart Weitzman, news that its most loyal consumers had many feelings about. Now, the company has announced that it will be changing its name to Tapestry Inc., to reflect what the brands under the newly-formed umbrella have come to represent. Could this be the start of the first American luxury conglomerate?
The name change is set to take place on October 31 when shares of Coach will transfer to the symbol TPR on the New York Stock Exchange. As chief executive officer Victor Luis told WWD, the company is now a “true house of emotional, desirable brands, all leveraging our strong operational foundation,” and each of the brands are “built upon the shared values of optimism, inclusivity and innovation.”
So, the fashion house chose a name that “can grow with our portfolio and with our current brands as they extend into new categories and markets,” Luis tells WWD. “The name embodies our creative brand-led and consumer-focused business, while also representing a deep heritage of the group. More importantly, we are establishing a strong and distinct corporate identity, which enables our brands to express their individual personalities and unique language to consumers.”
Coach loyalists are, again, confused by the company’s moves and sounded off on Twitter. Keep reading for some of the reactions.
We’ve reached out to Coach and will update this article if/when we hear back.