Coach Changing Company Name to Tapestry
Posted on October 11, 2017
Coach, Inc. has announced a major name change. The company will become Tapestry, Inc. The stock symbol on the New York Stock Exchange will change from COH to TPR on October 31, 2017. Coach, Inc. will feature three main brands: Coach, Stuart Weitzman and Kate Spade. Coach just recently acquired Kate Spade and bought Stuart Weitzman in 2015.
Coach CEO Victor Luis says in the announcement, "Three years ago we laid out our vision to transform Coach and announced our intention to grow beyond the Coach brand. Through the execution of our strategic plan and with the acquisitions of Stuart Weitzman in 2015 and Kate Spade & Company just this summer, we have realized these goals. 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 handbag and accessories, footwear and outerwear. At the same time, our brands are also built upon the shared values of optimism, inclusivity and innovation."
Luis also says, "We searched for a name to reflect these values while also expressing the cultural diversity of our people and our brands for today and tomorrow. 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. The name embodies our creative brand-led and consumer-focused business, while also representing the deep heritage of the group. Most 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 also announced that it has partnered with the Carbone Smolan Agency for the rebranding. The name change will become official on October 31. A website for the new company was also launched at tapestry.com.