When asked about the name change, which is an intriguing choice that makes little to no front-facing sense, chief executive Victor Luis said to the New York Times, "It's a wonderful metaphor for what we believe in, which is individual threads of different colors all working together to create a picture".
Coach, Inc. will become Tapestry, Inc.at the end of the month.
Iconic luxury handbag maker Coach Inc risked Wall Street and social media ire on Wednesday by announcing a change of its corporate name to Tapestry Inc, as it evolves into a multi-brand upscale retailer. 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.
Coach acquired Stuart Weitzman in 2015 in a deal valued up to $574 million.
"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", Luis said. The company is trying to regain its former glory buy buying new brands, keeping a tight lid on discounting and pulling back from department stores.
Coach noted that each of its brands are unique and independent, and are built upon the shared values of optimism, inclusivity and innovation.
Graham Hitchmough, APAC CEO of Brand Union said the move was a logical one and "a clear, if unspectacular, naming strategy".
As a name for a global fashion company, Tapestry is an interesting choice-and by interesting, I mean, confusing and slightly stupid.
"It allows for further expansion and acquisition without being unduly tied to any one of their portfolio of brands", he added. This vintage tapestry bag that I found on Etsy.