Coach Inc. is changing its name to Tapestry

11 October, 2017, 23:38 | Author: Regina Silva
  • Wall Street shares start mixed in New York

Its Coach brand, incorporating handbags, womenswear and menswear lines, will remain unchanged.

"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", Luis said in a company release.

Tapestry is "a wonderful metaphor for what we believe in, which is individual threads of different colors all working together to create a picture", company CEO Victor Luis said in a statement. Coach shares fell as much as 2.8 percent to $38.90 in NY, the biggest intraday drop in more than three weeks. Coach bought Kate Spade earlier this year and shoemaker Stuart Weitzman in 2015 to grow into a broader lifestyle company.

Indeed, social media users have not been too happy about this change, after 76 years as an industry leader.

"This is freaky & a strategy departure".

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"$COH changing its name to "Tapestry" is a frightful branding idea".

Coach Inc. will also change its ticker symbol on the New York Stock Exchange from "COH", to "TPR". "Fire the executive who proposed the change", J Christian Bernabe, a nonprofit digital content director, tweeted.

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.

Another Twitter user, SpecialK, posted: "Coach is changing its name to a popular Carole King album & a awful name for a leather bag maker!"

In recent years, Coach has lost its shine and title as a luxury brand due to the over saturation of their bags in outlet malls and shops.


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