- By Sector
- By Country
- Retail TV
To better incorporate all of the brands it now owns, luxury goods company Coach of New York is changing its name to Tapestry.
The company that came to prominence in the Mad Men era now owns brands like Stuart Weitzman and Kate Spade & Co as well.
Chief executive Victor Luis said on Wednesday the name Tapestry is more inclusive.
Coach acquired Stuart Weitzman in 2015 in a deal valued up to US$574 million. It spent US$2.4 billion for Kate Spade this year, seeking to broaden its appeal.
The Coach brand of bags and other goods is alive and well, but it becomes one of three brands sold by the company that will be called Tapestry.
“Three years ago we laid out our vision to transform Coach and announced our intention to grow beyond the Coach brand,” said Victor Luis, CEO of the luxury firm in a statement.
“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 realised 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.”
Luis said each of brand under the new Tapestry label has a unique proposition and fulfils “different fashion sensibilities and emotional needs within the very attractive and growing $80 billion global market” for premium handbag and accessories, footwear and outerwear.
“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.
“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.”
A website with the new name, which becomes official at the end of the month, is up and running.
The change is part of Coach’s pursuit of younger shoppers who may not feel the same draw to store windows on Manhattan’s 5th Avenue.
Coach began as a small workshop in Manhattan in 1941, and became a fashion powerhouse in the early 1960s though innovate designs.
Coach Inc will also be changing its ticker symbol on the New York Stock Exchange from “COH” to “TPR”.