Earlier this month Coach took a risky move and announced it was changing their name to Tapestry. Myself along with the millions of others are asking “Why?” Many reasons went into this decision and one of them being Coach is now the owner of two other famous fashion brands. Kate Spade, which Coach bought out earlier this summer and Stuart Weitzman, which they took over in 2015.
Earlier this month Coach took a risky move and announced it was changing their name to Tapestry. Myself along with the millions of others are asking “Why?” Many reasons went into this decision and one of them being Coach is now the owner of two other famous fashion brands. Kate Spade, which Coach bought out earlier this summer and Stuart Weitzman they took over in 2015.
To give everyone peace of mind, Coach changed their corporate name, not their consumer brand name. Customers will still be able to purchase all Coach products along with the brands they now own. Kate Spade and Stuart Weitzman will still have their free-standing stores and own products. CNN Money used the similie of an umbrella to describe Tapestry, so let’s think of Tapestry like a fashion umbrella where other brands can stem from.
Victor Luis, CEO of Tapestry explained the vision of the new company to The New York Times. Describing it as a “ wonderful metaphor for what we believe in, which is individual threads of different colors all working together to create a picture,” Luis explains how he wants Tapestry to be the beginning of the first American Fashion group, with adding other brands to their corporate umbrella with time. Looking to reinvent themselves while expanding the brand he followed the example of European conglomerates and fellow competitors. LVMH Moët Hennessy Louis Vuitton (the owner of brands like Vuitton, Dior, Givenchy and Fendi, and the world’s largest luxury group by sales), Kering (Balenciaga, Yves Saint Laurent and Gucci, among others) and Richemont (Chloé, Alaïa, Cartier and Van Cleef & Arpels).
The general public isn’t a fan of the concept remarks of the name sounding “musty and old,” were thrown around and neither are some business insiders. The creative consultant to luxury brands, Diane Lemonides, told Forbes she likes the message behind the relaunch but is a bit skeptical of the success of the company, she says “Coach has been dead for a while. Tapestry? Yes, stitched together brands that may all just go down together.”
The name change will be effective come Oct. 31, and its symbol on the New York Stock Exchange will change from COH to TPR. Although this sounds like an exciting new venture for the iconic brand, CNN Money reports stocks dropped 2% after the announcement on Oct. 11. It’s just the beginning but let’s hope this new business venture will execute as expected.
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