The company's decision has caused many fans of the brand to lash out at it due to the iconic nature of it. Tapestry has been around for 76 years, owning more brands than simply Coach, including Kate Spade and Stuart Weitzman. Its Coach brand, incorporating handbags, womenswear and menswear lines, will remain unchanged. Yes, a tapestry is a woven cloth made of various threads that combine to form a attractive picture or whatever; that's a lofty goal for your holding company, sir, but it's a really dumb name!
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.
"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.
The company's shares fell as much as 3 percent in early trading, which analysts attributed to strong results from rival LVMH on Tuesday, and to a broader selloff in the consumer discretionary space on Wednesday. "Fire the executive who proposed the change". The new company will be a multi-brand, high-end retailer.
In the case of Coach, the new name reflects a new corporate structure.
Coach, which was founded in a Manhattan loft in 1941, acquired Kate Spade for $2.4 billion in May and and purchased Stuart Weitzman for $574 million in 2015. But in recent years, the oversaturation of Coach bags at outlet shops and malls across the USA has caused the company to lose some of its footing with falling sales and profits. "For most people, it will still be the company that owns Coach".
Coach Inc., the luxury fashion company, announced today that they are changing their name.