We had a good scare when news broke that Coach Inc. had switched its name to Tapestry. But apparently, the iconic leather goods brand had a good reason for the necessary change.
Business of Fashion (BOF) reports that the change "creates a broader umbrella for its high-end brands without diluting the iconic name known mainly for selling luxury handbags." You may remember that Coach Inc. recently acquired luxury brands Stuart Weitzman in 2015 and Kate Spade earlier this year, thus pushing Victor Luis, its chief executive, to look at the bigger picture.
The turnaround is expected to move the the brand from a "mono-brand specialty retailer to a true house of emotional, desirable brands," Victor explains in an interview with BOF. "[We want to] identify more clearly what is it that makes these three brands special and what makes them, together as one group, special. We have a platform that allows us to grow and do it properly," he adds.
"We are not a company that believes in country of origin," Victor shares. And so choosing the name Tapestry signals that the corporate management is not just looking into housing American brands. Victor poetically says in an interview with NY 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.'s corporate name change follows other companies who did so before, like Google (now known as Alphabet) and Pinault-Printemps-Redoute (PPR), the owner of Gucci and Saint Laurent that's now referred to as Kering. By October 31, Tapestry will start trading under "TPR" on the New York Stock Exchange.
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