Published: Thu, October 12, 2017
Money | By Armando Alvarado

Coach changes corporate name to Tapestry, but bags will stay the same

Coach changes corporate name to Tapestry, but bags will stay the same

Later this month, American fashion company Coach will change its name to Tapestry.

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. "Tapestry is a name that is not rooted in any of these brands". The switch comes after the luxury group made the accquisions of both Kate Spade and Stuart Weitzman. A spokesman for Charter said the company already had begun renaming its cable operations Spectrum before the acquisition, and changed Time Warner's name to have one consistent brand.

The company's long-term goals include adding more brands while preserving its upscale image. The global premium market of handbags, accessories, footwear and outer wear is worth more than $80 billion.

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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In June 2014, the company announced a three-year strategic plan to revive the brand, according to Luis.

While Coach found a strategy around it, namely rebranding and utilizing pop star Selena Gomez as the face of the brand, Michael Kors is now fighting a similar battle. The actress and singer, who has 128 million followers on Instagram, debuted in her first ad campaign this summer, has helped move Coach back into the spotlight.

The corporate name-change game has a new player: Coach Inc.is becoming Tapestry Inc., attempting to reflect the multiple brands, including Kate Spade, now under the company's umbrella.

And the now defunct Woolworth chain of five and dime stores curiously changed its name to Venator in the late 1990s ... before changing it once more to Foot Locker, a reflection of the fact that the company owns Foot Locker.

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