Reset those New York Stock Exchange ticker alerts! Effective Oct. 31, 2017, Coach, Inc. (COH) will be known as Tapestry, Inc. (TPR).
The name change is an effort to reflect the company’s 70-year heritage, encompass corporate acquisitions (Coach Inc. purchased Kate Spade this year and Stuart Weitzman in 2015), and hint at future expansions. The Coach brand will remain, as will Kate Spade and Stuart Weitzman.
“Three years ago we laid out our vision to transform Coach and announced our intention to grow beyond the Coach brand,” says Victor Luis, Chief Executive Officer of Coach, Inc. “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. Each of our brands has a unique proposition, fulfilling different fashion sensibilities and emotional needs within the very attractive and growing $80 billion global market for premium handbag and accessories, footwear and outerwear. At the same time, our brands are also built upon the shared values of optimism, inclusivity and innovation.”
Why the name Tapestry?
Luis explained: “We believe that Tapestry can grow with our portfolio and with our current brands as they extend into new categories and markets. The name embodies our creative brand-led and consumer-focused business, while also representing the deep heritage of the group. 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.”
The leadership team at Coach, Inc. partnered with renowned brand agency, Carbone Smolan Agency on all aspects of the rebrand.