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Coach Inc (COH) Changes Name to … Tapestry?
12 October 2017, 01:39 | Kelvin Horton
Wall Street shares start mixed in New York
"$COH changing its name to "Tapestry" is a terrible branding idea".
The new name will be Tapestry Inc. and will incorporate all of three brands: Coach, Kate Spade and Stuart Weitzman, the latter two which were acquired this past summer.
Iconic luxury handbag maker Coach Inc risked Wall Street and social media ire on Wednesday by announcing a change of its corporate name to Tapestry Inc, as it evolves into a multi-brand upscale retailer. Shares of the company declined more than 2 percent to $39.11 in morning trading.
"This is freakish & a strategy departure. Dying to know the logic", Andrea Wasserman, a former Nordstrom and Hudson's Bay executive, wrote on Twitter after the announcement was made.
Coach joins a growing list of corporations who have changed their names over the past few years. Yes, a tapestry is a woven cloth made of various threads that combine to form a lovely picture or whatever; that's a lofty goal for your holding company, sir, but it's a really dumb name!
"At the end of the day some of the social media reaction is misplaced because people think we are changing the name of the Coach brand, which we are not doing", Luis told Reuters.
"The Coach and Kate Spade and Stuart Weitzman brands are very distinct brands and entities that have consumers with different attitudes and styles", he said.
As the company becomes a collective house of high-end products, Luis confirmed that all of the brands will retain their individual names. But in recent years, the oversaturation of Coach bags at outlet shops and malls across the US has caused the company to lose some of its footing with falling sales and profits.
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.
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