Months after Coach went on a shopping spree, picking up rival Kate Spade for $2.4 billion, the company has changed its name to Tapestry.
Though the Coach, Kate Spade, and Stuart Weitzman brands won’t officially be living under the Tapestry umbrella until Oct. 31, the new corporate name and logo are already all over the company’s website.
CEO Victor Luis said in a statement that following the 2015 acquisition of Stuart Weitzman and this year’s purchase of Kate Spade the company had transformed into a “mono-brand specialty retailer” and needed a new name.
“We searched for a name to reflect these values while also expressing the cultural diversity of our people and our brands for today and tomorrow,” Luis said.
With Tapestry, the company says it found a name that “speaks to creativity, craftsmanship, authenticity, and inclusivity on a shared platform and values.”
Additionally, the new name will allow the brands to expand beyond their current categories — namely shoes, purses, and other accessories, Luis says.
Making Changes
The name change is just Coach’s latest step in its three-year-long strategic plan toward “reinvention.”
That reinvention centered on Coach attempting to regain sales by pursuing wealthier customers and selling more high-end bags.
Other measures Coach has taken in recent years include closing stores, pulling back inventory from department stores, and excluding its products from department store sales or coupons. These changes resulted in promising results for the company earlier this year.
by Ashlee Kieler via Consumerist
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