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12 October 2017, 01:38 | Joann Bryant
Coach changing its name to Tapestry with effect from October 31 to reflect change of focus
"$COH changing its name to "Tapestry" is a frightful branding idea".
The luxury goods company that came to prominence in the "Mad Men" era now owns brands like Stuart Weitzman and Kate Spade & Co.as well.
Well, despite the fact that the Coach brand is not going anywhere, longtime fans of the brand are not very happy with this change in corporate identity.
The company's shares fell as much as 3 percent in early trading, which analysts attributed to strong results from rival LVMH on Tuesday, and to a broader selloff in the consumer discretionary space on Wednesday.
Former Nordstrom and Hudson's Bay executive Andrea Wasserman, for example, tweeted, "This is weird & a strategy departure".
Coach joins a growing list of corporations who have changed their names over the past few years.
According to the company's Chief Executive Officer Victor Luis, "We are now at a defining moment in our corporate reinvention".
And the new Tapestry name potentially makes it easier for the company to purchase even more fashion lines and put them under the Tapestry umbrella. This included signing performer Selena Gomez as Coach brand ambassador in December 2016.
In the case of Coach, the new name reflects a new corporate structure.
Resnick said that the Tapestry name was chosen partly because it's a reflection of the history and heritage of the Coach, Kate Spade and Stuart Weitzman brands. "Tapestry is a name that is not rooted in any of these brands".
Founded in a loft in Manhattan in 1941, Coach has grown into a multi-billion dollar company, building its business on the success of its Coach handbags that for many years were widely coveted by wealthy women shoppers around the world. 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.
AS of October 31, Coach is to change its name to Tapestry.
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