The company said on Wednesday the name change goes into effect on October 31 and will start trading under the ticker symbol "TPR" on the New York Stock Exchange. Coach actually bought up Kate Spade to help buff its handbag options and Stuart Weitzman to expand a presence in shoes to broaden its lifestyle brands appeal.
Luis responded to the criticism, telling Reuters, "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".
"As Coach Inc. moved from being just Coach the brand, we wanted a corporate name that would eliminate confusion and allow each of our brands to express their own narrative", Mr. Luis said in an interview Wednesday.
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. Yes, a tapestry is a woven cloth made of various threads that combine to form a handsome picture or whatever; that's a lofty goal for your holding company, sir, but it's a really dumb name! Philip Morris Co. morphed into Altria Group Inc.
The name change ushers in a new era for the luxury goods maker.
And earlier this year, Verizon Communications Inc. said its newly acquired Yahoo and AOL businesses would be housed under the name Oath. The company is trying to regain its former glory buy buying new brands, keeping a tight lid on discounting and pulling back from department stores. The search for this name reportedly went on for months; after poring through thousands of names, including some that were made up, they landed on Tapestry. Tapestry was chosen because it represents "the idea of weaving together the brands to form something handsome", a spokeswoman for Coach said. It's also a play on fashion, "weaving the brands together to make something attractive".