The New-York based luxury brand was founded in 1941 by Lillian and Miles Cahn and has only represented its own brand, Coach, until May 2015, when the company acquired Stuart Weitzman for $574 million. This acquisition was followed by the purchase of Kate Spade for $2.4 billion earlier this year.
CEO Victor Luis believed the company needed a name that represents all three brands equally and not just embody one. Luis told USA Today in an interview that he wanted to create a “platform for [their] shared values” and “avoid any confusion” between the three companies. “The opportunities for each of our brands are truly boundless because imagination has no limits,” Luis wrote on the Tapestry Inc. website.
Tapestry also signifies the intertwining of these brands, as the word is used in reference to a form of textile art. However, some were not fond of the company’s new name.
@coach please reconsider the name change. Tapestry is dusty old dark curtains that hang in grandmas house!
— Regina Wright (@mamamia589) October 11, 2017
The name change will not affect Coach’s merchandise, for those that may worry about their Coach designer handbags or clothing items. Tapestry, Inc. will serve as the parent company for Coach, Kate Spade and Stuart Weitzman. The name change will officially take place Oct. 31, when its New York Stock Exchange symbol changes from COH to TPR, according to NASDAQ.
Will the name change prove to be a success for the luxury retailer? Only time will tell. In the meantime, check out the latest trends by Tapestry Inc. brands at the following websites: http://www.coach.com/, https://www.katespade.com/, http://www.stuartweitzman.com/home/.