Luxury retailer Coach introduces new name: Tapestry

Luxury retailer Coach introduces new name: Tapestry

Other efforts to grow customers in a younger demographic include Coach signing music star Selena Gomez as the face of the brand in late 2016, for a deal worth $10 million, the New York Post reported.

Founded in 1941 as a maker of leather goods and accessories, Coach didn't acquire another company until 74 years later when it bought Stuart Weitzman, an upscale shoe brand known for its over-the-knee boots.

Coach's name change, which takes effect October 31, is the latest in a long line of corporate rebranding efforts, some more successful than others.

"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. Shares of Coach fell more than 2% after the announcement.

Chief Executive Victor Luis, however, downplayed the social media backlash. "Tapestry is a name that is not rooted in any of these brands".

Coach joins a growing list of corporations who have changed their names over the past few years. "It's really about creating a new corporate identity for Coach as a house of brands". 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.

Coach Inc., founded in 1941 in NY, was once a status symbol among luxury shoppers. The retail giant, which now owns Stuart Weitzman and Kate Spade, in addition to its namesake Coach line, is making the shift to better incorporate all of its brands. Tapestry will trade on the New York Stock Exchange under the symbol TPR-the current COH symbol will be retired. But in recent years, the oversaturation of Coach bags at outlet shops and malls across the USA has caused the company to lose some of its footing with falling sales and profits. Today the company is valued at more than $11 billion.