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NEW YORK - Luxury purse, accessories and clothing retailer Coach (Coach Inc.) no longer wishes to go by its long-familiar name.
Coach, which purchased luxury shoe retailer Stuart Weitzman in 2015 and Kate Spade earlier this year, will re-image itself under the name Tapestry (Tapestry Inc.) in an effort to unify the three brands under one umbrella.
According to The Associated Press, Coach purchased the Weitzman brand in a deal that cost as much as $574 million. It purchased Kate Spade in May for approximately $2.4 billion.
“We are now at a defining moment in our corporate reinvention, having evolved from a mono-brand specialty retailer to a true house of emotional, desirable brands,” Coach CEO Victor Luis said Wednesday in a company release.
Many, including former Nordstrom executive Andrea Wasserman, reacted negatively to the name change on social media.
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. It’s really about creating a new corporate identity for Coach as a house of brands.”
The name change will go in effect Oct. 31, Reuters reported. The stock market ticker symbol for the company will change from “COH” to “TPR.”
@Coach Hate the new name! Tapestry?? Sounds old & unpleasant. Always been loyal to Coach but don't know now :(— Stephanie Soden (@LostinNJ) October 11, 2017
Yikes Coach, when I hear "tapestry" I will always think of a freshman dorm room, not a luxury fashion brand name.— Danielle (@danielleLdee) October 11, 2017