Coach is branching out — and rebranding to reflect that reality, according to CNBC reports published Wednesday (Oct. 11). The world got a look at that new vision this week when Coached rolled out its new name — Tapestry — as it tries to reintroduce itself to the market, not as a single brand but one of the multiple labels it represents.
Coach noted the new name is meant to invoke the brand’s rich history and the fact that many different experiences will be interwoven to create one product. Coach acquired high-end shoes, boots and handbags retailer Stuart Weitzman for $574 million in 2015 and then scooped up upbeat handbags, womenswear and accessories designer Kate Spade for $2.4 billion earlier this year.
“In Tapestry, we found a name that speaks to creativity, craftsmanship, authenticity and inclusivity on a shared platform and values,” the company noted.
It’s a move that puts Coach in line with recent trends, in both fashion and beyond. European fashion houses LVMH and Kering are now both home to many fashion brands. Like Google — which renamed itself Alphabet — is attempting to map its changing vision by how customers mentally title it.
So far, though, consumers appear to be less-than-thrilled. News of the rebranding also sent shares of Coach into a dip, with the stock shedding 2 percent in trading late Wednesday.
“When I think of Tapestry, the first thing that comes to mind is my college dorm room, where I hung tapestries,” said Ariana Moshref, a 23-year-old in San Francisco, California, told CNBC.
“I feel so strongly against this — who can I call about it?” asked Kathleen O’Leary, 35, in New York. She did feel better knowing Tapestry was just the name of the over-brand, and that Coach would go on in name and label.
But, companies have run into some difficulty getting consumers used to new names in the past. When Kraft changed its name to Mondelez in 2012, activist investor Nelson Peltz said the name sounds like “a disease.”
The name change will become effective Oct. 31 of this year, and the firm’s stock ticker will change to TPR. The Tapestry.com website is already live.