U.S. luxury goods company Coach Inc. said Oct. 11 that it is changing its name to Tapestry Inc. to reflect its transformation into a multibrand group that includes not only the Coach label but also Stuart Weitzman and Kate Spade & Co.
The New York-based designer of handbags and shoes said the change will become effective Oct. 31. The ticker symbol for the New York Stock Exchange-traded common stock will switch from COH to TPR on the same day.
Coach CEO Victor Luis said the acquisitions of luxury footwear designer Stuart Weitzman in 2015, for $574 million, and handbag and jewelry designer Kate Spade in July, for $2.4 billion, meant the company had achieved the goal it set three years ago to grow beyond the Coach brand.
"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, all leveraging our strong operational foundation," Luis said in a statement, adding that each of the three brands had unique propositions.
"In Tapestry, we found a name that speaks to creativity, craftsmanship, authenticity and inclusivity on a shared platform and values," Luis said. "As such, we believe that Tapestry can grow with our portfolio and with our current brands as they extend into new categories and markets."