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Coach to change name to Tapestry to reflect portfolio of brands

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Coach to change name to Tapestry to reflect portfolio of brands

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."