American retailer Coach, known for its leather handbags and accessories, is renaming itself Tapestry, looking to change its image as it seeks sales growth amoung younger customers.
Resnick said that the Tapestry name was chosen partly because it's a reflection of the history and heritage of the Coach, Kate Spade and Stuart Weitzman brands. "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", Luis told Reuters.
Coach Inc. will also change its ticker symbol on the New York Stock Exchange from "COH", to "TPR".
As a name for a global fashion company, Tapestry is an interesting choice-and by interesting, I mean, confusing and slightly stupid. Shares of the company declined more than 2 percent to $39.11 in morning trading. Coach also owns boot maker Stuart Weitzman, which Coach bought in 2015, and fellow handbag maker Kate Spade, which Coach acquired earlier this year.
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. "The name change was an attempt to change consumer perceptions of the company".
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Those brands will keep their names as well. "A story about weaving together brands is not a bad approach".
To that end, the new Tapestry website that went live Wednesday features the tag line of "Individual Expression".
This week, The Wall Street Journal and other news outlets reported that Weinstein Co.is considering changing its name amid allegations that Harvey Weinstein, its former co-chairman, sexually harassed women for decades.
Then there's the routinely maligned Tronc, the new name for the newspaper publisher that used to be called Tribune. Retail giant Target used to be known as Dayton Hudson.